21c to Convert Old City Hall in Indianapolis into $55M Hotel-Museum
- Mar 03, 2015
by Adriana Pop, Associate Editor
21c Museum Hotels is planning to invest approximately $55 million into the revitalization of the Old City Hall in downtown Indianapolis, which will bring a 150-key hotel and a public contemporary art museum.
According to the Indianapolis Business Journal, the project hinges on the approval of an $11.3 million federal loan through the U.S. Department of Housing and Urban Development, which will require city council approval. 21c will secure approximately $29 million in project financing, which includes equity and debt. The company is also seeking a $9.1 million city-assisted investment to be repaid through annual minimum guaranteed payments. Other sources of financing include federal historic tax credits.
Designed by New York-based architects Deborah Berke & Partners, the hotel will feature private rooftop terraces, as well as art-filled meeting and event spaces. Guests will have access to “a unique chef-driven food and beverage concept showcasing local and regional farmers and producers,” while the museum will feature rotating exhibitions with site-specific installations and cultural programming. Construction is expected to begin at the end of this year and finish by early 2018.
Deborah Berke & Partners is also designing the distribution headquarters for engine manufacturer Cummins in downtown Indianapolis. The Louisville-based art-hotel chain has in fact commissioned the firm to design all of its hotels, which are located in Louisville, Cincinnati, Bentonville and Arkansas. A similar property is set to open this spring in Durham, N.C.
“We are thrilled to be a part of this innovative plan to revitalize Old City Hall,” Craig Greenberg, president of 21c Museum Hotels, said in a news release. “Like the city of Indianapolis, we believe that the arts can both energize a city, and also catalyze further economic development. 21c welcomes the opportunity to support the city’s arts and cultural organizations and to make Old City Hall a hub for the arts once again.”
Photo credits: 21c Museum Hotels