Marriott Hotel proposed for Monument Circle

INDIANAPOLIS – There are many changes on the way to the heart of downtown.

One big project on the horizon is the first boutique hotel planned on Monument Circle. Holladay Property Services Midwest, Inc. hopes to invest $40 million into redeveloping the Circle Tower.

The first three floors will remain the same, including Command Coffee, Rocket Fizz and Potbelly’s, but if approved, the existing office space upstairs will be transformed into a 175-room AC Hotel by Marriott.

“We’re bringing $40 million and pouring it into this historic building, maintaining that character and bringing something new and great in the process,” said Auboni Hart with the Department of Metropolitan Development.

The plans include a jump lobby and rooftop terrace overlooking the Soldiers and Sailors’ Monument on the 11th floor.

“It will look like that same history on the outside, but it’ll be brand new on the inside,” said Hart.“That’s what we’re really excited to see is this building be repurposed to bring about more hotel space here in the city.”

“This redevelopment is about more than restoring a historic building – it’s about reinvigorating
Monument Circle as a place for people to connect, stay, and experience the best of Indianapolis,” said Jordan Corbin, vice president of development at Holladay Properties.

The Intercontinental hotel just opened around the corner, but as the city grows, Hart said they need more places for people to stay nearby.

“With us looking to have multiple conventions going at the same time, it’s key that we have multiple hotels for people to stay at,” said Hart. “We have enough rooms to accommodate those visitors.”

Other planned changes to the Circle include what will be done with the former Anthem headquarters which was recently acquired by the Keystone Group.

The Circle Tower plans went before the Metropolitan Development Commission on Wednesday as they requested to be exempt from property taxes for 10 years.

“Holladay is also making an annual donation of $50,000 to the Monument Circle public space initiative for the term of the abatement,” said Kathy Battle, also with the Department of Metropolitan Development.

The commission’s approval and support from other groups has everyone eager to see the final result.

“The Convention Bureau, Indy Downtown, everybody’s excited about this,” said John J. Dillon III, the president of the commission. “We’re looking forward to them getting this done and having that strength in our circle.”

Holladay Properties said redevelopment is expected to begin officially next year. The proposal will likely go to the city council for approval next month.