City taking over financing of hotel development at Pan Am Plaza

The Hogsett administration is taking over the financing of the $510 million hotel tower at Pan Am Plaza, but Indianapolis-based Kite Realty Group will stay on as the developer of the project.

A rendering of the new project exterior

You won’t be able to miss this new development when it’s complete in a couple of years.

Rendering via RATIO Design

You may recall this project from our list of “8 developments to watch out for” this year. Well, here’s the latest on Pan Am’s developing story.

The City of Indianapolis is now taking over the financing of Kite Realty Group Trust’s redevelopment of Pan Am Plaza — which originally included two hotels, 50,000 sqft of meeting space, a skybridge, and more than 1,400 rooms.

The plan anticipates a price tag of at least $510 million, if not more, to build a 40-story Signia by Hilton hotel tower on the site starting this summer — which the city will now own.

In addition to the city financing + ownership change, plans for a second hotel at the site have been tabled for now. The rest of the plan for the Indiana Convention Center expansion and the sky-scraping hotel largely remains the same.

A ceremonial groundbreaking is set for this summer + the project is expected to be complete in the summer of 2026.

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