$250M Two-Tower Project Proposed for Downtown Indy
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
A major mixed-use development is being proposed at the site of the former CSX building across the street from Gainbridge Fieldhouse in downtown Indianapolis. Our partners at the Indianapolis Business Journal report the $250 million project would feature two towers that include a hotel, apartments and retail space.
The project is being led by Boxcar Development LLC, an investment group led by the Herb Simon family, which also owns Pacers Sports & Entertainment.
Plans submitted to the Indianapolis Historic Preservation Commission show the development would include a 26-story tower with 254 apartments, nearly 4,800 square feet of retail space and a 700-space parking garage. The second tower would be 16 stories featuring 225 hotel rooms and 18,000 square feet of retail space.
“This project is going to activate a long-vacant building with a new complex consisting of housing and hospitality,” Phil Bayt, an attorney for Ice Miller LLP, who represents Boxcar, told the IBJ. “It will complement and amplify the $125 million that’s already been invested by the Simon family in the Wholesale District, including at Gainbridge Fieldhouse.”
For the project to move forward, the more than 230,000-square-foot CSX building would need to be demolished. The building was constructed in 1923.
The IHPC must approve the demolition of the building and a preliminary hearing is scheduled for May 4.
You can read the full story from the IBJ’s Mickey Shuey by clicking here.