21c Museum Hotels Plans to Redevelop Old City Hall in Downtown Indianapolis

INDIANAPOLIS — 21c Museum Hotels plans to redevelop Old City Hall in downtown Indianapolis into a museum and hotel space. The $55 million project will be redeveloped following the approval of city and other financing incentives. The project will include the rehabilitation of Old City Hall and the construction of a new addition on the adjacent parcel into a 21c Museum Hotel and unique tenant space. The property will feature a boutique hotel with approximately 150 rooms, guest suites with private terraces on the rooftop, art-filled meeting and event spaces. The tenant space will occupy the second, third and fourth floors of Old City Hall. The property will also feature rotating exhibitions that reflect the global nature of art today, as well as site-specific installations and cultural programming. 21c will manage the tenant spaces and work with the city to lease space to arts-related tenants. New York-based architects Deborah Berke Partners will design the property. 21c will secure approximately $29 million in project financing, which includes equity and debt. The company will also work closely with the city to apply for an $11.3 million federal loan through the U.S. Department of Housing and Urban Development Section 108 program, which will require city council approval. 21c will also be requesting city approval for a $9.1 million city-assisted investment that will be repaid by 21c through annual minimum guaranteed payments. Other sources of financing include federal historic tax credits.