INDIANAPOLIS – An Indianapolis City-County Council committee approved three proposals Monday night that clear the way for an expansion of the Indiana Convention Center, including two hotels.
The expansion is planned for the space across the street from the convention center, in the Pan Am Plaza.
The expansion includes a 50,000-square-foot ballroom.
The construction cost for the convention center expansion are expected to be $125 million, financing costs will increase the cost to about $155 million, according to the Capital Improvement Board.
Financing for the project will come from the Downtown TIF district.
The two hotels are expected to also be in the plaza area – a 23-level hotel and a 42-level hotel. The 42-level hotel is expected to be under the Hilton Signia brand.
The hotels are expected to be privately funded.
"Any opportunity to create a hefty amount of good, high-wage, union jobs in Indianapolis is an option the Indy Council will always take, and I'm elated about the possibilities the new PanAm project could bring to our city and state economies,” Councilor Ali Brown said in a statement. “Indiana is a proud union state, and now more than 3,000 unique union construction jobs are one step closer to reality for the City, bringing nearly double the wage of standard jobs afforded to the Hoosier workforce. More than 1.9 million collective work hours will be used to complete the construction of this project, guaranteeing yet another revenue stream for the City's local and downtown businesses”
The proposals were approved by the Metropolitan and Economic Development Committee by an 11-0 vote. The full council will vote on the proposals at the September meeting.
