A developer is planning to build a $150- million hotel, apartment, and retail project in downtown Indianapolis. The multi-use building will be located between Eli Lilly and Conseco Fieldhouse. Lilly currently owns two parking lots located on the property. If the city-county council approves a financing plan, Buckingham Companies plans to break ground this year. Company President Brad Chambers says his firm has been researching the project for two years.
Dole Hotels has already committed to a high end hotel on the property, and the YMCA is planning what it calls a state of the art facility. The city would use tax increment financing or TIF to help fund the project.