21C Museum Hotels’ Indianapolis project falls through

George Sell George Sell Uploaded 31 March 2017

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US: Plans for a 21c Museum Hotel in Indianapolis' old City Hall have hit the buffers.

The city council called time on the $55 million plan to build a boutique hotel and art gallery at the site of Indianapolis' old City Hall. The city will restart the process to search for projects for the 112-year-old building at 202 N. Alabama St. with the aim of selecting one this summer.

"The last few weeks 21c Museum Hotels made it clear to us there was really no foreseeable way for them to be able to begin construction in 2017 or even 2018," Mayor Joe Hogsett's chief of staff Thomas Cook, said. "We really have enjoyed working with them. They were incredibly cooperative with us. We really did enjoy the plan that they put forward."

The Louisville-based hotel company and the city reached the deal at the end of 2015 under former Mayor Greg Ballard's administration with plans to begin construction in 2017. 21c would invest $29 million to close on the property by June 2016, and the city would have footed the rest from millions of dollars of public incentives.

"These types of projects are extremely complicated, and as we got further into the process, it was evident that there was going to be more funding needed, from both the city and from 21c Museum Hotels, in order to complete the project," the president of 21c Museum Hotels Craig Greenberg said in a statement. "We've worked diligently with the current administration for more than a year to make this project a reality but were ultimately unable to reach an agreement on terms that would allow this project to move forward."

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