Dozens of multimillion-dollar projects are either in the works or under construction across downtown Indianapolis, with a few set to finish within in the next 12 months.
Those include the Signia by Hilton hotel and expansion of the Indiana Convention Center at Pan Am Plaza and the Kimpton hotel at 1 N. Pennsylvania St.
But several other developments are still in their infancy or just getting off the ground, like the redevelopment of the Gold Building, plans for the heliport property near East Street—a spot the city has sought to use for a soccer stadium—and a proposed casino that state lawmakers could pursue as part of the 2026 legislative session.
Here’s a look at those and a few other projects that IBJ will be watching throughout the next calendar year.
Old City Hall
Indianapolis-based TWG Development has spent more than two years working behind the scenes on its plans to develop a 387-foot tower next to the former City Hall building on Ohio Street—which it also plans to convert into event space and a museum.
In early 2025, the firm received approval for a $66 million loan from the city to assist on its funding for the development, which was $249 million all-in, as of March. While sources told IBJ the company is expected to close on the entirety of its funding before the end of the year, it’s unclear whether it has done so. Representatives for TWG did not return multiple calls requesting comment over the past several weeks.
The project, currently known as the “Alabama Redevelopment,” calls for 186 apartments, 23 condominiums, 156 hotel rooms and 8,000 square feet of retail and hospitality space, along with a partial conversion of the former city hall building into an art gallery and private office space.
Aside from the loan, the city has committed $17.9 million to the project through tax-increment financing bonds, with another $20 million from the Indiana Economic Development Corp. redevelopment tax credits and a $250 million gift provided by the Indianapolis-based Lilly Endowment to support blight-reduction efforts and the creation of new arts and culture initiatives across the state.
Traction Yards
Developer Hendricks Commercial Properties is poised to go full-throttle into its redevelopment of Circle Centre Mall after spending the past several months clearing out the two-block property and studying the existing structures.
In early December, the Beloit, Wisconsin-based firm—which also developed Ironworks and The Bottleworks District—rebranded the property as Traction Yards, a nod to the former Traction Terminal facility that was the hub of the city’s interurban rail system nearly a century ago. It’s also set to close the portions of the mall that remain open at the end of the day on Wednesday, after closing the southern block earlier this year.
Hendricks CEO Rob Gerbitz said the $300 million first portion of the project is expected to open by 2029. While specific details of what that will entail have not been disclosed, the entire project is expected to include 400,000 square feet of retail, dining and entertainment space, 100,000 square feet of office space and at least 300 residential units.
Street-facing tenants will be able to remain in place through the early portions of the redevelopment, but beyond indicating a desire to keep those restaurants and retailers attached to the project long term, Gerbitz did not say whether moves could come later on.
Over the next year, it’s expected that Hendricks will not only begin construction on the development of its promenade concept—a raised, outdoor pedestrian walkway in place of what used to be the mall’s main corridor—but also begin finalizing leases for new users and make a decision on whether it will build a boutique hotel above the current home of Harry & Izzy’s.
The covered walkway over Georgia Street, connecting Circle Centre with the Omni Severin hotel, is also expected to be torn down in the new year.
Soccer stadium
The Hogsett administration’s push for Major League Soccer in Indianapolis has been in the works since early 2024, but with Indiana Statehouse opting not to take up the matter during the last legislative session, some have their eyes on what lawmakers will do on the topic with this year’s session.
Through acquisitions made in 2024, the Herb Simon family has scooped up more than 13 acres of land near Alabama and Washington streets that could be used for the project. And the city of Indianapolis this month closed on its $11 million purchase of the Indianapolis Downtown Heliport.
The Capital Improvement Board, the government agency that would own such a stadium, has also hired a designer and construction manager to put together a more precise construction budget.
The budgeting effort is meant as part of an effort to develop a new state-supported funding strategy that would replace the previous plan that lawmakers and Gov. Mike Braun have said is untenable.
City Market block
Indianapolis developers Gershman Partners and Citimark were able to retain ownership of the Gold Building earlier this year with the support of an $18 million loan from the city of Indianapolis—a loan that must be repaid immediately upon closing the construction loan for its redevelopment of the structure.
The firms have until March to finalize their funding for that project, which has been on-and-off for more than five years, including the last three as part of Indianapolis Mayor Joe Hogsett’s ambitions for a broader redevelopment of the City Market block.
The Gold Building redevelopment would convert the 20-story office building to more than 350 apartments and more than 7,000 square feet of retail space.
That plan also includes the daylighting of large portions of the Indianapolis Catacombs as part of a new plaza directly east of the City Market structure, as well as a reimagining of the market house’s interior.
Gershman and Citimark had initially been slated to participate in each of those portions of the project—including a 40,000-square-foot expansion of the market—but stepped away to focus on improvements to the three properties it owns on the northern half of the block.
Construction is expected to start by spring 2026 and conclude in summer 2028.
Casino plans
A downtown development domino that could topple at the Statehouse this session is the matter of what to do with the license for the casino in Rising Sun, Indiana, whose owners have advocated to relocate to the Fort Wayne area.
Local leaders have said they’d like to see Indianapolis get that license, instead—or at least one of its own that could bring table gambling downtown. But even with bipartisan support from Indianapolis lawmakers, it’s a push that’s expected to face a tough road, because both Braun and northeast Indiana lawmakers have said their priority is the Fort Wayne option.
Both casino concepts stem from a state-commissioned study by Philadelphia-based Spectrum Gaming Group, which found that relocating the casino in Rising Sun to either New Haven (near Fort Wayne) or Indianapolis would have a significant financial payoff for the state.
Moving that license to Indianapolis would generate an estimated $170 million in gambling tax revenue each year and more than $490 million in estimated gross annual revenue. Relocating the Las Vegas-based Full House Resorts Inc. license to the Fort Wayne suburb could yield $61 million in taxes per year, and $204 million in gross annual revenue.
Two bills have already been filed by northeast Indiana lawmakers to move that gaming license to Allen County, but Sen. Aaron Freeman, R-Indianapolis, has said a casino in downtown Indianapolis makes the most financial sense.
Freeman said he plans to file his own bill in the coming weeks to further explore the Indianapolis option. Sen. Greg Taylor and Rep. Justin Moed, both Democrats representing portions of Indianapolis, said they are supportive of the push.