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There is a $140 million plan to renovate Indianapolis’ historic City Hall, which has been empty since 2016.

Local developer TWG with city financing and support is heading up the project.

“What is coming to this site is precisely what we know our city needs: more places to live, more places to work, or places to play, all in equal measure,” Mayor Joe Hogsett, who is running for reelection this year, said Tuesday at an announcement for the redevelopment plan.

The City Hall’s old parking lot will be converted into a 32-story tower. It will include 190 new apartment units, including a mix of studio to 3-bedroom units and 24 condominium units as well as 10 affordable units for residents making 30% and below of the area median income, as part of the city’s affordability requirements for projects with city financing.

TWG is also in negotiations about a 21c Museum Hotel, which is a chain of contemporary art museums and boutique hotels. They would put one in the new tower. The hotel would have 150 boutique rooms occupying floors six through 13 along with a lobby, restaurant and curated retail space.

The old City Hall would become home to a 21c Museum Hotel public art gallery. The city and TWG working together on ideas on how to fill the rest of the space in the tower.

“The restoration and expansion of this historic civic space is not just about building a new structure,” Deputy Mayor Scarlett Andrews said at the announcement. “It is an evolution of the essence of Indianapolis, connecting our past with our future.”

To hear Tony Katz’s thoughts on the new development to downtown Indianapolis, click the link below.