Developers want $9.2 million in bonds to help cover costs of $54 million project
Masks are now optional on most major modes of transportation in the U.S., but what does that really mean for your future travel plans?just south of Monument Circle have unveiled plans for a 116-room boutique hotel, a restaurant and a speakeasy. in developer-backed Tax Increment Financing bonds, meaning the developer is on hook for any debt. The bonds would help cover the cost of renovating and rehabbing the roughly 47,000-square-foot building at 1 N. Meridian St.
Dubbed the King Cole building and once known as the Kahn building, the more than 100-year-old historic building is slated to become the Motto by Hilton, a boutique micro hotel brand launched in 2018 by McLean, Va.-based Hilton Hotels.
Initially, developers budgeted the hotel project at $25 million. Hunden said cost ballooned to $54 million due to inflation and other unexpected expenses related to rehabbing a more than 100-year-old building. The Gabardine Restaurant, a steakhouse, would be located in the lower level, where those looking for a drink will also find the Fitting Room Speakeasy. Civvy, an outdoor bar and venue space inspired by the history of the Kahn Tailoring retail shop, would be located at the rooftop.
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