Silverstone Development expects to finish the Kimpton hotel at 1 N. Pennsylvania St. by late 2026, on a $110 million budget and with 167 guest rooms. Indianapolis Business Journal carried the schedule and the cost in a developer update published on 2 December 2025, with Dale Johns, principal of the developer, giving the figures. The hotel converts the Odd Fellows Building, an office tower whose hotel designs won Indianapolis Historic Preservation Commission approval in August 2019.
A 167-Key Hotel On Pennsylvania Street
IBJ describes the asset as an 18-story, new-to-market upscale hotel with 167 guest rooms, a ballroom, a rooftop bar and a restaurant. Kimpton is a luxury-class brand owned by IHG Hotels & Resorts. IHG also operates the InterContinental Indianapolis, which opened in 2025 at Market and Illinois Streets. Visit Indy records the delivery as Kimpton’s entry into the Indianapolis market. The project has been in the works since late 2017, and work on the current iteration began in late 2024.
Two Revenue Rooms: The 15th Floor And The Roof
The hotel puts about 4,500 square feet of ballroom and pre-function space on a double-height 15th floor, per IBJ. It carries a coat-check area, a bridal suite with views of Monument Circle, and a board room.
The rooftop bar is a cocktail lounge reached by a dedicated elevator, with views of the southern and western portions of downtown. Johns told IBJ it will hold more than 300 guests and include a private room. Los Angeles-based Studio Collective leads the design of that space, which IBJ describes as Mediterranean-inspired.
The first-floor full-service restaurant concept is not finalised. Johns said the goal is a room that is “something approachable that the public is going to support.” Brooklyn-based Crème contributes to the guest-room, restaurant and historic-space design, and a model room awaited final approval from Kimpton and IHG. Gensler is the lead architectural team.
Where The Rate Question Sits
IBJ publishes no nightly rate, rate position or rate forecast for the Kimpton. The figures it carries come from a February IBJ report. Downtown holds nearly 8,900 hotel rooms, up 1,100 since the pandemic. Another 2,300 rooms arrive over the next several years if every planned development moves forward, an increase of more than 25 percent. The same report found more than $1 billion in hotel-related projects under construction within a 12-month period.
The InterContinental Indianapolis opened in 2025, the 800-room Signia by Hilton convention hotel opens in 2026, and a hotel is planned as part of the Simon family’s redevelopment of the former CSX building across from Gainbridge Fieldhouse. The Motto at 1 N. Meridian St. is a $60 million project one block west of the Kimpton.
Two spaces carry published capacity: the 4,500 square feet of ballroom and pre-function space, and a rooftop room built for more than 300 guests. The price points for both, the group rate floors, the minimum-stay rules, and the restaurant’s covers and check average are unpublished. Those are the figures to request ahead of the opening.
The Building Behind The Conversion
IBJ records the structure as 117 years old at the article’s 2 December 2025 date, designed by Rubush & Hunter, and for many years one of the city’s tallest office towers. The building dates to about 1908 on that arithmetic.
The conversion carries a slim, 18-story addition on the north side, mostly encased in glass. Crème works on the reuse of historic spaces including the ballroom. Indianapolis-based Summit Construction is the construction manager, and it took over from F.A. Wilhelm Construction after that firm departed the redevelopment in 2019.
The Cost Path From $57 Million
The $110 million figure is almost double the original $57 million planned investment by Loftus Robinson, the predecessor firm to Silverstone Development. Johns attributed the increase to construction material prices and labour costs. He said the project had generally skirted the tariff concerns that have run through the industry.
In 2022 the project secured a $13.4 million pledge of tax-increment financing bonds through an incentive deal with the city’s Department of Metropolitan Development. IBJ reports it is also expected to receive an unspecified amount in federal historic tax credits.
The Site’s Own Timeline
A legal dispute between Loftus Robinson, operating as 1 North Penn LLC, and longtime tenant Centier Bank ran across 2018 and early 2019 and was settled out of court. Loftus Robinson co-founder Kyle Robinson left the firm in September 2020, and Johns was named his successor. Johns and Drew Loftus formed Silverstone in late 2021 to absorb the Loftus Robinson portfolio, which holds the Kimpton, the J.F. Wild building at 129 E. Market St. and the Wilshaw project in Speedway. Johns and Loftus are also in an undecided Marion County case over Silverstone records and files.
Two Dates For One Opening
Johns told IBJ the hotel is expected to reopen late next autumn or early winter. With the article dated 2 December 2025, that window falls at the end of 2026 and into early 2027. Visit Indy’s new-developments page gives the Kimpton an anticipated opening of 2027 and describes a luxury hotel with a 15th floor, a historic ballroom, a rooftop bar and a ground-level restaurant. Visit Indy puts the ballroom at 2,500 square feet with pre-function space, plus a board room alongside it.
Open Items Before The Opening
The published record leaves the opening month unset and carries no rate structure, no restaurant name or menu, no hiring schedule and no all-in cost. The TIF bond terms, maturity and assigned increment are unpublished, and the historic tax credit value and equity investor are unnamed. Two further conversions sit in the same pipeline. Holladay Properties plans to turn most of the Circle Tower building on Monument Circle into an AC Hotel. The owners of Capital Center at 201 and 251 N. Illinois St. plan to spend at least $30 million on a Moxy hotel.