With at least $5 billion in the development pipeline, downtown Indianapolis is experiencing a commercial boom that will change the fabric of the city over the next four years.

The development projects span multiple industries, including hospitality, health, retail and residential housing. The downtown investments could also contribute taxes to an even more lucrative development in the more distant future. Most of the priciest developments outlined below fall within a special tax plan the city created to fund a potential Major League Soccer Stadium.

Regardless of whether the stadium comes to fruition, these projects suggest the city may be moving forward from the ghost town era of the pandemic and reinventing its physical landscape.

Below are the nine most expensive developments underway downtown.

IU Health Hospital Campus

Cost: $2.3 billion

Where: Southwest corner of 16th Street and Capitol Avenue

The city’s largest development sits on the north side of downtown with IU Health’s construction of its new state-of-the-art hospital complex. The project starts at the southwest corner of 16th Street and Capitol Avenue and stretches south to I-65. With a price tag of more than $2 billion, the project will consolidate IU Health’s Methodist and University hospitals into one large academic medical center.

With three 16-story towers that will alter the Indianapolis skyline, the hospital will contain more than 2 million square feet of space and 864 beds.

Though detailed plans are not yet finalized, the ground floors will include a mix of retail and dining spaces to open the development up to the surrounding community. IU Health officials also expect the opening of the medical campus to attract additional development to the neighborhood. They have said they will work with developers to avoid gentrification in the area.

The project will open in late 2027.

First look: IU Health provides peek at hospital construction, hotel-like design

Signia hotel and convention center expansion

Cost: $710 million

Where: Corner of Illinois Street and Georgia Street

One block from the convention center, a large hole in the ground is slowly but surely taking shape as the largest hotel in downtown Indianapolis.

The $510 million Signia by Hilton hotel will provide an additional 800 hotel rooms in its 40-story tower. Combined with a $200 million, 200,000-square foot expansion of the neighboring convention center, the city will eventually have the capacity to host two conventions at once.

Indianapolis provided more than $600 million in government financing for the project, which is expected to open in 2026.

Once new Signia hotel opens, Indianapolis could host larger conventions or two at once

Circle Centre Mall

Cost: $650 million

Where: 49 W. Maryland St.

After years of speculation and discussions around redevelopment, Hendricks Commercial Properties bought Circle Centre Mall earlier this year, officially signaling a new era for the mall spanning two key blocks of downtown.

Hendricks, developer of the Bottleworks District, envisions a seamless indoor-outdoor experience in the reimagined shopping center, which is expected to contain apartments and office space in addition to retail stores.

Though details are not yet finalized, the total investment for the mall redevelopment is estimated to be around $650 million, according to city documents. Hendricks has yet to announce when it will break ground on the project, which it has said will open by 2028.

CSX Building

Cost: $300 million

Where: 230 S. Pennsylvania St.

Boxcar Development LLC, an investment group led by Indiana Pacers owner Herb Simon and the rest of the Simon family, will develop an upscale 13-story, 170-room Shinola hotel and 4,000-seat entertainment venue on the site of the vacant CSX building at 230 S. Pennsylvania St.

The Indianapolis Historic Preservation Commission voted 8-0 to approve the demolition of the CSX building, after city officials and developers said they could not find a use for the five-story, century-old building.

Developers hope to break ground near the end of 2024 with a targeted opening date of late 2027.

CSX building: Historic preservation commission approves Shinola hotel, demolition of CSX building

Bottleworks expansion

Cost: $300 million

Where: Corner of Massachusetts Avenue and N. College Street

Hendricks Commercial Properties continues to expand its Bottleworks District on the northeast side of downtown to provide a new era of in-office workspaces with two buildings set to open in the next year.

The Lumina Foundation moved into the building at 820 Massachusetts Ave. this year, leasing a 24,000-square-foot office on the top floor. Retail space will cover the ground floor.

City Market redevelopment

Cost: $298 million

Where: 222 E. Market Street

The once bustling City Market campus will undergo a $298 million facelift by Indianapolis-based-Gershman Partners and Indianapolis-based Citimark as the city hopes to once again establish the site as a central dining and gathering place.

Part of the redevelopment includes a conversion of the Gold Building from office space to 350 apartment units. A new tower will house 60 apartments, 8,000 square feet of office space and 22,000 square feet of retail atop the market’s current east wing.

The market closed earlier this year for a multi-year period and is expected to reopen in 2027.

Old City Hall redevelopment

Cost: $268 million

Where: 202 N. Alabama Street

Though redevelopment plans for Old City Hall are still undergoing revisions from the Indianapolis Historic Preservation Commission, the transformation of the long-standing civic building is one of the most highly anticipated mixed-use projects in the city’s development pipeline.

Last year, Indianapolis officers selected local developer TWG for the project after a call out for proposals.

Earlier this year, the Central Indiana Regional Development Authority approved a budget of $264 million in READI 2.0 funds for the project, nearly doubling the project from its initial $140 estimated price tag.

501 Indiana Avenue

Cost: $100 million

Where: 501 Indiana Avenue

Along the Indiana Avenue corridor, a two-story office building will soon become a 12-story apartment building, significantly changing the look and feel of the historic area on the northwest side of downtown.

The $100 million-plus development by Indiana Avenue Partners, a joint venture of the Indianapolis-based Arrow Street Development and Chatham Park Development, will include 263 residential units and a parking garage with more than 300 parking spaces and three retail spaces. Purdue University in Indianapolis students are expected to live in the apartment complex.

The project, expected to open in 2026, narrowly passed the Metropolitan Development Commission by a 4-3 vote.

More: Indiana Avenue 12-story development will go up despite lingering height concerns

Elanco Animal Health Global Headquarters

Cost: $100 million

Where: Along the White River between Washington Street and Oliver Avenue

The new Elanco Headquarters, a three-acre research facility near the former site of the GM stamping plant, will open in the spring of 2025 after the state of Indiana awarded the company an incentive package worth $106 million to move its headquarters. The city of Indianapolis pitched in another $64 million in incentives.

The innovative plant, animal and human health district, in partnership with Purdue University, could grow larger with future land purchases.

More: Purdue and Elanco to create 3-acre research facility near former GM stamping plant site

Alysa Guffey covers growth and development for IndyStar. Have a business tip or story? Contact her at amguffey@gannett.com.