Indianapolis, IN
What are the largest development projects in downtown Indianapolis? IU Health leads boom.
See an overview of the Indiana University Health Hospital construction site
Watch the construction site of the Indiana University Health Hospital
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.
Indianapolis, IN
Best available 2026 NFL free agents on defense for Indianapolis Colts
According to a few different rankings, here are the best available NFL free agent defenders for the Indianapolis Colts.
As the Indianapolis Colts attempt to get back to the playoffs for the first time since 2020, free agency will have to be a big part of that equation.
The Colts will have money to spend this offseason. According to Over the Cap, the Colts have $45.77 million in available cap space. Compared to the rest of the NFL, this is the ninth-most in football currently.
As GM Chris Ballard said on Thursday, salary cap-wise, the Colts are in “good shape.”
The Colts also have the ability to create more cap room if needed.
Last offseason, we saw Ballard take a much more aggressive approach in free agency. From the sounds of it, he will “continue down that path” this offseason.
There are always reasons to address just about every position group over the course of an offseason, but two specific areas Ballard mentioned on Thursday were the defensive front and getting faster on defense as a whole.
So, with a focus on the defense, specifically the front seven, here are the top available free agents this offseason at those positions.
Best available 2026 NFL free agents on defense for Indianapolis Colts
- DE Trey Hendrickson
- DE Jaelan Phillips
- IDL John Franklin-Myers
- LB Quay Walker
- LB Devin Lloyd
- DE Odafe Oweh
- DE Boye Mafe
- LB Nakobe Dean
- DE Joey Bosa
- IDL Travis Jones
- DE Khalil Mack
- LB Demario Davis
- DE Kyle Van Noy
- IDL Teair Tart
- IDL DaQuan Jones
*This list was compiled by rankings from Sports Illustrated, The Ringer, and Bleacher Report
Indianapolis, IN
Colts’ Chris Ballard: Daniel Jones has ‘really bright future in Indianapolis’
INDIANAPOLIS – Confidence remains high.
Carlie Irsay-Gordon made that clear Sunday night when she announced the Indianapolis Colts would move forward under the direction of general manager Chris Ballard and coach Shane Steichen.
And Ballard reinforced that conviction during Thursday’s postscript following an 8-9 record and fifth consecutive season without a playoff appearance.
“It wasn’t all negative,’’ he insisted. “I mean, 8-2 is real.
“That was not a mirage. It wasn’t. We were humming. We were playing good football.’’
After outlasting the Atlanta Falcons in overtime in Berlin Nov. 9, the Colts returned home 8-2.
“I mean, I would have told you when we got back from Germany . . . we had a top-four team in the league,’’ Ballard said. “I believe that. Still believe that.
“But losing seven in a row is losing seven in a row. That’s not what top-four teams do. And that’s reality. That’s the facts.’’
Here’s another undeniable fact: The Colts’ confidence moving forward is rooted in Daniel Jones.

Simple as that.
Yes, the edge pass rush wasn’t nearly good enough and a legitimate bookend for Laiatu Latu is critical. A free-agent acquisition should be a priority.
Yes, the defense must, as Ballard stressed, get younger and faster. The 2026 front-seven won’t resemble the 2025 front-seven.
And yes, the Colts must be able to run the ball better even when situations aren’t favorable. During the seven-game losing streak, which was fueled by injuries to Jones, Jonathan Taylor averaged 63.7 yards per game and 3.3 per attempt.
But if Jones isn’t the answer, nothing much else matters.
There are two significant issues with Jones that would be major impediments to a continued relationship in any other scenario.
Jones:
- Will be an unrestricted free agent in March.
- Tore his right Achilles Dec. 7, underwent surgery Dec. 9 and faces an arduous rehab. He expects to be ready for the start of training camp in late July. That would represent an 8½-month rehab.
“We’ll attack the process and make sure I’m ready to go,’’ Jones said Monday.
“I’m not a doctor and I’m not God in terms of knowing what the future is going to hold in his healing,’’ Ballard said. “ . . . the history of guys coming back has been pretty good and they’ve been older than Daniel.
“He’s a pretty freaky talent in terms of athletic ability. So no, I do feel confident that he will make it back. Will he be the version you saw (last season) right away? Maybe not, but he’s still going to be really good. I think as he goes along and plays, he’ll be fine.
“I know . . . he’s going to give every ounce of his being into being the best he can be to be ready.’’
But first things first, and that means signing him to an extension.
At the risk of assuming too much, that almost assuredly will be done.
“I’d love to be back here,’’ Jones said.
The feeling is mutual.
Ballard was asked if the Colts were committed to retaining Jones “come hell or high water.’’
He smiled.
“Well, hell or high water is a strong word, but we would like . . . it’s mutual on both sides,’’ he said. “I think Daniel was a really good fit for this organization and I think this organization and city were a really good fit for Daniel.’’
A multi-year deal could mirror that of contracts secured by Sam Darnold in Seattle (three-years, $100.5 million, $55 million guaranteed) or Baker Mayfield in Tampa Bay (three years, $100 million, $50 million guaranteed).
Ballard admitted Jones’ Achilles injury and rehab will impact negotiations, “but we’ll work through that with his agent. He’s got a really good agent.
“We’ll find a way to work through that.’’
If common ground can’t be reached – that probably means guaranteed money – the Colts always could use the franchise tag to retain Jones. The projected 2026 tag for quarterbacks is roughly $46 million guaranteed.
Jones turns 29 in May, which can be the midpoint of a quarterback’s career.
A reinvestment in Jones will represent short- and long-term stability at a position that’s been in flux since Andrew Luck’s sudden retirement two weeks before the 2019 season.
“I’m looking at him both: Near and long,’’ Ballard said. “And I think that helps us. I mean, I’ve been very stated about like when you’re chasing the quarterback all the time, it makes it very . . . it’s hard. Like, your margin for error really shrinks down.
“And I feel very good about Daniel Jones and where he’s at, where he’s going. Yes, he’s got the Achilles, but I think Daniel Jones has got a really bright future here in Indianapolis. And look, there is some comfort knowing that, okay, we know we’ve got a guy that’s proven, that’s done it, and done some really good things.
“So, that does give you some confidence.’’
Until Jones fractured his left fibula then tore his right Achilles, he had distanced himself from his inconsistent and error-prone six seasons with the New York Giants. You remember, right? One playoff appearance was overshadowed by a 24-44-1 record as a starter and 70 turnovers.
Through the Colts’ 8-2 start, Jones was among the NFL’s most productive and efficient quarterbacks: 3rd in yards (2,659) and completion percentage (69.9) and 5thin yards per attempt (8.3). He joined Peyton Manning as the only player in franchise history to pass for at least 200 yards in each of his first 10 starts.
Jones completed 68% of his passes, averaged 8.1 per attempt and finished with a 100.2 rating. All were career highs.
“I’ll give Shane and the offensive staff a lot of credit,’’ Ballard said, “playing to his strength. He is really accurate with the football, okay, and he’s very smart and decisive of where he plays with the football.’’
What about Richardson?
The team’s undeniable commitment to Jones brings into question Anthony Richardson Sr.’s future with the Colts. He’s under contract through next season – there’s no reason to believe the team will exercise his fifth-year option – and finished the season on the injured reserve.

Richardson underwent surgery to repair a fractured right orbital bone after a freak accident with a resistance band before the Oct. 12 game with Arizona.
“Unfortunately for Anthony, he’s had some really bad luck,’’ Ballard said.
The No. 4 overall pick in 2023 has missed 29 of a possible 51 games because of a variety of injuries.
Richardson lost a training camp competition with Jones and was on the field for just 14 snaps in two games. He practiced the last three weeks but still was experiencing some degree of vision issues.
“He’s got to still work through the vision he has and we’ll see what the future holds there,’’ Ballard said. “We’ll kind of see going forward how that ends up playing out.
“A lot of it’s going to deal with his health, too.’’
Acquiring a late-round pick in a trade for Richardson shouldn’t be ruled out.
He is confident he’ll experience success.
“Oh yeah, no doubt,’’ he said. “If I’ve still got a chance to play football, it is always out there for me.’’
The Colts could consider Richardson expendable after seeing Riley Leonard play reasonably well as a rookie. If there is a concern that Jones won’t be ready for the season opener in September, they could bring in a veteran with starter experience in the offseason.
“Yeah, we’ll work through that,’’ Ballard said. “That is something we will evaluate. We got to make the decision. ‘Okay, if Anthony doesn’t get to where we think he can be, can Riley be the 2?’
“I do think it’s a position that every year we’ve got to address in some way, fashion or form.’’
You can follow Mike Chappell on Twitter at @mchappell51.
Indianapolis, IN
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