Rooftop apartments and restaurants added to Shapiro hotel project

By Judy J. Beasley Last updated May 10, 2022

Developers are launching a hotel project on South Meridian Street opposite Shapiro’s Charcuterie have expanded their plans to offer a mixed-use development that now includes rooftop apartments and restaurants.

The modified pitch will come before the Regional Center Hearings Examiner on May 12.

Developer Russ Louderback, founder of The Louderback Group LLC, said several factors led to the changes to the project.

“We looked at the site, inflation, higher interest rates and the cost of the land and decided to make the best use of the land and lower the cost per unit,” Louderback said in a statement. “We believe that the brand we selected is the best product for hotels overall and needed in this area. The site was able to accommodate more than an extended stay hotel, which led us to add a component multifamily and rooftop experience.”

Initially, the petitioners behind the project – including well-known restaurateur Brian Shapiro – launched a six-story hotel on the site located on land the Shapiro family owns near Lucas Oil Stadium.

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According to documents filed with the city, the site had already received regional center approval for a hotel project and the demolition of a one-story commercial building. Shapiro and Dora Hospitality have announced plans to build a hotel on the site in 2019, initially aiming to place Hotel EVEN, a boutique and wellness hotel brand of International Hotels Group, on the site.

As part of the updated proposal, the planned hotel will now fly the Residence Inn by Marriott flag, an extended-stay brand with 135 rooms.

The new plans include adding another floor to the building. Louderback said the first five floors will be dedicated to the hotel industry and the top two floors will be apartments that will also serve as furnished Airbnbs.

“COVID was no friend of the hospitality industry,” said Louderback, who previously worked for Merrillville-based White Lodging, which owns the JW Marriott hotel in downtown Indianapolis.

Multi-family is growing in popularity, he said, adding that “banks like mixed-use a little better since the onset of COVID.”

Although the hospitality industry is making a comeback after the pandemic, Louderback said lenders still want to see a period of growth, which makes it a bit too early for singular hotel development.

As for the apartments, there will be 65 units, mostly made up of studios with a few one- and two-bedroom units.

The developers negotiated the flag with Marriott who approved the hotel’s design, according to Louderback. The developers wanted to create a new design that would have a more urban and attract extended-stay, transient and Airbnb customers. The project site is near Eli Lilly & Co, the Indiana Convention Center and Lucas Oil Stadium.

The property is in an Opportunity Zone, a designation created by the Tax Cuts and Jobs Act 2017 which allows certain investments in low-income areas for tax benefits.

Vincent Dora of Fishers-based Dora Hospitality will operate the project.

“The mixed-use development of a hotel, apartments and a rooftop will attract people to the neighborhood and help stimulate development in the area, which will further enhance the entire south side of downtown,” said Dora said in a statement.

A barista would be stationed in the hotel lobby to greet guests. At the top of the hotel, diners will find both outdoor and indoor dining at Sally’s Rooftop, accessible via a separate elevator. Plans include outdoor fire pits, a roof enclosure in case of inclement weather, and live music.

Louderback said the restaurant, which will be open to the public, will have a seating capacity of 140.

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According to documents filed with the city, other amenities include a fitness center, meeting room, and laundry room. An outdoor courtyard for hotel guests and a separate pleasure courtyard for apartment residents would be located to the north of the building.