Seven Years, Two Developers, One Kimpton
Silverstone Development expects to finish the conversion of the Odd Fellows building at 1 N. Pennsylvania St. by late 2026. The 18-story property opens with 167 guest rooms, a ballroom, a rooftop bar and a restaurant. IBJ puts the cost at $110 million.
Kimpton is a luxury-class brand owned by IHG Hotels & Resorts. The same company operates the InterContinental Indianapolis, which opened in 2025 at Market and Illinois Streets.
What the Building Is
Rubush & Hunter designed the Odd Fellows building. It stood for many years as one of the city's tallest office towers. IBJ published its age as 117 years on December 2, 2025, the date of its own article. That places construction in 1908.
The conversion covers the whole building. The double-height 15th floor takes about 4,500 square feet of ballroom and pre-function space, a coat-check area and a bridal suite. The rooftop bar runs on a dedicated elevator, carries a private room and takes about 300 patrons.
The Stops and Restarts
Silverstone principal Dale Johns dates the effort to late 2017. A legal dispute between Loftus Robinson, operating as 1 North Penn LLC, and longtime tenant Centier Bank held the project through 2018 and early 2019. The matter settled out of court.
Designs for a slim 18-story addition on the north side, most of it glass, won approval from the Indianapolis Historic Preservation Commission in August 2019. The conversion stalled shortly before the pandemic began. Kyle Robinson left Loftus Robinson in September 2020, and Johns succeeded him. Johns and Drew Loftus created Silverstone in late 2021 to absorb the Loftus Robinson portfolio. That portfolio holds the Kimpton, the J.F. Wild building at 129 E. Market St. and ownership of the Wilshaw project at the southeast corner of Main and West 16th streets in Speedway.
IBJ records on-and-off construction across several years and dates work on the current iteration to late 2024. It publishes no single construction start date for the conversion.
The Money on the Record
The project secured a $13.4 million tax-increment financing pledge in 2022 through an incentive deal with the city's Department of Metropolitan Development. Federal historic tax credits add an unspecified amount. The price tag has almost doubled from the original $57 million planned by Loftus Robinson, the predecessor of Silverstone Development.
Johns attributed the increase to construction material prices and labor costs. He told IBJ the project skirted the tariff concerns that have challenged the industry for nearly a year, with prices that looked set to jump and then tapered off.
The Team
Gensler leads the architectural work. Brooklyn-based Crème handles the guest rooms, the restaurant and the reuse of historic spaces such as the ballroom. Los Angeles-based Studio Collective leads the rooftop bar design, which carries Mediterranean-inspired aesthetics. Indianapolis-based Summit Construction is the construction manager. It took over from F.A. Wilhelm Construction after Wilhelm departed the redevelopment in 2019.
Two Opening Years on the Record
Johns told IBJ the hotel should reopen in late autumn or early winter relative to the December 2, 2025 article date. That lands the opening in late 2026, and IBJ's headline carries the same year. Visit Indy dates the Kimpton to 2027 on its new-developments page.
Visit Indy puts the ballroom and pre-function space at 2,500 square feet with a board room alongside it. IBJ carries the same floor at about 4,500 square feet. Each figure stays with the publisher that printed it.
The Cases Still Open
The Wilshaw property in Speedway has faced a foreclosure suit since February 2024. The owners have taken 34 extensions on responding to the complaint from their mortgage holder. Johns and Loftus are also in a legal battle in Marion County court over records and files for Silverstone. That case has not been decided.
What Is Not Settled
The first-floor restaurant concept is not final. Johns told IBJ the goal is something approachable that the public will support. A model guest room awaits final approval from Kimpton and IHG before full buildout on the rooms moves forward.
IBJ does not itemize the mechanical, electrical or plumbing scope of the conversion. Ask for it before treating the delivery date as fixed.
IBJ reports downtown Indianapolis at nearly 8,900 hotel rooms, up 1,100 since the pandemic. Another 2,300 rooms arrive downtown over the next several years if every planned development proceeds, an increase of more than 25 percent.