Central Indiana update.

• Author: Mayer, Kathy
• Position: Top Business Stories

MARION COUNTY

Announcement of a $75 million luxury hotel in downtown Indianapolis and numerous industrial expansions were some of the Marion County business headlines in the last year.

Final negotiations are under way with Conrad Hotels for a 22-story hotel and condominium tower at Illinois and Washington streets, across from Circle Centre, with construction slated to begin this fall and opening targeted for year-end 2005. The yet-to-be-named hotel would include 220 rooms and 24 condominiums.

Also downtown, six proposals are under review for redevelopment of the former Market Square Arena site. Most would include residential and retail space; another proposes a cultural center.

Under way in industrial expansions: a $19 million expansion at Carrier Corp., which will boost employment at the heating and air conditioning equipment manufacturer; a $19 million new headquarters and distribution facility in Indianapolis for Finish Line; and a $1.3 million distribution facility for snack-food maker Seyfert Foods.

Recently completed projects include a $72 million printing plant for The Indianapolis Star, Dow AgroSciences' $16.8 million biotechnology research-and-development expansion; and a $12 million research-and-development facility For Allison Transmission Division of General Motors in the former Borg Warner building. All state Insurance also built an $11 million customer service center, and Kroger's Crossroads Dairy spent $11 million on an expansion.

Marion County's largest industrial employers are Eli Lilly & Co., with a workforce of 11,000 in Indianapolis; Rolls-Royce, employing 5,000; and Allison Transmission, with 4,100 employees.

HAMILTON COUNTY

"Health care and financial services remain the key segments of the local economy and will be one of the stronger sectors for Hamilton County in the years to come," reports Jeff Burt, president of the Hamilton County Alliance. One reason he cites is a full-service hospital project recently announced by Clarian Health, with ground-breaking planned in the second quarter.

"Health care is our most active sector," Burt says, noting two other health-care projects-the $60 million Heart Center of Indiana and $35 million new St. Vincent Hospital, both in Carmel. He also notes that ITT Educational Services spent $8 million on its new Carmel facility employing 150.

Recent investments include Irwin Mortgage's $18 million headquarters project and Forum Credit Union's $25 million expansion, both in Fishers. And...