Missouri-based Drury Development Corp. is looking to add to its portfolio in Indianapolis. The company plans to invest $13 million to build a seven-story, 180-room hotel on the city’s northwest side by 2022 and add 30 jobs.
According to documents filed with the city, the investment includes the demolition of the former Caribbean Cove hotel and water park, located on Michigan Road just south of I-465, which closed in 2017. The demolition effort has already begun and is expected to be complete by the end of the year.
In addition to the new hotel, Drury plans to develop up to three retail or office outlots on the 10-acre site, according to the city, though details were not available. Drury currently operates a hotel across the street from the former Caribbean Cove site and says it will also invest $400,000 to renovate that hotel and convert it to its Pear Tree Inn brand.
The new jobs are expected to pay an average wage of $13.22 per hour.
The city’s Metropolitan Development Commission has approved a nine-year personal property tax abatement for the project. The incentive does not cover the renovation of the existing hotel and is expected to save Drury more than $2.8 million during the abatement period.