The Capital Improvement Board of Directors in Indianapolis, Visit Indy and Indianapolis-based Kite Realty Group Trust (NYSE: KRG) have unveiled $120 million plans to expand the Indiana Convention Center and add 1,400 rooms. The proposal, approved Friday morning by the CIB, involves two new hotels, including a 38-story property, and extending the convention facilities to the current Pan Am Plaza site. In January, the CIB released a request for interest for a convention center hotel that received three proposals.

During a monthly meeting of the board that controls the Indiana Convention Center and the public stadiums downtown, the CIB heard details about a development plan that will be led by Kite. Plans call for a two-story, more than 300,000 square-foot expansion.

The most recent expansion to the Indiana Convention Center was completed in 2011. Prior to that, space was added by connecting Lucas Oil Stadium to the existing convention space when the sports venue opened in 2008. The convention center was first opened in 1972 and has since undergone six expansions.

Visit Indy says the convention and tourism business in the city connects to 19,000 jobs. During a CIB meeting Friday morning, Visit Indy Chief Executive Officer Leonard Hoops said studies show the city's convention business could take on an additional 1,000 rooms in addition to rooms already in the construction "pipeline." The proposal includes two, Hilton-branded hotels.

You can view renderings of the proposed expansion and new hotels below.

This story will be updated.