Construction in the Channel District is scheduled to begin before year's end on the $29 million, 168-room Hotel Indigo, which the developer expects will take 13 to 14 months to build.
The hotel will be at Meridian and Cumberland avenues and 11th Street, near The Florida Aquarium and St. Pete Times Forum.
"We are ready and have loan commitments, and all indications are we are moving forward," said Ford Smith, president of Tampa-based BayStar Hotel Group, which develops and operates hotels in the Southeast.
The Hotel Indigo Tampa Downtown-Channelside is being developed under a joint venture partnership, Seaboard Hotel Associates LLC: BayStar and the St. Petersburg-based Ballast Point Group. Ballast Point plans to develop apartments and retail across the street at Cumberland and 11th, creating a mixed-use urban community.
The Indigo is a boutique hotel under the InterContinental Hotels Group, which includes InterContinental Hotels & Resorts, Crowne Plaza and Holiday Inn.
There are 27 Indigo locations in the United States, including in St. Petersburg, Sarasota and four others in Florida, and one each in Canada, Mexico and England.
"Channelside is a hip area, so it is an ideal area for a Hotel Indigo," Smith said.
The 175,000-square-foot hotel will be seven stories and have nearly 3,500 square feet of retail space for lease on the first floor.
It is expected to employ about 50 people, with another 150 to 200 involved in construction.
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