NAIOP, the leading national commercial real estate development association for developers, awarded Keystone Group their highest honor, Developer of the Year. The award stands for project quality, professional integrity, and excellence in standard setting transformational developments with a focus on contribution to community! Presented annually since 1979, the Developer of the Year Award is given to the one developer that best exemplifies leadership and innovation in the commercial real estate industry.

The redevelopment of the Illinois Building into the luxury InterContinental Indianapolis Hotel is a landmark project in downtown Indianapolis, combining historical preservation with modern luxury. Originally built in 1926, the Illinois Building served as office space but fell into disrepair by the early 2000s. Keystone Group, the owner and developer of the now InterContinental Indianapolis purchased the Illinois Building, then invested 120 million into the restoration and redevelopment of the historical structure. Construction was completed in 2024.

Keystone Group overcame significant engineering challenges to modernize the structure. The office to luxury hotel conversion boasts elegance and engineering ingenuity not seen not seen in the market with 170 elegantly appointed guest rooms, over 5,000 sq feet of new meeting space for the Indianapolis and visiting audiences all while preserving its architectural integrity. This marked Indianapolis’ first luxury hotel opening in nearly 20 years.