Keystone Group acquires vacant 120 Monument Circle Building, will continue revitalizing downtown Indianapolis through major mixed use transformational development, most prominent location offers generational opportunity with endless possibilities.

Indianapolis, IN, — Keystone Group announced today the acquisition of 120 Monument Circle, formerly the headquarters of Elevance Health (previously Anthem). Anchored in the heart of Indianapolis and occupying the most prominent and expansive quadrant of the iconic Monument Circle. Today’s announcement comes on the heels of the Indianapolis-based development company’s recent acquisition and redevelopment of more than 1,000,000 square-feet of vacant office buildings within one city block marking over $250 million in investment into luxury mixed-use residential, retail, and hospitality developments in downtown Indianapolis.

“120 Monument Circle is more than just a building, it’s a centerpiece location in the beating heart of our city,” said Ersal Ozdemir, Founder and Owner of Keystone Group. “Building on our reputation for leading the way with bold, catalytic developments, Keystone will transform this currently vacant space into a vibrant hub of activity, innovation, and community in downtown Indianapolis. The sky is the limit for the redevelopment of 120 Monument Circle, presenting a generational opportunity to remake the face of Monument Circle and will stand as testament to Keystone’s ongoing dedication to visionary development of our state capital.”

Keystone’s initial vision for 120 Monument Circle aims to capitalize on its location as it is the most prominent and expansive property on Monument Circle with unobstructed views of downtown’s skyline including the famed Soldiers and Sailors monument. 120 Monument Circle presents an opportunity to ignite the Circle with a true live-work-play and stay mixed use major development. Like all of Keystone’s developments the project will utilize the most innovative industry-leading development practices and will likely include sweeping rooftop views, high-end outdoor amenities, parking, and maximized retail and restaurant space for locals and visitors to enjoy.

“We are proud that Keystone has been at the vanguard of renewed private investment in our downtown and are excited that 120 Monument Circle will provide the first opportunity in nearly three decades to reimagine how the northwest quadrant of Monument Circle can better serve locals and visitors to Indianapolis.” added Ozdemir. “Keystone’s recently successfully completed projects such as the InterContinental Indianapolis Hotel and 220 Meridian Tower have shown the transformative power of modern private development that focuses on bringing residents and visitors back downtown. We also know that Indianapolis works best when it works together, and Keystone looks forward to pursuing the highest and best use for this unique site in collaboration with civic and philanthropic partners.”

While plans are still in the early stages, a wide range of possibilities are being considered to transform this landmark location in a way that drives long-term impact in the city’s core. Keystone is committed to engaging in an open process with the community, including civic, nonprofit, higher education institutions and anchor corporations based in downtown Indianapolis as well as City and State leaders and looks forward to ongoing conversations with the broader community to help shape what comes next for 120 Monument Circle.

About Keystone Group:

Keystone Group is a leading privately owned commercial real estate development and investment firm with over 23 years of expertise in transformational large-scale mixed-use development projects. Keystone Group is headquartered in the Keystone owned historic Majestic Building for over 20 years. As an internationally award-winning developer with standard setting live-work-play-stay projects ranging from multifamily to hospitality to retail to sports specific development, Keystone executes transformative development while enhancing the communities it builds in. Keystone’s most recent projects like 220 Meridian Tower Residences and the InterContinental Indianapolis to visionary sports specific development like the live-work-play and stay Grand Park Sports District encompass Keystone’s broad range. Our focus continues to be on complex projects that become catalysts for communities while enriching the regions we serve. Learn more at keystone-corp.com or follow Keystone Group on LinkedIn and Facebook Instagram and X for project highlights and updates.