Waterfront Canal Centre LLC, a limited liability company registered to Greg Schahet, president and CFO of developer Schahet Hotels, has filed plans with the city, seeking to redevelop the site at 401 W. Michigan St in Indianapolis Indiana into an extended stay hotel. Plans call for demolishing the American College of Sports Medicine’s current 30,000-square-foot building. Going vertical in its place would be an 11-story mixed use building and plaza, consisting of 75,000-square-feet of new office space and a hotel bearing The Element hotel flag, an extended-stay brand by Marriott. The plaza also would have a 240-space parking garage. Construction is to begin in mid-2022. The project total costs have yet to be finalized as the construction contractor is repricing the project. The hotel is being designed by Ratio Architects.  
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