INDIANAPOLIS Indianapolis leaders once managed the city's budget from the former City Hall on Alabama Street. A developer is now nearly doubling its budget to preserve the historic building. Indianapolis-based TWG Development said the cost of transforming Old Indianapolis City Hall with an attached 32-story residential tower has risen to $264 million. TWG initially announced the proposal in August 2023 with a cost of $140 million. TWG plans to build a skyscraper with condominium units and a 21c Museum hotel on a parking lot next to Old City Hall and renovate city hall itself into a public art gallery. It has not started construction yet. TWG previously stated it did not estimate breaking ground on the project until late 2024.RELATED | Downtown Indy's future plans announced Downtown Indy's future plans announcedIndianapolis Historic Preservation Commission president Bill Browne said alterations like this are not uncommon when reviving historic buildings."Patience is very much a virtue in the world of preservation," Browne said. "A simple cost like replacing your front door on a residence is completely different than doing a half-city block development." Browne and the preservation commission offered advice to TWG during a public meeting in November. The project needs the commission's approval to begin construction and Browne said they are still waiting for TWG's application."It's going to take two or three months for us to go through the different special meetings and eventually get to one meeting where we're approving the entire project," Browne said. Browne said he anticipates the prospect of reopening Old City Hall to the public."It's a landmark building and we need to make sure it is used properly and taken care of," Browne said. "Hopefully they're getting to a good solution and when they come back, we'll be excited to review it." The former Indianapolis City Hall is listed on the National Register of Historic Places. It stopped functioning as a city hall when the City-County Building in 1962. The building was used as the Indiana State Museum until 2001 and as a temporary branch of the Indianapolis Public Library from 2002 to 2007.