Morrison Opera Place may land Hard Rock

Abstract

Hard Rock Cafe International Inc. is close to finalizing a deal to hang its signature electric guitar on the Morrison Opera Place building at 47 S. Meridian St.

Hard Rock Cafe International Inc. is close to finalizing a deal to hang its signature electric guitar on the Morrison Opera Place building at 47 S. Meridian St.

The theme eatery plans to lease 8,000 square feet on the building's ground floor for a new restaurant, according to sources familiar with the deal. Company officials hope to open the venue in spring 1999.

Hard Rock was attracted to downtown Indianapolis by the higher-than-expected returns of competitor Planet Hollywood, which opened an 11,700-square-foot restaurant at 140 S. Illinois St. in June 1997.

"[Morrison Opera Place] is the only building that really works for them," said a source active in downtown development. "It would take something major for them not to do it there."

Hard Rock officials did not return calls before IBJ deadline. Bruce Bodner, owner of Morrison Opera Place, declined to comment. It was unclear what would become of current ground floor tenants Opera Place Cafe and Indy News Inc.

Hard Rock first opened its doors in London in 1971. It since has grown to a worldwide network of more than 80 restaurants either owned or franchised by the company.

Hard Rock has embarked on an aggressive growth strategy in recent months. In May, it announced plans to open 15 restaurants around the world in 1998, including nine restaurants in American cities. Indianapolis was not mentioned among those opening in 1998.

Competitors Hard Rock and Planet Hollywood watch each other's returns closely and tend to land in the same markets, local retail brokers said. They believed Indianapolis' downtown traffic could support two high-profile, themed eateries.

Frank Swiss, president of The Swiss Group, said development of the Conseco Fieldhouse, the reviving South Meridian Street corridor and the city's active convention trade would drive the restaurants' success.

"Our convention business is just phenomenal," Swiss said. "Indianapolis has a strong appetite for these theme restaurants."

Several Midwestern cities contain both Hard Rock and Planet Hollywood restaurants, said Eric Hillenbrand, a retail broker for Colliers Turley Martin Tucker.

"Short of a Chicago, I would put our downtown up against anybody's in the Midwest," Hillenbrand said. "I think the themed eatery concept has suffered as a whole recently, but Planet Hollywood here has exceeded expectations in its first year."

Hard Rock's interest in downtown Indianapolis is well-known in the brokerage community, said Steve Delaney, a restaurant specialist for The Linder Co.

Among the other buildings Hard Rock has considered is 141 S. Meridian St., a block south of Morrison Opera Place and across Meridian Street from Circle Centre's Nordstrom store, according to a local retail source.

Only a year ago, Hard Rock officials dismissed Indianapolis when contacted by brokers, Delaney said.

"The success of Planet Hollywood and other restaurants that have located downtown brought them to Indianapolis," Delaney said. "The national restaurant spotlight is on downtown Indianapolis."