Chris Proffitt/Eyewitness News www.wthr.com

Indianapolis - In a major rehab of a downtown landmark, developers have big plans for Pan Am Plaza that include a restaurant, shops and entertainment.
The 12-story Pan Am Tower stays, but one of its anchors is likely out to make way for an ambitious plan for four acres of prime real estate.
Built for the 1987 Pan Am games, The Indiana World Skating Academy celebrates its 20th and likely last year at Pan Am Plaza. The 12-story office building and skating rinks was sold to Houston-based Principle Equity Management, which plans to turn the rinks into a retail, restaurant, entertainment venue.
Dan Summers is the real estate investment company's director of acquisitions.
"We realized the building and plaza are at ground zero based on expansion of the convention center, the new Lucas Oil Colts stadium, the new Marriott going up and the new global headquarters for Simon," said Summers.
The purchase of the Pan Am Tower is final next month, a sale that gives Principle Equity the option to buy the Plaza and rinks from the Indiana Sports Corporation, which it intends to do. The company says it hopes to have around 85,000 square feet of restaurant and retail space open before a $275 million Convention Center expansion opens in three years.
The Indiana World Skating academy lease expires next April and the not-for-profit that trains skaters plans to build a $10 million training facility at the Indiana State Fairgrounds.
"The cost of staying here, although a little less, approaches that of a new facility," said executive director Pam Robinson.
While program director Serguei Zaitsev says coaches will miss the Plaza, they're looking forward to a new training facility.
"We have a great plan. We have a strong program that's been developed for many years. We'll just continue what's already been done."
The Pan Am Plaza is likely over at one of the last desirable pieces of property downtown just waiting to be redeveloped.