INDIANAPOLIS-Locally based Buckingham Cos., the developers of the $155 million CityWay mixed-use project, has now also named the under-construction 209-room hotel as the Alexander. Rockleigh, NJ-based Dolce Hotels and Resorts will manage the hotel, named in honor of Alexander Ralston, the engineer and architect who spearheaded the creation of Indianapolis in 1820.

Scott Travis, senior development executive at Buckingham, tells GlobeSt.com that CityWay, formerly named the North of South project, is moving forward faster than expected. The project is being built on land near the Eli Lilly and Co. headquarters. The 250-apartment complex portion was set to open in the first half of 2013 with the hotel, but now is coming earlier in fall 2012, Travis says. “The residences came online quicker than we thought,” he says.

Part of the reason for the surge could be that the rental units dropped from 320 to 250 since this past summer. However, Travis says the number of hotel units has increased. “There are more extended-stay rooms in the new plan,” he says. “There’s signs of increased demand, especially from the expansion of the local convention center. As for rental, inventory stands at about 3% to 5% vacant.”