The developer of the Ironworks apartment-and-retail development just west of Keystone at the Crossing announced Friday afternoon that it will build a five-story, 120-room boutique hotel on property next to the site.
IBJ reported last month that Wisconsin-based Hendricks Commercial Properties paid $4.2 million for the 4.2-acre site at 2721 E. 86th St. on which the former La-Z-Boy building sits. The furniture retailer closed the store in December and moved about a mile east to the former Barnes & Noble bookstore space at Clearwater Crossing.
The new hotel development also will include a restaurant and additional retail spaces, Hendricks said.
“We are very excited to announce plans to bring our very own boutique hotel and restaurant brand to Indianapolis,” Hendricks President and CEO Rob Gerbitz said in a prepared statement. "We feel very strongly that our hotel and restaurant will do well in Indianapolis.”
Hendricks is no stranger in the hospitality world. Throughout Wisconsin, the company has developed a handful of independent hotels and boutiques.
Ratio Architects will be the architect on the project.
Besides Ironworks, Hendricks has other interests in Indianapolis. It recently purchased the downtown Century Building at South Pennsylvania and Maryland streets, occupied mostly by tech giant Salesforce.com, and the Massala building at Massachusetts Avenue and Alabama Street that sports a Kurt Vonnegut mural.
The company also said it is interested in redeveloping the site on Mass Ave that Indianapolis Public Schools is shopping to developers, which includes a former Coca-Cola bottling facility.