MADISON, Ind. (WHAS11) – Plans were announced on Jan. 23 to rehabilitate the historic Eagle Cotton Mill building, that is located along the Ohio River in downtown Madison on Saint Michaels Avenue.
The site is currently vacant but will become a boutique hotel and conference center through a collaboration with Riverton LLC, the City of Madison and the Indiana Economic Development Corporation.
Riverton plans to invest $21 million into the building, according to the City of Madison. The hotel will have 80 rooms, with an initial commitment from Marriott Hotels. Construction is expected to be finished in the summer of 2020.
The City of Madison said this investment will enhance the tourism industry in the area and support the community’s efforts to attract investment and talent to southeast Indiana.
“The Eagle Cotton Mill was once an important economic driver and source of civic pride for the community. This significant redevelopment will breathe life back into one of southeast Indiana's most historic buildings, enhancing Madison's tourism industry and supporting the growth and vibrancy of the downtown area,” Governor Eric J. Holcomb said. “Through quality of place projects like the Eagle Cotton Mill, Indiana will continue to help transform our communities into vibrant destinations where people choose to live, work and play."
Eagle Cotton Mill is 104,000 square feet. The building was built in 1884 and it was a fabric and twine factory. It closed in 1937.
At one point the building was purchased by Meese Inc. and was there until the ‘80s but it has remained vacant since then. The site is in the Madison National Historic Landmark District.
The president of and founder of Riverton Ron Bateman said he wants to save the building and help tourism in the area.
The IEDC offered Riverton up to $4.75 million in conditional tax credits from the Industrial Recovery Tax Credit (DINO) program, which provides an incentive to invest in former industrial sites and improve quality of place in Indiana communities. This is the first DINO project in Madison and the oldest building to be redeveloped under the program. The city of Madison will consider additional incentives in support of the project over the coming weeks.