(MADISON) – A developer plans to turn a 135-year-old former cotton mill fronting the Ohio River in Madison into an 80-room boutique hotel and conference center.
The Indiana Economic Development Corp. on Wednesday announced the plans by Riverton LLC to transform the Eagle Cotton Mill building in a redevelopment valued at more than $21 million. The three-story, 104,000-square-foot building located in the Madison National Historic Landmark District was built in 1884 and produced twine and fabric until closing in 1937. It has remained vacant since the early 1980s.
Gov. Eric Holcomb said in a statement the redevelopment will enhance Madison’s tourism industry and support the growth of its downtown.
The IEDC offered Riverton up to $4.75 million in conditional tax credits.
Construction is expected to be complete in summer 2020.