Groundbreaking Ceremony Sept 28, Project to Open Spring 2021
Riverton LLC, which announced plans in January to convert the former Eagle Cotton Mill on Madison’s riverfront into an 80+ room boutique hotel and conference center, announced new milestones for the project, an updated timeline, and a groundbreaking date.
Ever since the announcement of the hotel plans in January and the award of tax credits from the Indiana Economic Development Corporation (IEDC), the developers and partners have been working earnestly with City of Madison officials, the Dora Hospitality Group, and RATIO Architects to finalize plans for the project.
Riverton LLC finalized ownership of the property approximately two weeks ago during a real estate closing, and the group plans to begin preliminary work to secure the building and start demolition of collapsed areas approved by the Historic District Board of Review on August 26th. Upon official acquisition of the property, the project team was approved for a Marriott franchise; the hotel will be branded a Fairfield by Marriott and is to be managed by the Dora Hospitality Group.
Environmental testing and evaluation is winding down and the development group is in the process of choosing a general contractor for the project. Developers expect preliminary work to start on site this winter, with the public seeing major changes in spring 2020. Current plans call for the hotel to open to the public in Spring 2021.
A groundbreaking event will be held on Saturday, September 28th at 2:00pm at the Cotton Mill property to ceremonially start work on this transformative property in Madison. Members of the public are welcome to attend.
Riverton plans to invest more than $21 million to transform the historic Eagle Cotton Mill building into a new 80-room boutique hotel, with an initial commitment from Marriott Hotels. The IEDC offered Riverton up to $4.75 million in conditional tax credits from the Industrial Recovery Tax Credit (DINO) program, which the City of Madison Redevelopment Commission will match.