NEW ALBANY, Ind. (WDRB) -- A century-old building in New Albany will soon have a new identity as a boutique hotel.
The Elsby building, at the corner of East Spring and Pearl streets in the downtown historic district, is getting a $29 million renovation.
This rendering shows what The Elsby Hotel is expected to look like once complete. It's expected to open in the spring of 2025. (Rendering courtesy of the Resch Property Group)
The 100-year-old building, which opened in 1917 as a bank, most recently housed office space and was purchased in June 2021. The Elsby is known for housing New Albany's first elevator and for being the "most modern building" in the area at the time it opened.
Developers said it's important to keep the character of the building with a modern update.
"New Albany is over 200 years old, and we have a strong track record of bringing historic buildings back into service," New Albany Mayor Jeff Gahan said in a news release. "This is just one more example of our commitment to honor our history as we push forward with new amenities and services for the future of New Albany."
The full-service Elsby Hotel will have 82 guest rooms, a rooftop bar, a restaurant, an event space and a conference center. It's also estimated to bring up to 100 new jobs. In total, there will be three places to get food and beverages, including a lower-level speakeasy.
"We plan on utilizing every single square foot of this property, and that includes that basement," project manager Jacob Resch said. "We have a really nice, large basement, and there is actually evidence that (it) used to be some sort of club back in its heyday."
The Elsby building is home to this 81,000-pound original bank vault that will become a bourbon tasting area for the Elsby Hotel, set to open in spring 2025. (WDRB photo)
The building also features an 81,000-pound original bank vault that will become a bourbon tasting area for the hotel.
The renovation and new construction is expected to begin in late spring this year. The hotel is expected to open in the spring of 2025.
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