The $30 Ironworks at Keystone development, set to open next year in Indianapolis, continues to take shape. Wisconsin-based Hendricks Commercial Properties LLC says it will turn the now-vacant La-Z-Boy Furniture site into a mixed-use development including a boutique hotel.
In addition to the 120-room hotel, the company says the $15 million site will also include a restaurant and other retail spaces. Hendricks purchased the 4.5-acre site earlier this year. The firm says it is working with local contractors, engineers and architects on the project.
Earlier this year, Hendricks announced a nearly 500-seat Ruth’s Chris Steak House would anchor the Ironworks at Keystone development. Indianapolis-based Hoosier Hospitality Group will move a current Ruth’s Chris near Carmel to the new location and potentially add 20 jobs.
Hendricks Chief Executive Officer Rob Gerbitz says he feels "very strongly" that the hotel and restaurant will succeed in Indianapolis. He says the company looks forward to "further creating and developing unique and quality projects in Indianapolis."
The firm says it has more than $100 million dollars in recent and future real estate investment in Indianapolis. Other properties include the historic Century Building downtown and the former Coca Cola Bottling Facility on Massachusetts Avenue.