A collaboration has been formed to rehabilitate the historic Eagle Cotton Mill along the Ohio river in downtown Madison. Riverton LLC has joined forces with the city of Madison and the Indiana Economic Development Corp. to transform the vacant site into a boutique hotel and conference center.
The three-story, 104,000-square-foot building was built in 1884 and used to make twine and fabric before closing in 1937. The building was bought by Madison-based Meese Inc. but the building has remained unoccupied. The mill has since been included in the Madison National Historic Landmark District, which is the largest such contiguous district in the country, and was also placed on the list of Indiana Landmarks’ 10 Most Endangered Historic Structures.
“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 Holcomb said.
Riverton plans to invest over $21 million into the 80-room hotel, which has a commitment from Marriott Hotels. The property would also house a conference center, restaurant and outdoor spaces with Ohio River views.
"This stellar project is a game changer for the Madison community and will bring to life a project that our community has imagined for almost thirty years," said Madison Mayor Damon Welch.
The IEDC has offered up to $4.75 million in conditional tax credits to Riverton, and the city of Madison will also investigate other incentives for the project. Construction is set to be complete in Summer 2020.