After multiple proposals and rumors, it appears the Hilliard Lyons Building may finally get a new lease on life. The building, which is the former home of Stewart's Dry Good's Department Store, is being sold by PNC Financial Services to a Kentucky ex-pat who plans on renovating the majority of the building into a 250 room hotel.
The sale will close by July 1 with a sale price of nearly 10 million dollars. Renovations could cost as much as 30 million.
The building, with nearly 350,000 square feet of space, will not entirely be turned into a hotel. Office space, residential, and a substantial retail portion, are all also possible. The renovations will maintain the historic facades, and bring life to corner that is seen as a lynchpin of further Fourth Street redevelopment. The developer has stated Hilton may possibly manage the new hotel as an Embassy Suites, but nothing of yet is set in stone.
The Hilliard Lyons Building has had at least one other development plan in the last year, and was the topic of yet more speculation. There was a plan in 2006 to turn the building into office space, UofL Graduate Program space, and several clubs; that plan quickly died. There was also a proposal kicked around to turn it and the nearby Starks Building into a massive 1000+ room hotel, but that dissolved when the Starks Building was purchased by a California investment firm with plans to renovate that building into Class A office space with restaurants on the ground level.
This hotel is yet another addition to the 1000+ rooms that are currently under construction or planned in the CBD. There is also a rumored midrise hotel that is planned at the corner of Fourth and Chestnut, directly connected to the Henry Clay Building. Developers there already own the cleared lot and are just finishing up with their renovations of the Henry Clay.