The land purchase is complete on the proposed four-story 170-guestroom boutique hotel in Bloomington’s Trades District.
The city and Alluinn Development signed the closing documents Wednesday.
The Trades District is the city’s innovation hub north of city hall designed to spur economic development through tech startups and researchers.
Mayor Kerry Thomson said in a statement the project shows the private sector’s confidence in the city’s economy.
"The Trades District is becoming a destination for innovation and entrepreneurship, and this investment will provide the meeting space and hospitality capacity our community needs to continue attracting talent, capital, and opportunity to Bloomington," she said.
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The full-service hotel includes 5,500-square-feet of meeting space, restaurant and retail space, and a rooftop bar.
Officials hope the hotel will support the area by hosting entrepreneurs, investors, and other corporate partners.
The hotel now goes through a permit approval process leading to a summer groundbreaking. The project will take up to two years to complete.
Earlier this month, Soma Coffehouse and Juice Bar opened a new location at The Kiln in the Trades District.
