RENDERINGS: See what's next for the historic Joe Ley Antiques property in NuLu

March 2023 update: In development paperwork filed with Louisville Metro Government, Chicago-based owner Aparium Hotel Group submitted renderings of its plans for the Joe Ley Antiques property.

The historic schoolhouse would remain at the center of the development with a new seven-story contemporary building wrapping around the rear and eastern side. A site plan for the development shows the nearly 1-acre site would feature 191 hotel rooms. The project also includes an outdoor gathering space, pool and restaurants.

Aparium Hotel Group acquired the well-known property in early February for just over $7.12 million.

The transformation of the historic Joe Ley Antiques property in NuLu is moving forward under new Chicago-based ownership.

"NuLu is a burgeoning destination for arts, makers, distinct retail and community gatherings that we are thrilled to be a part of," Mario Tricoci, founder and CEO of Aparium Hotel Group, said in a statement. "We look forward to redeveloping the Joe Ley site into a hotel and food and beverage experience that captures the essence of Louisville."

Developer Nick Campisano, a Louisville native, bought the East Market Street landmark in late 2019 and later announced plans for a boutique hotel at the site.

Since then, his New York City-based company Zyyo worked to secure a hotel partner.

"It was really important that the ultimate hotel brand that was selected felt indigenous to Louisville but also had the financial backing to complete a project of this magnitude and really invest a tremendous amount into the design and historic preservation and all the food and beverage elements necessary to achieve the results deserved for Mr. Ley," Campisano said.

A year of negotiations ultimately led to the decision to sell the property, with Zyyo remaining an investor and limited partner.

Aparium, founded in 2011 by hospitality entrepreneur Mario Tricoci, focuses on bringing a "one-of-a-kind" hotel experience individualized to each city in which it operates.

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"It will be a one-of-one and hyper-local experience that aims to captivate both visitors and locals alike," Tricoci said.

The brand has 10 hotels across the country, including in Denver, Detroit, New Orleans and Minneapolis, with a handful in development.

'A forever emblem of NuLu's history'

When the Joe Ley property hit the market in the summer of 2019, it wasn’t long until the vision for its next chapter became clear.

The famed antique business in the 1890s former school building and two adjacent warehouses operated for more than 50 years before Ley, citing health concerns, closed his doors in early 2020 following a lengthy liquidation process.

Campisano said as he was developing the nearby Gateway to NuLu building at 552 E. Market St., he got to know Joe Ley and would pop across the street when he was looking for creative inspiration.

"Everyone in town knew and knows the Joe Ley Antiques building, whether they know it by name or by its image," he said. "NuLu is so lucky to have had him as one of the founding fathers."

He bought the Joe Ley properties at 615 and 625 E. Market St. in late 2019 for about $4.25 million, Jefferson County Property Valuation Administration records show.

He made clear he intended to preserve the red-bricked former schoolhouse, sharing initial ideas to build a boutique hotel on the property and converting the school building into food, arts, and retail space.

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In early 2021, Campisano shared an updated $27 million mixed-use plan to renovate the three-story schoolhouse and construct new buildings, creating a boutique hotel with amenities and features, including a restaurant, fitness center and pool.

The age and condition of the building meant a lot of work to determine the feasibility of turning the property into a hotel and shoring up the building for its next phase, he said.

"We wanted to very delicately assess the situation and think about how we could preserve such an incredible landmark into a forever emblem of NuLu's and Louisville's history," he said.

Impressed with Aparium's work on the redevelopment of a historic department store property in Covington, Kentucky, Campisano reached out to the Chicago-based company about the possible opportunity in Louisville.

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And while negotiations ultimately led Campisano to "passing the torch," he said he views the Joe Ley project as the core of a larger development plan for the area, which includes his nearby NuLu Crossing mixed-use development and an expansion and re-tooling of the neighboring building at 629 E. Market St., among other projects.

“We are so proud to have led the redevelopment of the Joe Ley property to get to this point, and we cannot wait to see what Aparium has in store,” he said.

Business reporter Matthew Glowicki can be reached at mglowicki@courier-journal.com, 502-582-4000 or on Twitter @mattglo. 

This article originally appeared on Louisville Courier Journal: Louisville's Joe Ley Antiques property sold to Chicago-based hotelier