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

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

“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.”