NEW YORK CITY-Brack Capital Real Estate and InterContinental Hotels Group have acquired 180 Orchard St. for $46 million and will develop the mixed-use location into a boutique hotel, with retail and parking.

A 290-room Hotel Indigo is slated to open at the location in 2013. The hotel, part of the IHG stable of managed properties, which includes Holiday Inn and Crowne Plaza, will feature a restaurant, bar, outdoor pool and fitness center, according to a release.

A spokeswoman for the joint venture partners tells GlobeSt.com that the seller was Morris Platt, a developer whose previous efforts to develop the site, for either hotel or residential, stalled. Real Capital Analytics lists Misrahi Realty as the broker for the seller, though reports indicate Misrahi was involved in leasing the retail component of a previous iteration of the development. A broker with Misrahi declined to confirm this to GlobeSt.com, though the development rights to the property were listed as up for sale on the Misrahi website. Sion Misrahi, known for his transformation of the Lower East Side, did not return a call to GlobeSt.com in time for publication.

BCRE will own a 51% stake in the joint venture, with the remaining 49% owned by IHG. “We were attracted to the Lower East Side as it has evolved into a destination neighborhood that offers a dynamic mix of dining, shopping and entertainment for residents and visitors alike,” BCRE CEO Issac Hera said in an email to GlobeSt.com. “Perhaps more than any other neighborhood, the Lower East Side has retained its unique energy while it continues to grow and develop. The 180 Orchard St. site is especially well-positioned for its location within the neighborhood."

Simeon Bankoff, the executive director of the Historic Districts Council, tells GlobeSt.com that he doesn’t see the addition of another hotel to the area adding much value. “It does not seem economically viable to me,” says Bankoff, whose group advocates for the city’s historic neighborhoods. “I think that area has an over-abundance of hotels--particularly highrise hotels. The inclusion of highrise hotels creates the potential for a large transient population, which has its own needs, which is fine. However, the Lower East Side historically speaking did not serve a large transient population of that nature.”

Jim Anhut, IHG’s chief development officer for the Americas region, says that he’s excited about the venture, which will allow guests to collect points across the IHG brands. He thinks the hotel will blend with the neighborhood, and make sense in the context.

“I embrace the concern that the neighborhood has, especially with this brand,” Anhut tells GlobeSt.com. “This brand is not cookie-cutter. It’s not our intention to force a design into the market--in fact it’s just the opposite. We want the market to force the design for us.” He adds that Hotel Indigo tries to reflect the neighborhood, in particular in interiors.