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Plans for a downtown boutique hotel at 40 N. Market St. are moving forward after the Board of Architectural Review for large projects (BAR-L) gave them the go-ahead.

Hotel Arcane, a 50-room hotel could soon replace the former Rainbow Market. The hotel would include a:

Restaurant
Speakeasy
Spa
Fitness center
Garden
Parking structure

Pinnacle Hospitality Partners are the owners and developers of the project + say they’re working to also incorporate measures to prevent flooding in the plans. They also say they’re preserving some historical elements of the space while giving it a fresh look and feel.

Hotel Arcane is one of two planned sister hotels. The other hotel would be located at 2 Anson St. That proposed project has not yet gone before the BAR-L for final approval.