The boutique hotel has also been given a $1 million loan from the city and a $6 million loan from a HUD account.
Representatives from the hotel said they will pay that money back.
They also said they have employed about 200 construction workers.
Once the hotel opens, the hotel expects to bring 125 jobs.
The 88-room hotel has brought on several local partners including attorney and real estate developer Brent Rice, Alltech founder and president Dr. Pearse Lyons, real estate developer Pat Madden, former University of Kentucky and NFL football player Tim Couch, Meridian Wealth Management president Greg Couch, Dixiana Farms owner Bill Shively and businessman Ron Kirk. 21c Museum Hotels LLC remains the majority owner of the project.
City officials said though construction started in June and is due to be finished by the end of the year, the only street blocked off is a part of Upper Street next to the building on Main Street.
Both the hotel and city expect traffic and business to pick up in the area.
The hotel will have 85-hundred square feet of museum space that will be free to the public and feature contemporary art
People can apply for jobs online at www.21chotels.com. The hotel will hire closer to the opening.