10-16 Hill Street is the site of the former NI Housing Executive offices. In February 2019, Duncales Trading No.4 Ltd submitted a planning application (LA04/2019/0265/F) seeking to develop a boutique hotel with reception and bar/ restaurant on the ground floor and 17 bedrooms across the first and second floors. This proposal includes the recladding of the front facade and new window arrangements. The development fully re-uses the existing building and also includes a small extension to the rear of the building.

In February 2020, Duncales Trading No.4 Ltd submitted another planning application to amend LA04/2019/0265/F (LA04/2020/0563/F). This application sought change of use from commercial unit to hotel and associated facilities including ground floor extension, internal and external alterations, and the provision of 3no. additional bedrooms. Duncales Trading No.4 Ltd acquired the tenure for a 1-storey ground floor commercial unit to the rear of the site on Warehouse Lane. This allowed for the public toilets and back of house facilities to be moved from the first floor to the ground floor. This allowed for the inclusion of the 3 additional bedrooms in the hotels bringing the total of bedrooms in the development to 20.

In April 2022, Duncales Trading No.4 submitted a non-material change (NMC) planning application (LA04/2022/0730/NMC) seeking minor internal reconfiguration and elevational changes to a boutique hotel. This includes reconfiguration of back of house areas, amendment to all bedrooms layouts, with five additional bedrooms incorporated to the first floor and three to the second-floor accommodation level (bringing the total number of bedrooms to 25) and minor reconfiguration of rear external windows. It also includes changing to location of the hotel entrance door and an additional door added for back of house access and emergency escape. 

In February 2023, Ducales Trading No.4 Ltd submitted a planning application (LA04/2023/2685/F) proposing conversion of existing office building into a 20-room boutique hotel, including a ground floor restaurant, bar, and back-of-house areas; refurbishment of building facades; partial demolition and extension at the rear ground floor; addition of a fire escape corridor to the southern side; installation of a glazed façade and external canopy in the southern courtyard; replacement of the rear pyramid roof with a flat roof and extension of the stairwell to the roof; and associated site work. This application was approved in October 2023.

In July 2023, construction works commenced on site. It is expected that works will be completed in June 2024.

In May 2024, Ducales Trading No.4 Ltd submitted a planning application (LA04/2024/0946/A) proposing two signs at ground floor level and one projecting sign at second floor. The application revealed that the hotel on Hill Street will be called 'The Foundry'.

In June 2024, The Foundry Hotel development was completed and opened its doors to the public.