INDIANAPOLIS -- After 82 years in business, downtown's iconic Milano Inn will be closing its doors at the end of the year.

The restaurant, located at 231 S. College Avenue, first opened in 1934. Its original owners, Mary and Joe Modaffari, served traditional Italian fare.

The restaurant was saved from demolition in the 1980s by Leo LaGrotte, and the restaurant has been operated by the LaGrotte family ever since.

LaGrotte's daughters Tina & Gina LaGrotte have run the restaurant since their father's death. They said in a written statement Monday that they intend to make sure the character of the neighborhood and the Milano Inn building lives on.

“As many know, the restaurant business is all consuming and with personal changes going on in our lives, we have made the difficult but necessary decision to close the business and sell," Tina said. "Growing up in the restaurant as a family affair, the Milano Inn will always be a huge part of who we are and who we have become, but it is time for us to now fully embrace the next chapter in our lives. We want to thank our regular customers and our loyal employees who are family to us, and to all others who have made the Milano Inn more than a restaurant, but an Indianapolis landmark with a can’t-miss dining experience."

The LaGrotte family says the plans for the Milano Inn building and surrounding sites will be announced next year.

The Milano Inn's last day in business will be New Year's Eve.