‘Unique’ Jacobsville Apartments 'Forge on Main' 80-percent Occupied as Main Construction Done

WNIN | By Tim Jagielo

Published December 7, 2022 at 6:36 PM CST

This area of the Jacobsville neighborhood in Evansville is known for blight, and for an EPA superfund site. It's getting new life through a modern affordable housing project — The Forge on Main.

Developer said the project cost $28 million in variety of public and private funds such as state grants and local foundations and investors

A ribbon-cutting ceremony and building tour participant observes the view from a fourth floor balcony overlooking North Main Street and Franklin Avenue. This two-bedroom unit has one full balcony and one "Juliet" balcony.

The inside of the Main Street building of the Forge on Main apartment complex still smells like fresh paint and new construction materials.

Matt Gadus is leading a tour of about eight visitors who either participated in, or watched the ribbon cutting ceremony Monday, December 6.

The available layouts are studio, with an almost-enclosed bedroom, and one and two bedrooms with laundry. Gadus is the principal and Chief Investment Officer at House Investments — an Indianapolis-area group which developed and sponsored the project overall.

He takes them to a unique corner two-bedroom apartment with dual sliding glass doors, including a proper balcony and a “juliet” balcony.

“… and you'll notice the 10 foot ceilings,” Gadus said.

“Wonderful view,” said a member of the group.

Guests explore another two-bedroom apartment on Monday, Dec. 6.

This project is unique in that it offers affordable housing, with rates from $700 to $1,500 depending on the income and the unit.

This is the only mixed-use building of the four overall with 72 apartments and retail space on the ground floor. The other three buildings are three stories with 108 residential units. Gadus said they’re 80-percent occupied.

The construction began in August of 2020, with planning and funding starting in 2018.

It cost $28 million in a variety of public and private funds. These include a $4 million state redevelopment tax credit, support from the Evansville Department of Metropolitan Development, Echo Housing, Jacobsville Area Community Corporation and others.

Dollar General grocer DG Market has committed to the bulk of the first-floor retail space — about 11,000 square feet — which will possibly be open January of 2023. Today, it’s a large open space with wet concrete poured that day.

Gadus said the complex will be good for the Jacobsville area.

“And it's really needed because this area has not seen a whole lot of investments since it was labeled a EPA Superfund site,” he said. “And really, this site is actually they believe to be one of the sources of that original contamination.”

He said the only recent comparable project would be the Post House apartment near Bru Burger.

Matt Gadus, principal and chief investment officer at House Investments emcees the ribbon-cutting ceremony Monday, Dec. 6. Dozens attended, including Evansville Mayor Lloyd Winnecke (left.)

The three fully-residential buildings of Forge on Main.