A large crowd gathers on Main Street for an event celebrating a project that faced multiple delays and challenges, like high interest rates and construction costs.
It’s called The Vault on Main, and construction begins next week, expected to take 18 months. The building will be four stories tall with161 apartment units and 4,700 square feet of retail space with underground parking.
Ross Merder with construction firm CRG Residential said they’ll be securing a local retail broker to help determine best uses for the space and find tenants.
The $60 million building will be red brick and match the architecture of downtown.
“Exterior facades were designed in a way to be modern but yet fit into the existing Main Street infrastructure,” Merder said.
CSO Architects of Indianapolis are handling the design.
Candace Chapman is downtown development director with the Evansville Regional Economic Partnership (EREP).
“161 units coming to Main Street is going to be huge for not just giving people a place to live,” she said. “But the people who live down here are the most frequent users of our coffee shops and our restaurants and our shops along the main street.”
The price points for units are yet to be determined.
Resident amenities will include a large courtyard with a pool, fire pit, gathering areas, outdoor cooking areas and indoor entertainment and fitness room.
The site will include a new city park.
The project was spearheaded alongside past Mayor Lloyd Winnicke’s administration. Stephanie Terry said as Evansville’s new mayor, her job has been to carry the ball forward, and “continue to be a champion for economic development.”
CRG Residential partnered with Old National Bank on project financing. They also partnered with Indianapolis-based Scannell Properties to develop Evansville’s 144-unit mixed-use Post House property, according to a city news release.
The budget for the building is $58 million. According to Chapman, 62-percent of the funds are from private sources — Old National Bank dept, and cash from developer and investors.
The State of Indiana is contributing about 22-percent, or $13 million. The city of Evansville is providing $9.5 million.
Chapman said the former 420 Main Building had been the tallest structure in 100 miles. "(It) had been over 80-percent vacant for a decade, faced years of disinvestment, and the price tag for redevelopment was daunting," she said.
The original plan was to redevelop the tower, but complications from the COVID-19 pandemic were insurmountable. Razing the building was determined to be the best option — a plan with its own set of challenges, such as funding.
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