Four stories up, a construction worker uses a circular saw to shave the ends of roof trusses of the northeast corner of The Vault on Main.
It broke ground one year ago. Construction is on schedule, despite the erratic spring weather.
Roughly ‘L’ shaped, it will have 161 apartments, retail space, underground parking and a city park. The Sycamore Street side is constructed and being weatherproofed.
Josh Armstrong is chief economic development officer with the Evansville Regional Economic Partnership (EREP). He said while incomplete, the building already has an economic impact.
“As this building moves along, and as these homes move along, we'll see more things open with entrepreneurs, small businesses deciding now is the right time they're seeing the project moving forward,” he said. “And it's very clearly moving forward.”
His organization championed the project starting in 2019, which should be done in 2026. This project will replace the 420 Main building which was demolished in 2021.
CRG Residential is the development team behind the project, and Ross Merder is director of development. Via email, he said construction is progressing steadily and remains on schedule.
“The building’s structural framing is about 50-percent complete, and the team is now beginning on the enclosure phase,” he said. “This includes exterior cladding, windows and roofing systems. Interior work has also begun, with mechanical, electrical, and plumbing rough-ins currently underway.”
Merder said the on-site parking structure is nearing completion, with concrete work substantially finished, with lighting, signage and utilities underway.
Armstrong said the jobs created for the project direct and indirect have an economic value of $43 million during the construction phase.
He said this building will add to the existing concentration of jobs and residences in downtown Evansville, adding to the vitality of the region.
Armstrong said since 2014, 500 units of residential housing has been added downtown, but the area could absorb another 1,200 over the next decade.
Merder said the project is staying on budget and avoiding material pricing volatility due to tariffs.
“The Vault on Main’s procurement strategy and early ordering have mitigated major disruptions,” he said.
Regarding the retail space on main street — Merder said they are close to listing the street-level commercial space for lease with a leading regional retail brokerage firm. “We anticipate the commercial leasing interest to be strong and aligned with the project’s vision for a dynamic, walkable downtown destination,” he said.
The tall crane handling materials for the construction has been parked on Sycamore Street since construction began. Armstrong said soon it will be moved to work on the Main Street portion.
“So the crane will be moving on to this flat portion, so there won't be another street closure besides Sycamore,” he said.
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More on current economic impact, via Josh Armstrong
- During construction of the building, 308 direct and 69 indirect jobs will be created – leading to $43 million in compensation.
- The project will create 83 new City or regional residents with permanent jobs, which will add an additional 25 indirect jobs. This will bring an additional $5.7 million annually in wages into the City of Evansville.
- The building will employ several people (management, maintenance) – but will also create ‘ripple effects’ in jobs such as electrical and plumbing contractors, HVAC workers, landscapers, janitorial firms, etc. This will total an ongoing increase in 12 permanent jobs.
Source: JobsEQ