The $13 million Franklin Lofts ‘broke ground’ ceremonially on Monday.
This is another public-private partnership between the Evansville Regional Economic Partnership (EREP) the city, and private individuals.
The building will include 56 market-rate apartments and office space to be completed in the future.
Evansville Mayor Stephanie Terry called this project "transformative."
“This is the largest modern, market-rate residential development the Franklin Street area has seen in decades," she said via news release. "The City is proud to be part of this public-private partnership reinforcing our shared commitment to close the housing gap in our community.”
This project is owned by Aaron Gabe and John Clark.
This will revamp the historic Hercules Plow Company at N Morton and Franklin Streets in the city’s lower Fourth Ward.
It touts access to the Pigeon Creek Greenway and when completed, hopefully injecting new life into the historically industrial neighborhood.
Funding included $250,000 from Indiana's READI 2.0 program, awarded from Lilly Endowment Inc.
About Franklin Lofts
Franklin Lofts is the first Evansville Region project supported by the Lilly Endowment Initiative through READI 2.0.
About Lilly Endowment Funds
Lilly Endowment Inc. awarded $250 million to Indiana’s READI 2.0 program, managed by the Indiana Economic Development Corporation (IEDC). The funds support housing, redevelopment, and a new statewide arts and culture initiative to enhance quality of life and drive long-term growth across the state.
About the Evansville Regional Economic Partnership
The Evansville Regional Economic Partnership (E-REP) cultivates a thriving and growing talent-rich Evansville Region through advocacy and collaboration between our communities, businesses, and civic leaders.
Our vision is to transform the Evansville Region – through thought and action – into a growing and healthy population with high-quality jobs filled by a skilled workforce who enjoy an unparalleled quality of place.
Source: EREP