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Developer Planning Apartments, Grocery on N. Main St.

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House Investments
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An Indianapolis-based developer plans to build an apartment complex and attract a grocery store to N. Main St. in Evansville. 

House Investments plans to build a $28.5 million complex at the site of the Buehler’s-IGA store that closed last year…

"With 180 apartments and 15,000 square feet of commercial space."

The company’s Matt Gaddus describes the apartments as “workforce housing” for employees of Deaconess Hospital, Berry Plastics, Vectren and other Jacobsville business and industry.

Rent would vary from $530 to $1200 a month.

He said House Investments is also using recent data to attract a grocer…

"We are now in the process of utilizing that market study and that data provided by MTN to try to find a  potential fit for that commercial space as far as a grocery tenant."

WNIN asked Gaddus how do you convince a grocer to move in?...

"The residential units are coming to Downtown Evansville, so the pitch is to try to get the grocer to jump in before they're actually built."

Mayor Lloyd Winnecke said the “complete street” project on N. Main is sparking growth…

"Think about the Deaconess Aquatic Center at the northern end, the dialysis center mid-corridor, and now this."

The announcement was made less than a week before Evansville’s city election.

More:

The deal is expected to close in December with construction beginning in the spring.

Construction is expected to take 12-to-18 months.

The developer is seeking assistsance from the Jacobsville Tax Increment Financing District and the Promise Zone.

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Credit House Investments
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