Redevelopment effort that restores a historic landmark and delivers 56 new housing units
EVANSVILLE, Ind. (October 7, 2025) – Today, Franklin Street Lofts, LLC, led by project owners Aaron Gabe and John Clark, joined Evansville Mayor Stephanie Terry, local officials, and regional economic development leaders to celebrate the groundbreaking of Franklin Lofts, a $13 million mixed-use development on Franklin Street.
The project will adaptively reuse the historic Hercules Plow factory, transforming the site into 56 market-rate apartments with dedicated parking along Franklin Street, adjacent to the Pigeon Creek Greenway Passage. The development will provide much-needed housing to support Evansville’s growing workforce while strengthening Franklin Street’s small businesses and the region’s urban core.
“The Franklin Lofts project represents exactly the kind of investment Evansville needs right now: a transformational development that strengthens the neighborhood, expands housing options, and breathes new life into a historic property,” said Evansville Mayor Stephanie Terry. “This is the largest modern, market-rate residential development the Franklin Street area has seen in decades. The City is proud to be part of this public-private partnership reinforcing our shared commitment to close the housing gap in our community.”
Franklin Lofts exemplifies how public-private partnerships can bring lasting value to the community. The project preserves a historic landmark, delivers modern housing with direct Greenway access and strengthens Evansville’s broader placemaking vision.
“As a third-generation West Side family, it is an honor to be a part of the revitalization of the historic Hercules building on Franklin Street,” said Aaron Gabe, Owner, Franklin Lofts. “We believe this project supports the Mayor’s vision for Evansville and E-REP’s greater plan for Southwestern Indiana. We look forward to its grand opening in 2027.”
Franklin Lofts is the first project in the Evansville Region to receive funding through the Lilly Endowment Initiative, managed by the Indiana Economic Development Corporation (IEDC) as part of READI 2.0. This investment underscores the project’s significance as a catalyst for regional economic growth and placemaking.
“This development represents more than just new housing—it’s an investment in the future of our community,” said Beth McFadin Higgins, President of the Southwest Indiana Redevelopment Authority. “With support from READI funds, Franklin Street Lofts will provide high-quality, modern apartments that will attract new residents and add momentum to the growth already underway on Franklin Street.”
