GROUND BREAKING ON DOWNTOWN DEVELOPMENT
by Johnny Kincaid
MAY 29, 2024
The block where Evansville’s tallest building once defined the city skyline is finally on its way to becoming the site of new apartments and retail space. Ground was broken yesterday on the $60 million mixed-use project called The Vault.
CRG Residential, an Indiana-based construction and real estate investment firm, has officially closed on financing to fund construction and Fifthe and Main streets
Evansville Mayor Stephanie Terry and officials from CRG Residential and the Evansville Regional Economic Partnership (E-REP) officially broke ground on the project site to ceremonially kick off construction.
Construction is expected to start this June and will be completed by mid-2026.
When completed, The Vault on Main (424 Main St.) will include 161 residential units, along with first-floor retail on Main Street and an underground parking garage.
CRG Residential and Indianapolis-based Scannell Properties developed Evansville’s Post House property with 144 units.
This development is one of many changes planned for downtown Evansville as part of E-REP’s recently released MULTI-MILLION strategic plan, which includes over a dozen new apartment and condo buildings.
Does anyone know what the cost comparison would be to build a parking lot on the first floor vs building an underground parking lot? Just seems like anything underground would be more costly. I keep thinking of our water table and the mess with Robert’s Stadium. Thanks
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