Downtown Evansville submits tax credit applications for $18.4M to redevelop vacant block on Main St.

New plans revealed for Evansville’s 5th and Main Street
New plans revealed for Evansville’s 5th and Main Street
Published: Dec. 22, 2020 at 10:09 AM CST
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EVANSVILLE, Ind. (WFIE) - A group of partners with the Downtown Evansville Development Corporation submitted applications for $18.4 million in Indiana Redevelopment Tax Credits to help redevelop a vacant, full city block on Main Street.

Back in November, it was announced that Evansville’s tallest building, 420 Main, would be demolished in 2021 after the developer realized the condition of the building was going to be a bigger issue than originally thought.

Due to this problem, the developer switched gears by purchasing the vacant Sycamore building that sits on the same block. That building will also be demolished to make room for the redevelopment of that entire city block.

[Previous: New plans revealed for Evansville’s 5th and Main St.]

The development plan consists of three projects:

  1. Demolition of the 18-story 420 Main Building to make way for a state of the art six-story architecturally significant mixed-use building which will provide underground parking, indoor and outdoor dining, office and residential space. This building will be enhanced with a four-season roof deck which will offer spectacular views of downtown and the Ohio River.
  2. Demolition of the Sycamore Building and construction of a four-story mixed-use building which will bring a food hall, commercial/office space, and additional residential units.
  3. Renovated city-park to support both projects and greater downtown.

When complete, officials say the development of the block is expected to cost $67 million.

If the application for Redevelopment Tax Credits is approved and financing is finalized in the coming months, demolition is expected to begin by the end of the first quarter of 2021 with construction following in August, and a fully redeveloped block on Main Street should be completed by early 2023.

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