Developer Seeks Downtown Evansville Tax Credits

rendering of downtown Evansville redevelopment project (image courtesy of the Downtown Evansville Redevelopment Corp.)

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Carmel-based Domo Development Co. and the Downtown Evansville Development Corp. are working together to revitalize portions of downtown Evansville. Domo has submitted applications for $18.4 million in Redevelopment Tax Credits to assemble and repurpose downtown parcels for redevelopment.

According to the EDC, the project would involve purchasing the Sycamore Building, which is located on the same block as the 420 Main Building. The 18-story 420 Main Building, which is the tallest building in southern Indiana, sat vacant for 12 years before Domo purchased it in 2019.

“The City, developer, and local investors are firmly committed to this development,” said Candace Chapman, director of Downtown Evansville Development Corp. “The critical fourth partner in this decade-long redevelopment challenge is the State of Indiana. We will need Redevelopment Tax Credits to bring new life to this long vacant property and to anchor the commercial center of the Evansville region.”

The plan includes three main projects:

• Demolition of the 18-story 420 Main Building to make way for a six-story mixed-use building which will provide underground parking, indoor and outdoor dining, office and residential space.
• Demolition of the Sycamore Building and construction of a four-story mixed-use building which will bring a food hall, commercial and office space, and additional residential units.
• Renovated city-park to support both projects and greater downtown.

The EDC says the transaction will bring the assembled site into local control, taking a step closer to the goal of revitalizing the entire vacant city block in the heart of Evansville’s downtown.

“With the partnership of private investors alongside the City and State, we can put 45% of this space to a stunning new use while infusing tens of millions of dollars in private capital into our region,” said Mayor Lloyd Winnecke.

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

If the application for tax credits is approved and financing is finalized in the coming months, the partners say demolition could begin by the end of the first quarter of 2021, with construction to follow in August.