Mayor: Vault on Main groundbreaking ‘exciting’ for downtown Evansville
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Officials break ground on The Vault on Main project in downtown Evansville on May 28, 2024. (photo provided)
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An aerial view of the site of the future Vault on Main project. (photo courtesy of the city of Evansville)
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An artist’s rendering of The Vault on Main. (rendering provided)
Evansville Mayor Stephanie Terry led a crowd of nearly 100 people as officials broke ground Tuesday on the $60 million mixed-used development known as The Vault on Main.
The project at Fifth and Main streets in the heart of downtown Evansville has been years in the making following the 2021 demolition of the 420 Main building, which at the time was the city’s tallest building.
“As you can imagine, we’ve had an eyesore right in the middle of downtown, and so to break ground really is a good feeling for us today,” Terry said. “We’re just, as the administration, really excited to continue to see progress happen.”
When complete, The Vault on Main will include 161 residential units, first-floor retail along Main Street and an underground parking garage.
“It’s more housing. It’s more retail space, and it’s more activity,” she said. “We also plan to have a small parklet adjacent to the property. So it’s really exciting, again, to create a space where people want to come and spend their spend their money and enjoy recreation as well.”
Terry said the turnout for the groundbreaking ceremony was a testament to the desire within the community to see something happen in a key part of downtown Evansville.
“I think this the sense overall is that we’ve got to continue to invest in downtown,” she said. “We know that it is our economic hub, and we want, again, to continue to make it really diverse in terms of the experience that you’re going to have downtown, but also the options for retail, for shopping, and eating and so forth. We just really want to activate it.”
The groundbreaking came one week after the unveiling of the Ohio River Vision and Strategic Plan, a comprehensive plan for development along the Ohio River from Mt. Vernon to Newburgh.
Terry said she believes both projects will serve as catalysts for additional development within the city.
“Our economic improvement district is doing a tremendous job in terms of beautification and marketing, what’s happening in downtown,” she said. “So I anticipate, yes, there will be some other developers that have come along and want to begin to expand beyond Main Street because that’s what we’re primarily talking about now. But those outlining areas, I think, will be addressed here as well.”
Carmel-based construction and real estate investment firm CRG Residential said it officially closed on financing for the project, and the developer has already obtained the necessary permits to begin construction.
“We are pleased to advance beyond the financing stage of this transformative project, which will enhance Downtown Evansville and help the city attract and retain top talent in the region,” CRG CEO Christopher Reid said in written remakrs. “We have appreciated working with the city, Old National Bank and other key partners to build momentum as we proceed to the construction phase.”
Construction is slated for completion in 2026.