READI grant helps break ground on historic housing project in Petersburg
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With a population of under 3,000, Petersburg sits about 45 minutes northeast of Evansville and hasn’t seen a major housing development in over 35 years.
But that’s changing thanks to grant funding from the state’s Regional Economic Acceleration and Development Initiative, or READI, as the city broke ground Tuesday on the Meadows at Parkview project. Once all phases are completed, the Meadows will feature 102 new single-family homes in a purpose-built subdivision on land that’s been annexed by the city.
Local officials, like Petersburg Mayor R.C. Klipsch, said the project addresses a vital need for many rural communities across the state: housing.
“After we completed a housing study in 2018, this site was identified as the top priority for a new single-family subdivision,” Klipsch said in a news release. “The City of Petersburg is grateful for this investment into Petersburg and the opportunity to grow our community as we strive to increase more housing and quality of life initiatives for future generations.”
The Meadows project is getting a little over $1.2 million in READI 1.0 funds. Pike County Economic Development Corp. Executive Director Ashley Willis said the city is putting in $11 million worth of infrastructure investments and private investment is expected to exceed $10 million in phase one. Pike County is part of the Indiana First Region, that received $15 million in READI 1.0 funds.
The future subdivision is part of a newly created residential TIF district. Earlier stages of construction will also add utilities and a multi-use pathway connecting the housing development with City Park.