Evansville breaks ground on new project at Fifth and Main three years after implosion

Sarah Loesch, Evansville Courier & Press
Candace Chapman, director of downtown development for E-REP, addresses the crowd ahead of the groundbreaking for The Vault on Main in Downtown Evansville, Tuesday, May 28, 2024.
Candace Chapman, director of downtown development for E-REP, addresses the crowd ahead of the groundbreaking for The Vault on Main in Downtown Evansville, Tuesday, May 28, 2024.

EVANSVILLE — All 18 stories of the city's tallest building came tumbling down in 2021, and by 2026 the yawning hole it left behind will be filled with a new building — albeit a much smaller one.

Officials broke ground on The Vault on Main, located at 424 Main St., on Tuesday. The project will be a four-story building with 161 market-price residential units and retail space on the first floor. In 2023, rent was anticipated to be about $1,300. There will also be an underground parking garage.

The timeline has construction set to start about three years after the tower at 420 Main St. was demolished. The former Old National Bank headquarters was housed there from 1970 to 2004. After ONB left, the building deteriorated, and efforts to rehabilitate it did not materialize.

Construction will take around two years to complete, according to Ross Merder, director of development for CRG Residential.

The company has officially closed on funds to start construction on what will be around a $60 million project.

Impacted by inflation, the COVID-19 pandemic and other challenges, the project has had a long path to fruition.

The crowd cheers as officials break ground on The Vault on Main where the former 420 Main Street building stood in Tuesday, May 28, 2024. The $60 million project at Fifth and Main will include 161 residential units, first-floor retail and an underground parking garage.
The crowd cheers as officials break ground on The Vault on Main where the former 420 Main Street building stood in Tuesday, May 28, 2024. The $60 million project at Fifth and Main will include 161 residential units, first-floor retail and an underground parking garage.

From 2018 when the site was acquired, to 2026 when construction is expected to be complete, the former 420 Main St. site will have been a focus of the city for eight years.

Merder said the complex will include a large courtyard, pool, fire pit, common space, outdoor cooking areas, large indoor entertainment areas and a fitness room.

"We look forward to now beginning construction and delivering Downtown Evansville a beautiful development worth of its place here on Main Street," Merder said Tuesday.

Mayor Stephanie Terry, who is in her first term and inherited this project from former mayor Lloyd Winnecke, thanked CRG for their "continued investment" in Evansville.

CRG has other projects in Evansville, including another Downtown location in The Post House.

"Here we are today, positioned and ready to transform this block. We are excited," she said. "It's a prime example of public-private partnership addressing a community issue. We are looking forward to more housing, we're looking forward to more retail, we're looking forward to more people coming to Downtown Evansville to see its growth because we know downtown is economic hub."

This article originally appeared on Evansville Courier & Press: New housing coming to site of Evansville's former tallest building

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