City of Evansville, CRG Residential Break Ground on $60 Million Project in Heart of Downtown

CRG Residential, an Indiana ~ Evansville, Indiana - CRG Residential, a prominent construction and real estate investment firm based in Indiana, has successfully secured financing for their latest project. The company has officially closed on funding to support the construction of a major mixed-use development at Fifth and Main streets in Downtown Evansville, with an estimated cost of nearly $60 million.

The groundbreaking ceremony for the project was held on May 28th, with Evansville Mayor Stephanie Terry and representatives from CRG Residential and the Evansville Regional Economic Partnership (E-REP) in attendance. The 24-month construction project is expected to begin in June.

Mayor Terry expressed her excitement for the project, stating that it will have a significant impact on reshaping the downtown area. She also acknowledged the efforts of E-REP and CRG Residential in bringing this project to fruition.

The Vault on Main, located at 424 Main St., will feature 161 residential units and ground-floor retail space along Main Street. It will also include an underground parking garage. CRG Residential has partnered with Old National Bank for financing and has already obtained the necessary permits from the city to begin construction.

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CRG CEO Christopher Reid shared his enthusiasm for the project's progress, stating that it will not only enhance Downtown Evansville but also attract top talent to the region. He also expressed his appreciation for working with key partners such as the City, Old National Bank, and others to move forward with this transformative development.

This is not CRG Residential's first venture into mixed-use developments. They have previously partnered with Indianapolis-based Scannell Properties to develop Post House, a 144-unit mixed-use property in Evansville. The company has also invested in other public-private partnerships in various cities such as Carmel, Greenwood, Brownsburg, Fishers, Newport (KY), West Des Moines (IA), and Traverse City (MI).

With their track record of successful projects and commitment to revitalizing communities, CRG Residential's latest venture in Downtown Evansville is highly anticipated. The project is expected to bring new life to the area and contribute to the city's economic growth.

Filed Under: Government, City

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