EVANSVILLE – Indiana Governor Mike Braun continues to advance Hoosier communities and grow statewide economic development and talent retention and attraction efforts with the Indiana Regional Economic Acceleration and Development Initiative (READI). Today in Southwest Indiana, local and regional officials celebrated the grand opening of The Vault on Main – a $60 million mixed-use development bringing new housing and commercial space to downtown Evansville.
“Indiana’s READI program is catalyzing quality of place investments and transforming Main Streets across our state,” said Gov. Braun. “Today we celebrate the completion of a new, $60 million mixed-use development that has revitalized a once-abandoned block of downtown Evansville and is creating in-demand housing options in our Southwest Indiana hub that is growing its economy, attracting talent and investing in its future.”
The Vault on Main, located at 424 Main Street, is a new, four-story development that features 161 residential apartment units featuring studio, one-bedroom, and two-bedroom floor plans, as well as resident amenities, including a pool courtyard, fitness center, outdoor entertainment space, coworking areas, and makerspace. The ground floor also boasts secure underground parking and approximately 4,755 square feet of flexible retail or office space that will accommodate one or two tenants along the city’s Main Street.
The development, which received $3.85 million in READI 1.0 funding, activates a once vacant city block in the heart of downtown Evansville. READI funds were used to support site cleanup and preparation, boosting a new, modern development that shines a light on the city as a prime destination for living and working.
“A thriving downtown needs people living, working, dining, and enjoying all that our city has to offer,” said Evansville Mayor Stephanie Terry. “The Vault on Main brings new energy and quality housing to the heart of our City. This is another exciting step toward a more vibrant downtown Evansville.”
Indiana’s READI program is a $1.25 billion investment in regional-led strategies designed to strengthen communities, retain and attract top talent, and increase opportunities for Hoosiers for years to come.
“In today’s economy where talent can choose to live anywhere, investing in community and critical amenities like housing and parking is essential,” said Indiana Secretary of Commerce Chuck Goodrich. “Thanks to Indiana’s READI program, our regions are collaborating like never before to shape a more prosperous future, identifying and bringing to life projects like The Vault on Main that add modern amenities and vibrancy to Hoosier communities while creating more opportunities for current and future residents.”
Southwest Indiana was awarded $95 million in READI 1.0 and READI 2.0 matching funds, with additional project support through Lilly Endowment Inc. grant funds, to grow the region’s quality of place, quality of life and quality of opportunity across Gibson, Posey, Vanderburgh and Warrick counties. The region’s READI investments are designed to foster population growth and upward mobility by connecting the region’s riverfront with inspiring public amenities, attractions and housing; grow high-paying jobs; improve quality of place for healthier residents; build housing near employment clusters; and capitalize on the I-69 Ohio River Crossing to create new regional opportunities.
Learn more at IndianaREADI.com.
