Twice included on Indiana Landmarks’ list of most endangered historic properties, the Hulman Building may see new life after being purchased in June by a Berkeley Heights, New Jersey, development and real estate company. The Forst Family Corporation plans a boutique-style hotel and retail space in the 93,502-square-foot Hulman Building as well as a “municipal market space” in the lot across Sycamore Street, says Richard Clements, senior advisor with SVN The Martin Group, who served as the buyers’ representative.
Dating to 1929, the Art Deco-style Hulman Building was the headquarters of Central Union Bank and SIGECO before it became Vectren Corp. Mostly vacant for years, the building and 10,804-square-foot parking lot caught the Forsts’ attention during visits to Evansville. Clements says the parking lot’s development plans are on a faster track than those for the 10-story tower. “The ultimate goal is for it to be a space that serves the growing Downtown resident population and supports Downtown Evansville’s entertainment destination efforts,” he says. Clements adds that the company is “interviewing local architects, discussing design concepts for the building, and working with local contractors on structural and mechanical upgrades.”
The project is led by Rob Forst, whose brother, Matt, tipped him off about looking to Evansville for future projects after visiting the River City. Matt owns STACK’D Supplements, which recently acquired Active Nutrition Supplements and its two Evansville locations.
“As family business owners, their primary criteria was in developing relationships with good people in areas where local residents were welcoming to their efforts,” Clements says of the Forsts. “On top of this, Rob loves historic architecture and desires to preserve and revitalize those historic properties.”
