Almost five years after the 18-story Old National Bank Tower was demolished Downtown, its replacement is open for business. Officials, residents, and the community gathered Oct. 2 to cut the ribbon on The Vault on Main. The first residents began moving in by mid-July, and Property Manager Jacob Snider says around 50 of the 161 units have been leased in the four-story building.
“For decades, the Old National Bank Tower stood here as part of the skyline and part of daily life Downtown. We knew that whatever came next had to be thoughtful, collaborative, and transformational,” says Ross Merder, Director of Development at CGR Residential. “When we stood here in May 2024 and broke ground, we made a commitment to deliver Downtown Evansville a beautiful development worthy of its place here on Main Street. Thank you for welcoming us (and) trusting us with such an important part of your city. We’re proud to be a part of Downtown’s next chapter.”
Residents of The Vault can enjoy amenities including a fitness center, delivery room for packages, communal gathering area, coworking rooms, makerspace for hands-on projects, a heated outdoor swimming pool, and a fire pit. Evansville taxpayers helped fund the 183-space underground parking garage with bonded financing approved by the City Council in 2023.
While tenants are filling the apartments, focus remains on the commercial space. The first floor contains 4,500 square feet for two small tenants or one large tenant. As reported in June/July 2024 Evansville Business, Mayor Stephanie Terry expressed hopes for a grocery store or pharmacy — essentials lacking Downtown.
CGR also added a grease trap to pave the way for a restaurant. In addition to The Vault, Indianapolis-based CGR also built two upscale apartment complexes in the past six years: Post House on Northwest Second Street and Promenade Flats off North Burkhardt Avenue.
“I’ve been an Evansville resident since back when Downtown was really boring. My mother ran a business out of the Hilliard Lyons building,” says Snider, who previously served as the community manager at Post House. “I stood on the rooftop of Post House, and I watched 420 Main be imploded. I remember having two thoughts: ‘I really hope this doesn’t become a pockmark on our Downtown,’ and ‘I bet there’s already a noise complaint in my email.’ Fortunately, I was wrong about one of those things.”
The Vault occupies three-fourths of the total space of the 400 block of Main Street, with a community park planned for the corner of Northwest Fourth and Main streets. CenterPoint Energy announced a donation to that endeavor in May 2021. Evansville Parks and Recreation Executive Director Danielle Crook says construction is expected to wrap up in late November or early December. Park design plans include a stage to host performances and a four-season bathroom.
“We’ve also been waiting for this moment for a very long time, and so I’m glad to be here,” Terry said at the ribbon-cutting. “For years, this was one of the most visible sites in our Downtown. … The big question was, ‘What will come next?’ Today, we have the answer. It’s a nearly $60 million private investment. … This project is a great example of what can happen when the public and private sectors work together for a shared vision.”
A $3.85 million READI grant was part of a state-funded $95 million investment that included The Vault and other projects. Attorney Beth McFadin Higgins, who is a member of the five-person Southwest Indiana Regional Development Authority, says that investment has brought close to $1 billion back to the region.
“All of this is going to bring students, residents, and visitors into Downtown. They’re going to be knocking on the front doors of Downtown businesses. They’re going to be looking forward to River Vision,” she says. “It’s amazing what we can accomplish when we all come together at all levels, and we think outside the box.”
