When local officials needed a new company to carry forward a major development project in the heart of Evansville’s Downtown, they turned to a familiar name.
Carmel, Indiana-based CRG Residential took over the Fifth and Main project in mid-2022. The prior development company left the project after the onsite 18-story Old National Bank tower was imploded in November 2021.
CRG Residential has completed projects here before. The company was the general contractor on the 144-apartment, $42-million Post House, completed in 2020 at 215 Vine St. CRG declined an interview request from [Evansville Business].
The company also is developing Promenade Flats, an upscale, 220-unit, $45-million East Side apartment complex.
The often-delayed project at Fifth and Main streets is to top out at four floors with no fewer than 150 apartments, first-floor restaurant or commercial space, an underground garage with about 183 parking spaces, and a park at Fourth and Main, Mayor Lloyd Winnecke told the City Council on June 12.
CRG will have about $40 million in debt and equity invested in the project. The company also is receiving about $10 million in state incentives and $12 million in City of Evansville financing for the garage. The park also is a city project, although CenterPoint Energy has contributed.
Winnecke told the council he’s hopeful the project will go out to bid later this year, with a groundbreaking in December and a construction time of 18 to 24 months.
