The Vault inches closer to mid-2026 completion
After hopes of revitalizing the former Old National Bank tower imploded along with the skyscraper in 2021, a new development is rising.
The Vault, a four-story, 250,000-square-foot mixed-use complex, will occupy three-fourths of the site bordered by Northwest Fourth and Fifth streets and Main and Sycamore streets. Since breaking ground on May 28, 2024, construction has stayed on schedule, says Ross Merder, director of development for CRG Residential, the project’s Carmel, Indiana-based developer. Construction on the $60 million project is expected to finish by mid-2026. “By and large, there have been no changes to the planned use or the structure,” Merder says.
Commercial space will cover 4,500 square feet on the ground floor, but there is no information available yet about who or what will occupy that space. Merder says efforts to market the commercial space will begin later this summer. As reported in June/July 2024 Evansville Business, Mayor Stephanie Terry expressed hopes for a grocery store or pharmacy — essentials lacking Downtown.
The 161-unit apartment complex includes a fitness room, delivery room for packages, gathering area, coworking rooms, 183-space underground parking garage, makerspace for hands-on projects, heated outdoor swimming pool, and fire pit. Also in the works: a park occupying the corner of Fourth and Main streets being designed and constructed by the Evansville Parks and Recreation Department. “I think it’s an opportunity to live on Main Street … in a highly amenitized project right in Downtown,” Merder says.
