The old Old National Bank Building on Main Street in Downtown Evansville will soon be looking quite different. 

Melissa/TSM

The tower at the corner of 5th and Main street has sat fairly empty for several years. It was announced today during a press conference that the 18-story tower will be getting an upgrade and bringing more life to Downtown Evansville.  The tower will be redeveloped, into a mixed-use project.  There will be ground floor restaurants, retail, and office space. There will also be an addition of over 60 apartments.

Here's what the press release says about the project:

Domo Development Company LLC today announced the acquisition of the 18-story tower at Fifth and Main Streets in Downtown Evansville, Indiana. The office tower, the former headquarters for Old National Bank will be redeveloped as a mixed-use project containing ground floor restaurants and retail, office space, over sixty apartments, four levels of indoor parking, and indoor-outdoor amenity spaces available for all tenants. The 149,000 square foot tower is the tallest building within 120 miles.

“We’re excited for the future of Evansville and to be a part of it.” said Eric Doden, principal in developer Domo Development Company LLC. “We look forward to developing a spectacular project which adds to the growth already happening in Downtown Evansville,” he added. The project continues the momentum started by several other high-profile projects in Downtown catalyzed in part by the Regional Cities initiative. “Our goal is that the 5th & Main tower will become a striking landmark for the whole city and region,” Doden further added.

Mayor Lloyd Winnecke sees the development as “an enormous statement of confidence about the direction of Evansville. It’s exciting to add the 5th & Main tower to this extraordinary chapter of our city’s history,” Winnecke said. “The investment into our city’s tallest building, and the exciting vision of the developer, will reinforce downtown as a destination for living, shopping and dining.”

The development of the 5th & Main tower is a natural extension of Indiana’s Regional Cities initiative, which was designed to attract and retain talent as well as build the brand for Indiana regions including Southwest Indiana. Funding support from Regional Cities will play a critical role in site acquisition. "Through regional planning and quality of place initiatives, Indiana communities across the state are working together to transform their regions into nationally-recognized destinations for talent,” said Elaine Bedel, president of the Indiana Economic Development Corporation. "Projects like the 5th & Main Tower contribute to the growth and vibrancy of Downtown Evansville, attracting new residents and investing in southwest Indiana's growing workforce.

The project will fill a gap in the Evansville housing market: an urban, high-rise, mixed-use development curated for households which choose to rent over buy. “We see the 5th & Main tower attracting these households because of its views, finishes, value, and security,” Doden said. “Retail follows rooftops,” said Josh Armstrong, President of the Downtown Evansville Economic Improvement District. “More residents mean more restaurants, more shops, more nightlife. A market study we commissioned this summer indicates capacity for 1,200 additional units in Downtown, along with class A office and quality retail and restaurant space. We’re already working to help tenant the ground floor here. Frankly, I plan to be one of the first residents in the building.” Downtown Evansville Development Corporation Executive Director Candace Chapman sees the building as not just an asset for future tenants, but to all of downtown and the region, “This building is critical to the vibrancy of our region because its location and height create a focal point. With this redevelopment, it will now be an inspiring focal point.”

Total redevelopment costs are expected to be between $25 and $30 million. Domo Development Company LLC has been aided in its search for local investors by the Downtown Evansville Development Corporation. The equity sources include an Opportunity Zone investment. Updates on the project can be found at www.5thandMainBuilding.com.