CRG Residential, an Indiana-based construction and real estate investment firm, has officially closed on financing to fund construction of a nearly $60 million major mixed-use project at Fifth and Main streets in the heart of Downtown Evansville.
Evansville Mayor Stephanie Terry and officials from CRG Residential and the Evansville Regional Economic Partnership (E-REP) officially broke ground on the project site May 28 to ceremonially kickoff construction. Officials expect the 24-month construction project to commence in June.
“We are excited to be moving forward with this very important, high-profile project that promises to reshape our downtown,” Evansville Mayor Stephanie Terry said. “We appreciate the efforts of E-REP, our partnership with CRG Residential, and all parties’ diligence in progressing to where we are today.”
When completed, The Vault on Main (424 Main St.) will include 161 residential units, along with first-floor retail on Main Street and an underground parking garage. CRG Residential partnered with Old National Bank on project financing, and it also has previously obtained the proper city permits to begin construction.
“We are pleased to advance beyond the financing stage of this transformative project, which will enhance Downtown Evansville and help the city attract and retain top talent in the region,” said CRG CEO Christopher Reid. “We have appreciated working with the City, Old National Bank and other key partners to build momentum as we proceed to the construction phase.”
CRG Residential partnered with Indianapolis-based Scannell Properties to develop Evansville’s 144-unit mixed-use Post House property. CRG has invested in other public-private partnerships in Carmel, Greenwood, Brownsburg, Fishers, Newport, Ky., West Des Moines, Iowa, and Traverse City, Mich. among others.