READI funded project supports local employers, current and future residents with new housing in Princeton
PRINCETON, Ind. (October 23, 2023) — Community leaders, and regional stakeholders convened today to celebrate the highly anticipated grand opening of The District, a 144-unit apartment complex set to redefine urban living in Downtown Princeton. Representing an investment of $21 million, this modern workforce apartment complex is poised to make its leasing debut in November, adding affordable, contemporary housing aligned with the demands of both employers and residents.
“The District will serve as a solution to two of Indiana’s challenges, our workforce shortage and a lack of access to affordable housing,” said Lt. Gov. Crouch, Indiana’s Secretary of Agriculture and Rural Development. “The READI program was the perfect way for the state of Indiana to come alongside and support this partnership. I look forward to seeing the success of this project in Princeton, and I hope to see similar developments across Indiana in the near future.”
Located at 629 S. Second Avenue, The District will lease units beginning in November 2023. The housing options are diverse, ranging from entry-level and executive-style one-bedroom apartments to spacious two- and three-bedroom units. Notably, The District represents the first multifamily housing initiative in nearly a decade, addressing the crucial workforce housing needs of prominent local employers. Upon completion, the complex will offer a clubhouse with a state-of-the-art fitness facility, a secure mail room, a pool, and parking garages available for rent. The grounds will feature scenic walking paths, communal grilling areas, and covered balconies on various apartment levels.
“The District marks a pioneering development in Princeton,” said Wayne Kinney, the project developer. “The vision was to create a destination for those wanting an up-and-coming environment to live and raise a family, and we did just that.”
In December 2021, the Evansville Regional Economic Partnership (E-REP) on behalf of the Southwest Indiana Regional Development Authority (RDA) led efforts to secure $50 million in READI funds to enable the community’s strategic plan currently underway and known as TalentEVV. The District was awarded a $2.5 million READI grant, complemented by local funds from the City of Princeton. A key READI objective is to stimulate additional private investment, with over 72 percent of the project’s funding originating from private sources.
“READI is driving positive change by creating strong partnerships for economic growth, talent retention, and future workforce recruitment,” said Tim Hollander, Gibson County RDA member, and Vice President of Manufacturing at Toyota Indiana. “More housing will benefit the whole community, and I look forward to welcoming our new neighbors into Gibson County.”
Through its TalentEVV strategic plan, E-REP and the RDA are working towards the Evansville Region becoming a nationally recognized place to call home. Recognizing the pressing need for expanded housing options to accommodate population growth and retention, The District will bridge the housing gap in Gibson County, providing for the needs of our area’s leading employers.
For further information about “The District,” please contact: JWK Management Group, (812) 615-0303.
About The Indiana READI Program
Launched by Gov. Holcomb and led by the Indiana Economic Development Corporation (IEDC), READI encourages regional collaboration and data-driven, long-term planning that will attract and retain talent in Indiana. The $500 million READI fund was passed by legislation during the 2021 session and was divided among 17 regions. Through READI, 17 regions across the state that represent all 92 counties are moving forward with projects and programs designed to enhance Indiana’s regions for current and future generations of Hoosiers. Collectively, the state’s $500 million investment is expected to yield an additional $9.86 billion public, private and nonprofit dollars invested (19.72:1 investment leverage ratio) in enhancing Indiana’s quality of life, quality of place and quality of opportunity
About the Evansville Regional Economic Partnership
The Evansville Regional Economic Partnership (E-REP) leads economic development efforts for the Evansville, Indiana region and elevates the overall quality of life through transformational projects, planning, advocacy, and business engagement. Additionally, E-REP supports the attraction, startup, and growth of regional businesses.
About the Southwest Indiana Regional Development Authority
The Southwest Indiana Regional Development Authority (RDA), established in 2015, is a collaborative effort involving Posey, Gibson, Warrick, and Vanderburgh Counties, along with the City of Evansville. This quasi-governmental body, defined by Indiana Code 36-7.6, was created to manage and allocate $42 million in Regional Cities Initiative funding secured in December 2021. For READI, the RDA is the applicant, fiscal agent and has the overall responsibility for implementing the Regional Development Plan (RDP) found here. The RDA works in conjunction with the Evansville Regional Economic Partnership (E-REP) to oversee these efforts.