Evansville, IN (October 2, 2026) – A once-vacant block in the heart of downtown Evansville has been transformed into a new mixed-use development, as local and regional officials celebrated the grand opening of The Vault on Main today.
Located at 424 Main Street, The Vault on Main is a $60 million, four-story development featuring 161 residential apartment units, new commercial space and a variety of amenities designed to support a vibrant downtown lifestyle.
The development offers studio, one-bedroom and two-bedroom floorplans, along with resident amenities including a pool courtyard, fitness center, outdoor entertainment space, coworking areas and a makerspace. The ground floor includes secure underground parking and approximately 4,755 square feet of flexible retail or office space that can accommodate one or two tenants along Main Street.
The project received $3.85 million in funding through the Indiana Regional Economic Acceleration and Development Initiative (READI) 1.0. Those funds supported site cleanup and preparation, helping transform a previously vacant city block into a modern residential and commercial development in the center of Evansville.
“Downtowns thrive when people have opportunities to live, work, gather and experience everything their communities have to offer,” said Mayor Stephanie Terry. “The Vault on Main brings new energy and quality housing to the heart of our city. This is another exciting step toward a more vibrant downtown Evansville.”
The Vault on Main adds significant new housing capacity to downtown Evansville while creating opportunities for additional businesses and activity along Main Street. The project is part of a broader regional effort to strengthen quality of place, expand housing options and create communities where people want to live and work.
Southwest Indiana received $95 million through READI 1.0 and READI 2.0 matching funds, with additional project support through Lilly Endowment Inc. grant funding. Together, these investments are supporting projects across Gibson, Posey, Vanderburgh and Warrick counties focused on quality of place, quality of life and quality of opportunity.
Regional READI investments are supporting initiatives to connect the region’s riverfront with public amenities, attractions and housing; expand access to high-paying jobs; improve quality of place; develop housing near employment centers; and capitalize on new regional opportunities created by the I-69 Ohio River Crossing.
The opening of The Vault on Main represents another completed investment in downtown Evansville and adds to the momentum of ongoing redevelopment throughout Southwest Indiana.