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CRG Residential Breaks Ground on $45 Million Community for Promenade Master Development

CRG Promenade Flats Groundbreaking Evansville

EVANSVILLE, Ind. (August 16, 2023) – CRG Residential and the City of Evansville officially broke ground today on a $45 million residential development at the corner of N. Burkhardt and Oak Grove roads. This community, “Promenade Flats,” will be included in the Promenade Master Development, creating a walkable environment connected to the YMCA, Fresh Thyme, and various restaurants and retail.

“Today marks a monumental step forward for our community as we break ground on the Promenade Flats. This project is more than a building; it symbolizes Evansville’s progress and our commitment to enhance the quality of life,” Evansville Maylor Lloyd Winnecke said. “Our partnership with CRG Residential dates back to the successful completion of the Post House project, and this new venture reflects our shared vision of creating a more vibrant city.”

Promenade Flats will include 220 premium apartments and sought-after amenities including a dog park, heated saltwater resort pool, package delivery system, valet trash service, private garages, and secured building access. Construction begins this month with plans for move-in ready units in the summer of 2024 and project completion in 2025.

“We are enthused about the opportunity to partner again with the city on another CRG Residential project here in Evansville,” CRG Residential CEO Chris Reid said. “This newest development builds on the success we experienced at Post House, completed in 2020. We are grateful for this partnership with the city that has yielded positive results for members of the Evansville community.”

Financing for the project is provided by First Financial Bank, in addition to $2.5 million from the Indiana Economic Development Corporation’s READI award.

“With our community vision called Talent EVV as our guidepost, we are building a nationally recognized place to call home, and projects like the Promenade Flats are making our vision a reality, said Tara Barney, CEO of E-REP. We are thrilled to continue the partnership with CRG Residential that brought us the Post House and create new vibrancy for our community.”

This project marks the ninth luxury development in the state of Indiana in CRG Residential’s portfolio.

About CRG Residential

CRG Residential, LLC is a Carmel-based construction and real estate investment firm that specializes in complex multi-family housing developments throughout the Midwest and eastern United States. With more than 175 employees, CRG Residential has 30 years of experience and has executed the redevelopment and construction of nearly 37,000 multifamily units throughout nearly 24 states.

About the Evansville Regional Economic Partnership

The Evansville Regional Economic Partnership (E-REP) leads economic development efforts for the Evansville, IN region and elevates the overall quality of life through transformational projects, planning, advocacy, and member engagement. Additionally, E-REP supports the attraction, startup, and growth of regional businesses.

About the Regional Economic and Acceleration Development Initiative (READI)

In May of 2021, Governor Eric J. Holcomb announced the Regional Economic Acceleration and Development Initiative (READI) program, a $500 million initiative geared toward accelerating Indiana’s population growth by supporting regional economic development strategies focused on making Indiana cities and towns a magnet for talent. To achieve this goal regions will invest into financial partnerships. The Southwest Indiana Regional Development Authority (RDA) manages the READI funds and E-REP serves as the administrator for the RDA.  

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