READI 2.0 in the Evansville Region
READI 2.0 is the second round of Indiana’s Regional Economic Acceleration and Development Initiative (READI), a statewide program that invests in projects to enhance quality of life and drive economic growth.
On April 11, 2024, the Evansville Region was one of six regions in Indiana to receive the maximum award of $45 million in READI 2.0 funding. These projects aim to grow our population, expand high-quality job opportunities, improve health outcomes, and reduce poverty across Gibson, Posey, Vanderburgh, and Warrick Counties.
The following READI 2.0 projects are underway in our region:
THE DISTRICT PHASE II
GIBSON COUNTY | $3M READI 2.0 AWARD
$30.2M 10-YR LOCAL GDP IMPACT
110 HOUSING UNITS
The District Phase II —in Princeton, Indiana, represents the next step in expanding the city’s housing options and supporting local economic growth. This $14.6 million project adds 110 new one-, two-, and three-bedroom apartments to the existing 144 units—bringing the total to 254. With construction set to begin in fall 2024 and completion expected by summer 2025. By increasing residential capacity near Toyota Motor Manufacturing Indiana, The District Phase II will give more employees the opportunity to live close to work—boosting local spending and contributing to Princeton’s continued economic vitality. Amenities including a walking path, dog park, and pool are anticipated to be completed by the end of 2024.
FARMINGTON RIDGE
POSEY COUNTY | $945K READI 2.0 AWARD
$4.9M 10-YR LOCAL GDP IMPACT
90 NEW HOMES
Farmington Ridge—a new 32.75-acre neighborhood by Hometown Ventures Group (HVG) near Poseyville, will bring up to 90 new affordable homes to Northern Posey County. The $30–35 million development, designed by Cash Waggner and Associates, aims to meet local workforce housing needs for employees of companies such as Hoehn Plastics, Nix Companies, CountryMark, MSD of North Posey County, GAF, and Toyota. Supported by a $4.725 million investment in infrastructure, the project will offer homes ranging from 1,400 to 1,800 square feet, priced between $275,000 and $350,000, with construction of approximately 10 homes per year. Buyers will also have the option to purchase lots and build custom homes, contributing to the region’s growing demand for quality, attainable housing near top-ranked North Posey County schools.
CRAWFORD DOOR
VANDERBURGH COUNTY | $2.7M READI 2.0 AWARD | $5M Lilly Endowment Initiative funds
$48M 10-YR LOCAL GDP IMPACT
139 HOUSING UNITS
Crawford Door—will revitalize a long-vacant historic property near Bosse Field, Garvin Park, and the Deaconess Aquatic Center into a vibrant mixed-use development. The project includes the rehabilitation of the historic Crawford Door building and new construction for a total of approximately 139 affordable and workforce housing units and 10,000 square feet of commercial space. Utilizing 4% bond Rental Housing Tax Credits, Affordable Workforce Housing Tax Credits, and State and Federal Historic Tax Credits, the project will serve residents earning up to 80% of the Area Median Income in Vanderburgh County. Once complete, Crawford Door will transform a blighted area into a walkable neighborhood hub, connecting residents to nearby parks, employers, and community amenities.
LOU DENNIS PARK
WARRICK COUNTY | $1M READI 2.0 AWARD
$1.3M TOTAL LOCAL GDP IMPACT *construction only
Lou Dennis Community Park — is a long-standing community hub undergoing revitalization to replace the retired “Fortress of Fun” playground with a new, safe, and inclusive play area and obstacle course in Newburgh, Indiana. Following record park usage—over 6,000 visitors in June 2024 alone—the Newburgh Parks Department aims to meet growing community demand with modern, durable equipment designed to enhance family well-being and attract visitors. The project timeline includes planning and design in Q2 2025, construction in Q4 2025, and completion in Q2 2026. This Quality of Place investment will support talent attraction, regional tourism, and local economic growth while strengthening social connections and community pride.
HAGEMANN PARK EVENT CENTER
POSEY COUNTY | $2M READI 2.0 AWARD
$8.7M TOTAL LOCAL GDP IMPACT *construction only
Philip H. Hagemann Event Center —in Mount Vernon, Posey County, is a 27,445-square-foot multifunctional facility within the newly developed Hagemann Park, designed to serve the community, town staff, and the Boys and Girls Club. The center will include an 8,000-square-foot event hall with hospitality suites and catering kitchen, offices and conference rooms for the Parks Department, and an 8,000-square-foot youth services area with game rooms and support facilities. Construction is anticipated to start in mid-2025, with completion expected in Spring of 2027. The center will support talent attraction and retention, regional tourism, and local economic activity, while generating revenue to sustain programming, staffing, and maintenance. By providing a central hub for community gatherings, youth development, and workforce events, the Hagemann Event Center will enhance quality of life and drive economic growth in Mount Vernon and Posey County. [COMING SOON!]
THE EASTFIELD RESERVE
VANDERBURGH COUNTY | $6M READI 2.0 AWARD
$591M 10-YR LOCAL GDP IMPACT
240 HOUSING UNITS
Eastfield Reserve—in Evansville, Indiana, is a proposed 240-unit affordable housing development featuring one-, two-, and three-bedroom apartments across 10 buildings. The community will include a 3,500-square-foot clubhouse with laundry facilities, a computer lab, leasing office, maintenance space, and a large room for resident events and community engagement. Outdoor amenities will include a playground, picnic areas, and multiple green spaces, including pocket parks and a central landscaped area, designed with “security by design” principles. Residences will feature balconies and porches to enhance community connection, and construction will focus on energy-efficient systems and appliances. Rents will be based on 30–70% of the Area Median Income using HUD affordability guidelines, and the project will utilize READI 2.0 funding to support construction.
JUNIOR ACHIEVEMENT DISCOVERY CENTER
VANDERBURGH COUNTY | $1.7M READI 2.0 AWARD
$9.1M TOTAL LOCAL GDP IMPACT *construction only
Junior Achievement Discovery Center—in the Greater Evansville Region is a ~24,000-square-foot experiential learning center designed to give students in 4th–12th grade hands-on opportunities to apply classroom concepts in an immersive, real-world environment. Developed by Junior Achievement of Southwestern Indiana (JASWIN), the center features three signature capstone programs—JA BizTown, JA Finance Park Entry Level, and JA Finance Park Advanced—that simulate the local 15-county region, helping students understand financial concepts, develop 21st-century skills, and foster entrepreneurial thinking. By connecting academics to practical experiences, the Discovery Center inspires students to pursue thriving careers and make meaningful contributions to the local community.
WARRICK GATEWAY DISTRICT
WARRICK COUNTY | $3M READI 2.0 AWARD
Warrick Gateway District – This is phase 1 of a 300-acre master planned live, work, and play district. The project’s first phase will focus on a residential component and planned parks with trails and green spaces. The residential component will be a village of 23 Garden Homes and 14 Canal Townhomes. The pak system is planned to be continuous with walkways that weave together planned green space while connecting these initial offerings. The green space will offer trails and water features that are both natural and intended for use by the public. Additionally, a total of 100 acres will be filled and elevated to preapre for the first phase of development for pad ready lots.
THE HUB 127
GIBSON COUNTY | $122,000 READI 2.0 AWARD
The HUB 127 in Princeton is expanding its coworking and business support space to meet growing demand from local companies and entrepreneurs. The project will renovate the building’s second floor to add three private offices, a conference room, restroom, podcast studio and flexible space for photographers. The $610,000 project includes $122,000 in READI funding.
THE NEST AT REDBANK
VANDERBURGH | $3.4M READI 2.0 AWARD
The Nest at Red Bank is a new 96-unit apartment community on a five-acre site along North Red Bank Road, offering modern, energy-efficient housing near major employers and commercial development. The development includes one-, two- and three-bedroom apartments, with rents designed to be affordable to households earning up to 80% of Vanderburgh County’s area median income. Amenities include a fitness center, bike storage, vehicle charging stations and landscaped outdoor spaces. The project addresses the need for more quality rental housing for new residents, recent graduates and current residents who prefer to rent.
POSEY COUNTY HOUSING EXPANSION
POSEY | $5M READI 2.0 AWARD
Posey County Housing Expansion is a critical infrastructure project that will modernize and expand sanitary sewer services along the Highway 62 corridor in Posey County. The project will connect approximately 145 existing residential customers and Marrs Elementary School to a reliable sewer system, replacing outdated septic systems and addressing environmental concerns. The expanded infrastructure will also support a planned development of 200–300 new homes and create capacity for future commercial and industrial growth.
THE REPUBLIC
CITY OF EVANSVILLE/VANDERBURGH | $4.9M READI 2.0 AWARD
The Republic is a four-story mixed-use development in Evansville featuring 134 upscale, market-rate apartments and more than 5,300 square feet of commercial space with outdoor seating. Residents will have access to amenities including a rooftop patio, fitness center, pet spa, EV charging stations, pickleball court and indoor/outdoor café and game area. Located on a previously underused, high-visibility site, the project will activate the streetscape, support nearby businesses and encourage additional development
THE FLATS AT OLD FARM
CITY OF EVANSVILLE/VANDERBURGH | $3.9M READI 2.0 AWARD
The Flats at Old Farm – Located in a strategic growth corridor near University Parkway, this project will bring 216 new market-rate apartments to a growing area of Vanderburgh County. The garden-style apartments will serve as the first phase of a 113-acre master-planned development that will ultimately include 117 single-family lots, 10 duplex units, commercial space and community amenities. The initial phase will also establish infrastructure needed to support future development across the site.
USI LEARNING LABS
VANDERBURGH | $300,000 READI 2.0 AWARD
The University of Southern Indiana is developing two new spaces to strengthen the region’s innovation and workforce pipeline. The Center for Applied Business Technologies will use AI-based platforms to support regional innovation and prepare students for in-demand careers, while the Innovative STEM Lab will provide hands-on opportunities to work with technologies such as robotics and 3D printing. Together, the facilities will support students, educators and professionals in developing practical skills for the classroom and workplace.
FRANKLIN STREET LOFTS
CITY OF EVANSVILLE/VANDERBURGH | $300,000 READI 2.0 AWARD | $1M Lilly Endowment Initiative funds
Franklin Street Lofts will add approximately 56 market-rate apartments and commercial space along West Franklin Street. The development will support the continued revitalization of the growing Franklin Street corridor, adding new housing options and contributing to increased economic activity and local jobs.
SUTTON AT THE PROMENADE
CITY OF EVANSVILLE/VANDERBURGH | $2M READI 2.0 AWARD
Sutton at The Promenade is a proposed $63.1 million multifamily development that would bring approximately 240 apartments and townhomes to a 15-acre site in Evansville’s growing Promenade District. The community would offer modern amenities including a resort-style pool, fitness center, pickleball courts, dog park, EV charging stations and work-from-home spaces. The project also includes construction and extension of a public roadway to improve connectivity within the district and support future development.
THE ARC SOUTHWEST INDIANA BUILDING PROJECT
GIBSON | $200,000 READI 2.0 AWARD
The Arc Southwest Indiana plans to consolidate its multi-site operations into a single, modern facility at the former Franklin Elementary School property in Princeton. The new hub will expand services for individuals with intellectual and developmental disabilities, including residential support, employment training, independent living skills and community integration. By bringing services together in one location, the project will improve accessibility and program efficiency while addressing unmet needs in the community.
FIELDHOUSE FLATS
CITY OF EVANSVILLE/VANDERBURGH COUNTY | $1M Lilly Endowment Initiative funds
Fieldhouse Flats will transform NW 6th Street between Vine and Court streets through the rehabilitation of the historic former Central High School/Southwest Indiana YMCA Fieldhouse and construction of a new apartment building. The development will create approximately 78 market-rate apartments, including 38 units within the historic Fieldhouse and 40 units in a new building at NW 6th and Vine streets. The Fieldhouse will be rehabilitated to National Park Service standards while preserving historic features, building on the success of the nearby Central Lofts.
NEIGHBORHOOD REVITALIZATION PROJECT
CITY OF EVANSVILLE/VANDERBURGH COUNTY | $484,000 Lilly Endowment Initiative funds
Neighborhood Revitalization through the JD Sheth Foundation will expand its existing home weatherization program from Evansville to Vanderburgh, Warrick, Gibson and Posey counties. The program will help qualifying homeowners make critical repairs and improvements that improve the safety, health, energy efficiency and longevity of their homes, including roofing, insulation, HVAC, windows, plumbing, electrical and structural repairs.
CHILDREN’S MUSEUM OF EVANSVILLE
CITY OF EVANSVILLE/VANDERBURGH COUNTY | $1.5M Lilly Endowment Initiative funds
Evansville Family Arts Corridors & Regional Creative Learning Initiative – The Children’s Museum of Evansville (cMoe) will receive $1.5 million to expand programming and create new placemaking experiences, including interactive sidewalk murals, outdoor music experiences and a rooftop cultural space that will enhance downtown Evansville as a destination for families and visitors.
EVANSVILLE MUSEUM OF ARTS HISTORY & SCIENCE
CITY OF EVANSVILLE/VANDERBURGH COUNTY | $310,000 Lilly Endowment Initiative funds
Evansville Museum Sculpture Garden – The Evansville Museum of Arts, History & Science will receive $310,000 to transform its riverfront lawn into a vibrant public sculpture garden, creating an engaging outdoor arts destination along Evansville’s riverfront.