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MIDDLE MARKET HIGHLIGHTS, JUNE 2005
EVANSVILLE
Karen Stone, CCIM
Evansville is Indiana’s third largest city and the regional hub for the Tri-State area. Named an All-American City by the National Civic League last June, Evansville is enjoying a burst of downtown redevelopment. Two new headquarters buildings have opened in the last 6 months. Vectren Corporation, a utilities company listed on the New York Stock Exchange, has moved into its new headquarters. Located at the corner of Court Street and Riverside Drive, the 135,000-square-foot, $26 million building is eight stories tall and features a curved wall facing the Ohio River on the south.
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Vectren Corporation’s new headquarters is located at the corner of Court Street and Riverside Drive in Evansville. The 135,000-square-foot, $26 million building is eight stories tall and features a curved wall facing the Ohio River on the south.
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“One Vectren Square represents not only a commitment to our 1 million customers, but also reflects our belief that a thriving downtown Evansville is necessary to spur additional development in Southwest Indiana," said Niel Ellerbrook, Vectren chairman, president and CEO . “Our building also represents our commitment to Indiana and the Midwest. We are committed to growing our corporation, one of Indiana's largest publicly traded companies, from our Evansville location.” Evansville-based Hafer & Associates designed the building and Industrial Contractors of Evansville was the general contractor.
Last fall, Old National Bancorp opened its new headquarters building, also on the riverfront, two blocks from the Vectren Building. The 225,000-square-foot, eight-story building cost $55 million, and was designed by St. Louis-based Helmuth, Obata and Kassabaum and Indianapolis-based Veazey Parrott Durken & Shoulders.
The former Green Convention Center Annex, located at Walnut Street and King Boulevard, has been rezoned and will be developed into 18 upscale condominiums. Richmond, Virginia-based BBJJ Condominium Investment Consortium plans to update both the interior and the exterior of the vacant three-story, 31,000-square-foot building. “The exterior will be replaced with a new envelope, primarily of brick, that will complement the surrounding buildings, including the new library,” according to Shelli Hancock, an agent with Evansville-based FCTucker EMGE Realty of Evansville, who is the listing broker for the sales of the condominiums. Preliminary designs by Veazey Parrott Durkin & Shoulders envision six units on each floor, ranging from 1,300 to 2,100 square feet. The price range of the units is yet to be determined. Construction is planned to start this month with units available in spring 2006.
According to Jane Reel, Redevelopment Specialist with the City of Evansville, city sponsored loft grants have been awarded to developers who are currently building an additional 24 units in the downtown area. Reels notes, “These grants leveraged a substantial amount of private investment.”
Also recently opened in downtown is the new $33 million, 145,000-square-foot Central Library. The facility is wired with the latest in hi-tech internet connections and the site also includes parking for approximately 200 cars.
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