MIDDLE MARKET HIGHLIGHT, OCTOBER 2007

Evansville
Dan Marcec

The Evansville, Indiana, area encompasses four counties, Vanderburgh, Warrick, Posey and Gibson, in southwest Indiana, and the Henderson, Kentucky, area, and is currently buzzing with activity.

“The Evansville region has been a manufacturing center for many years, dating back to when P-47 aircraft and LST ships were built here for World War II, and now Toyota trucks and vans are manufactured here along with Bristol-Myers Squibb pharmaceuticals and GE plastics,” says Greg Wathen, president and CEO, and James Holderread, deputy director of the Economic Development Coalition of Southwest Indiana (EDC). “Also, we have a large supply of skilled labor, due to the presence of the University of Evansville and the University of Southern Indiana.”

But the diversity in industrial development doesn’t stop there, as the median center of the U.S. population is located near Evansville, providing an ideal location for distribution centers. As a result, the EDC focuses on attracting these types of businesses, and both Federal Express and UPS Ground time-in-transit maps have shown Evansville as an optimum place to set up a distribution hub.

Shoe Carnival recently opened a 410,000-square-foot distribution center in northeast Vanderburgh County, as well as its new 60,000-square-foot corporate headquarters buildings in Cross Pointe Office Park.

At Evansville Regional Airport, Berry Plastics is underway on a new 600,000-square-foot distribution facility. Shoe Carnival recently opened a new 410,000-square-foot distribution center in northeast Vanderburgh County, as well as a new 60,000-square-foot corporate headquarters building within Cross Pointe Office Park. In addition, Brake Supply Corporation recently completed the construction of a 200,000-square-foot project at the Vanderburgh Industrial Park, and two new facilities from Cortegra and Great Lakes Power are underway there as well. West of Evansville, two large ethanol plants are under development.

Other large facilities in this sector include TJ Maxx’s 1 million-square-foot property in Evansville, Bristol-Myers Squibb’s 600,000-square-foot center in Mt. Vernon, Indiana, as well as Columbia Sportswear’s 500,000-square-foot facility in Henderson, Kentucky.

“Another important addition to the region happened this spring, when AT&T selected Evansville as the location for a customer service center that will employ 600 people,” Wathen and Holderread explain. “The new 101,000-square-foot center will be located in the former Sam’s Club building near the Eastland Mall in Evansville, situated on a 10-acre site.”

On the east side of town between Evansville and Newburgh development is strong as well. Between Burkhardt Road and Interstate 164, Sperry Van Ness/Martin Commercial Group recently announced plans for a new lifestyle development spanning more than 200 acres, which will include commercial, office and residential components. Also, east of I-164 in Warrick County, construction of new medical office and commercial property is commencing near the new Deaconess Gateway Hospital and Medical Center.

On Evansville’s west side, near the University of Southern Indiana, the retail sector is strong. Kohl’s recently entered the market, which in turn bolstered the area’s existing retailers, which include The Home Depot, Lowe’s Home Improvement Warehouse, Wal-Mart and additional smaller tenants. North of Evansville, in Princeton, Menards is constructing a new store, and in Posey County, the 20-acre Expressway Auto Mall recently opened its doors.

“Development has been strong everywhere, as new housing and retail is rising east and north of Evansville Regional Airport between Green River Road and U.S. Highway 41,” Wathen and Holderread say. “Also, significant downtown redevelopment projects are underway on Main Street in Evansville, and Casino Aztar’s The District is a key project, including the 100-room Le Merigot luxury hotel, Rí Rá Irish Pub and Jillian’s Billiard Club.”

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