The former Old National Bank tower in downtown Evansville has a new owner.
Domo Development Company LLC announced today they have closed on the 18-story tower at Fifth and Main Street. The office tower will be redeveloped as a mixed-use project containing ground floor restaurants and retail, office space, over sixty apartments, four levels of indoor parking, and indoor-outdoor amenity spaces available for all tenants.
“We’re excited for the future of Evansville and to be a part of it.” said Eric Doden, principal in developer Domo Development Company LLC. “We look forward to developing a spectacular project which adds to the growth already happening in Downtown Evansville,” he added. The project continues the momentum started by several other high-profile projects in Downtown catalyzed in part by the Regional Cities initiative. “Our goal is that the 5th & Main tower will become a striking landmark for the whole city and region,” Doden further added.
Mayor Lloyd Winnecke sees the development as “an enormous statement of confidence about the direction of Evansville. It’s exciting to add the 5th & Main tower to this extraordinary chapter of our city’s history,” Winnecke said. “The investment into our city’s tallest building, and the exciting vision of the developer, will reinforce downtown as a destination for living, shopping and dining.”
The development of the 5th & Main tower is a natural extension of Indiana’s Regional Cities initiative, which was designed to attract and retain talent as well as build the brand for Indiana regions including Southwest Indiana. Funding support from Regional Cities will play a critical role in site acquisition.
The project will fill a gap in the Evansville housing market: an urban, high-rise, mixed-use development curated for households which choose to rent over buy. “We see the 5th & Main tower attracting these households because of its views, finishes, value, and security,” Doden said. “Retail follows rooftops,” said Josh Armstrong, President of be Downtown Evansville Economic Improvement District. “More residents mean more restaurants, more shops, more nightlife. A market study we commissioned this summer indicates capacity for 1,200 additional units in Downtown, along with class A office and quality retail and restaurant space. We’re already working to help tenant the ground floor here. Frankly, I plan to be one of the first residents in the building.”
Total redevelopment costs are expected to be between $25 and $30 million. Domo Development Company LLC has been aided in its search for local investors by the Downtown Evansville Development Corporation.
Updates on the project can be found at here.
