Construction started on this former Old National Bank building in 1968 and was completed two years later.

EVANSVILLE, Ind. — Owners of the deteriorating 18-story tower at 420 Main St. are seeking state tax credits to support its demolition followed by a new project covering the same block.
Domo Development and local investors in 2019 announced plans to renovate the tower for a combined residential and commercial use. That idea was cast aside this year after it was determined the tower’s condition was too poor to proceed. The development team has submitted applications for $18.4 million in Indiana Redevelopment Tax Credits. If the tax credits are approved and other financing is finalized, demolition would begin by the end of the first quarter of 2021, with construction starting in August, and a fully redeveloped block finished by early 2023, according to a news release from Downtown Evansville Inc.

Domo Development and local investors in 2019 announced plans to renovate the tower for a combined residential and commercial use. That idea was cast aside this year after it was determined the tower’s condition was too poor to proceed. The development team has submitted applications for $18.4 million in Indiana Redevelopment Tax Credits. If the tax credits are approved and other financing is finalized, demolition would begin by the end of the first quarter of 2021, with construction starting in August, and a fully redeveloped block finished by early 2023, according to a news release from Downtown Evansville Inc.

The tower, which housed Old National Bank’s headquarters before ONB relocated to Main Street and Riverside Drive, is mostly vacant and is the tallest building in the region. It was owned by a Baltimore, Maryland, entity before Domo Development obtained it two years ago.

According to Downtown Evansville Inc., the development team also is purchasing the vacant Sycamore Building on the same block. Combined with the block’s remaining city-owned parcel, which in recent years was a small, turf-covered park, officials said they see opportunity for a quality project.

“There are 450,000 square feet of empty office space on blocks adjacent to Main Street,” Mayor Lloyd Winnecke said in a news release. “With the partnership of private investors alongside the city and state, we can put 45% of this space to a stunning new use while infusing tens of millions of dollars in private capital into our region.”

According to Downtown Evansville, the development plan consists of three parts:
Demolition of the 18-story, 420 Main building to make way for a new six-story, mixed-use building with underground parking, indoor and outdoor dining, office and residential space. “This building will be enhanced with a four-season roof deck which will offer spectacular views of Downtown and the Ohio River,” Downtown Evansville’s news release said.

When complete, development of this block is expected to cost $67 million, Downtown Evansville said.
Officials described the project as an important one for the advancement of Downtown and growing the region.
They cited the importance of the state tax credits in moving it forward “We will need Redevelopment Tax Credits to bring new life to this long-vacant property and to anchor the commercial center of the Evansville region,” said Candace Chapman, director of the Downtown Evansville Development Corp.

Evansville Courier & Press