A transformative redevelopment project is set to breathe new life into a historic building in Evansville, as the Area Plan Commission has approved plans for a 56-unit apartment complex at 1501 West Franklin Street. The site, originally established in 1919 for manufacturing, will undergo a significant renovation to create modern loft-style apartments, with a projected move-in date as early as August 2026.

The redevelopment commission expressed strong support for the project, which aims to address the city's housing shortage. "We're about 5,000 units short," noted a commission member, highlighting the urgent need for more residential options in the area. The project is strategically located near the Greenway, providing easy access to downtown and surrounding neighborhoods.

Key to the project's financing is the use of Tax Increment Financing (TIF) bonds, which will be purchased by Franklin Lofts LLC, the developer. This arrangement minimizes financial risk for the city, as the developer will assume responsibility for the bonds. The TIF designation is crucial for facilitating the flow of property taxes toward the bond financing, ensuring the project's viability.

While the building will be exclusively residential, the surrounding area includes commercial spaces, such as the Heritage Petroleum office, which has already been renovated. The redevelopment will preserve the building's historical character, with plans for open timber restoration that showcases its unique architectural features.

As the project moves forward, it promises to not only enhance the housing landscape in Evansville but also contribute to the revitalization of the Jacobsville area, making it a significant step toward meeting the community's growing housing demands.