A proposed $12.4 million apartment complex is set to transform a historic building on Franklin Street in Evansville, with plans for 56 units aimed at bridging the gap in the city’s housing supply. The project, which is directly connected to the Greenway, promises to enhance accessibility between residential areas and downtown, offering a mix of studio, one-bedroom, and two-bedroom apartments averaging over 700 square feet.

During the Evansville Redevelopment Commission meeting on November 6, developers highlighted the unique challenges of renovating a building constructed in 1919, which has remained largely uninhabited for years. The team has already completed significant demolition work, including the removal of outdated heating systems and lead pipes, ensuring a safer environment for future residents.

The timeline for the project is ambitious, with construction slated to begin in the first quarter of 2025 and leasing expected to start by July 2026. The developers emphasized the importance of following proper procedures, indicating they would wait for necessary approvals before proceeding further.

Commissioners expressed support for the project, noting its strategic use of Tax Increment Financing (TIF) to revitalize a historic site while addressing the city's housing shortage. Current assessments indicate that Evansville is several thousand units short of meeting housing demand across all income levels, making this development a crucial step toward closing that gap.

While the project will not include low-income housing units, other developments are in the pipeline to address affordable housing needs. The commission is expected to review a development agreement at its next meeting, with further steps planned for December. The approval of this project marks a significant investment in Evansville's future, promising to enhance both the residential landscape and the local economy.