Downtown Business & Developer Recruitment
Total Page:16
File Type:pdf, Size:1020Kb
why Downtown Evansville? VIBRANT COMMUNITY AND BUSINESS SCENE DEVELOPMENT AND GROWTH OPPORTUNITIES MARKET ANALYSIS AND LOCAL METRICS DOWNTOWN EVANSVILLE - DEVELOPMENT CORP. Photos: Alex Morgan Imaging Featured Welcome to Projects Downtown Evansville! POST HOUSE The Post House mixed-use residential and commercial development project combines more than just new apartment and retail space between Vine and Sycamore streets. The entire complex features 144 apartments, underground parking, numerous resident amenities, and ground floor commercial space in two buildings separated by a public linear park. Both buildings feature solar panels along the roofline and the linear park serves a green roof for the parking garage. The development’s Photo: David Horner block is anchored by Indianapolis-based BRU Burger Bar, located in a restored 1937 Greyhound Bus terminal. The commercial spaces in the building would be ideal for retail, restaurant or public-facing offices with large expanses of glass framing views of the linear park and numerous historic buildings. Easy access to the outdoors allows for indoor-outdoor dining, and the Post House’s affluent residents provide a built-in consumer base. The project was completed in summer 2020. Residential absorption of 80% was achieved within six months of release, without lowering the occupancy rate of other apartment communities in Downtown. Photo: David Horner Additional projects in the Downtown District THE FACE OF EVANSVILLE, INDIANA, IS CHANGING FIFTH AND MAIN BUILDING — no more so than in its Downtown neighborhoods and include the new Hyatt Place Hotel, set to open in business community. 2021, and the land-based Tropicana Casino and This real estate development underway at 5th & Main Streets Progress through the urban core of Evansville has Resort, which opened in October 2017. is a rare opportunity to transform an entire city block at seen a rapid uptick in the last decade. These new This grant has not been the only catalyst once. Previously home to two vacant office buildings, and a businesses, residential spaces, retailers, and restaurants for growth — the DOWNTOWN EVANSVILLE fenced-off park, local partners came together to create and have given Downtown a new feel and a bright future, - Economic Improvement District (EID) was execute a plan for the redevelopment of the entire block. When bringing with them even more opportunities for new formed in 2017 and is focused on a clean, completed, the reimagined block will feature two new buildings projects. safe, and beautiful Downtown area as well and a brand-new city square. The project will include a food This renewed progress began in the early 2000s with as producing events, marketing efforts, and hall, restaurants, class A office space, undergound parking, and SIEGEL’S the development of the headquarters for Old National business/developer recruitment to the central a new park. The ground floor will feature numerous connections Bank and Vectren Energy Delivery (now CenterPoint business District. Currently, the EID is composed Standing at the corner of Fourth and to the outdoor spaces allowing the restaurants to connect Energy) and the opening of the 11,000 seat Ford Center of 303 property owners representing over 450 Locust streets, the former Siegel’s seamlessly with both park and sidewalk. The second floor will arena, along with street and traffic improvements. parcels. Department Store is ready for new tenants feature outdoor meeting space for office tenants. The park will Growth was accelerated in the last five years by the The EID aligns these owners toward the same to occupy its historic spaces thanks to feature year-long activities and programs. Indiana Regional Cities program: a matching-funds grant goal — the betterment and growth of Downtown recent renovations by Warren Properties, awared to the region by the state to support projects Evansville. Events, holiday décor along Main its preservation-minded developer. attracting investment, job creation, and talent. Street, placemaking projects, and landscape Sporting a Romanesque Revival façade, the In total, the initial grant amount is projected to enhancements are examples of the work the EID 1888 building anchors the city’s only intact leverage another $926 million of public and private and Downtown businesses have orchestrated 19th century block. investment funds for the southwest Indiana region. over the last three years. With its easy connection to the medical Of the 11 projects in the region, five major Many development projects have been school, Deaconess Clinic Downtown, the developments are located in Downtown Evansville: completed in the last five years, bringing in Ford Center, the DoubleTree by Hilton new neighbors and business to the District. As and only one block from Main Street this ASCENSION ST. VINCENT YMCA more projects near completion and others break location would support quick or full- DEACONESS CLINIC DOWNTOWN ground in the District and throughout the city, service restaurants as well as destination SIGNATURE SCHOOL’S ROBERT L. KOCH II Downtown Evansville is open to further growth or neighborhood-serving retail or fitness/ SCIENCE CENTER EXPANSION and ready to welcome even more new residents, lifestyle tenants. THE POST HOUSE MULTI-PURPOSE BUILDINGS business owners, and visitors to the area. THE STONE FAMILY CENER FOR HEALTH SCIENCES market analysis POPULATION AND BUSINESS METRICS RETAIL SUPPLY AND DEMAND A look at the number of residents, businesses, and While visitors will definitely explore, stay, and shop in the employees in and around Downtown Evansville: Downtown area, residents of the neighborhood showcase These studies help officials, residents, business an ability to support more retail businesses. Currently, owners, and others understand current conditions Downtown is home to numerous restaurants along with and opportunity in an area. A market analysis SQUARE MILES some small retail shops. For those looking to invest and also is the building block of a market strategy, 0.8 grow their business, many opportunities are available! which helps look at how to capitalize on those opportunities. RESIDENTS (75% RENTERS) Downtown Evansville’s Neighborhood Market Area is 3 For Downtown Evansville, the recent market 2,200 square miles — bordered by West Virginia Street to the analysis completed in August 2019 showcases north, South Kentucky Avenue to the west, Riverside Drive the best of what this growing neighborhood has JOBS to the south, and Pigeon Creek and the Ohio River to the Photo: Goad Photography to offer residents and business owners. It also is 19,000 east — and is home to 12,000 residents. a great look at what Downtown Evansville can become. $72M ANNUAL RETAIL SALES AVERAGE DAILY EXPENDITURE market Download Downtown Evansville’s full $107 OF DOWNTOWN VISITORS conclusions market analysis at DowntownEvansville.com/MarketAnalysis Distance from AVERAGE VACANCY IN Main and 4th 1 Mile 5 Miles 25 Miles 4% DOWNTOWN EVANSVILLE CORE HOUSING Photos: Alex Morgan Imaging Population 7,940 125,353 340,333 AVERAGE VACANCY NEW HOUSING UNITS UNDER ALONG MAIN STREET 1,200 Businesses 1,126 5,628 11,648 3% RETAIL Workers 31,935 104,481 186,912 148,000 SQUARE FEET OF RENOVATED HISTORIC SPACE ON MAIN STREET 100k ADDITIONAL RETAIL SF $13-15 PER SQUARE FOOT TO OFFICE RENT RENOVATED FIRST FLOOR COMMERCIAL SPACES 350-450k VISITOR METRICS NEW/REHABBED SF While recovery from the pandemic is underway, looking back to 2018 and 2019 can provide guidance on visitor counts at key Downtown Evansville sites. People come HOSPITALITY Downtown to work, live, and play! 200 NEW ROOMS Downtown, we see more than 1 million annually come to Tropicana’s casino and restaurants. The Ford Center, our premier arena, hosts 475,000 guests yearly. The Evansville Vanderburgh Public Library’s Central current and location — which sits across from the Ford Center OVER THE NEXT 10 YEARS, future demand from residents, workers, — opens its doors for 1 million visitors annually. and visitors to Downtown will continue to The Old National Events Plaza hosts around 350 increase. Data from the market analysis events and more than 194,000 visitors. shows growth will be needed and is expected in the neighborhood, including The colorful, engaging Koch Family Children’s Museum housing units, retail space, office space, of Evansville brings in 85,000 fun and wide-eyed guests Photo: Star Drop Photography and hotel rooms. This is the place to start, of all ages each year. grow, or expand your projects. Downtown’s holiday décor and lighting installations attract visitors of all ages. getting around Evansville Regional Airport offers direct service to seven meet your domestic destinations, including Chicago and Atlanta. Four major airlines — Allegiant, American, Delta, and Downtown neighbors! United — fly out of the airport. Evansville is a middle point for many major Midwestern DEACONESS CLINIC DOWNTOWN cities, including St. Louis, Missouri; Nashville, Tennessee; and Louisville, Kentucky. Opened in Summer 2020, Deaconess Clinic Downtown at Fifth and Walnut streets is sited across from the The connection of Interstate 69, opened in 2012, allows Stone Family Center for Health Sciences. residents and visitors to travel between Evansville and This new facility features 100,000 square feet of clinic Indianapolis in under three hours. and office space, which includes a new Deaconess Clinic EXPRESS along with primary and specialty care. Travelers in Evansville can get around with ease – Uber, Lyft, The Indiana University