On Wednesday, city leaders in Evansville said the city had been awarded a $10.5 million tax credit towards the demolition and redevelopment of 420 Main St. building, which is the tower located at 5th and Main Streets in downtown Evansville.
“We are pleased to be awarded these credits for this important step in moving forward with our vision for this critical Main Street block,” said Mayor Lloyd Winnecke following the award announcement. “We will continue to keep the community informed on the progress of the development including the impending implosion of the tower.”
Originally, the city requested an additional $7.8 million for the demolition and redevelopment for the Sycamore property, located at 4th Street and Sycamore Street.
However, the IEDC would not grant that request at this time due to both structures being on the same block.
“This credit would have been put towards the demolition and redevelopment of the Sycamore building site, which proposed a four-story mixed-use development," Candace Chapman, Downtown Evansville Development Corp. Executive Director explained. "We remain committed to the redevelopment of the entire block and look forward to continue working with the State to ensure the second development can move forward as soon as possible.”
You can check out the renovation designs proposed in November 2020 by clicking here.