Evansville Granted $10.5M Tax Credit for Demolition, Redesign of 420 Main Building

The City of Evansville has been granted a $10.5 million tax credit for the implosion and renovation of the 420 Main Street building.

Posted: Mar 17, 2021 3:39 PM
Updated: Mar 18, 2021 9:22 AM

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.

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It was another chilly start across the Tri-State; while we only dipped as low as 43° in Evansville, many others across the Tri-State fell into the upper 30s earlier this morning. The cool air didn't linger long however, temperatures quickly reached back into the mid 70s across the region this afternoon - higher pressure camped out over the southeastern quarter of the country will continue to keep the skies above the Tri-State clear while gradually driving temperatures higher over the next few days. Despite our anticipated southerly winds this evening, you may still want to grab a jacket before your head out to dinner; after seeing a temperature near 64° around dinnertime, we'll fall off toward the mid to upper 50s by 10 o'clock. Overnight lows will again dwindle into the mid to low 40s for the majority of the Ohio Valley early Tuesday morning.
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