Former Old National Bank HQ in Evansville to get new life

(Rendering Provided/Domo Development Co.)

EVANSVILLE, Ind. (Inside INdiana Business) — Indianapolis-based Domo Development Co. LLC has acquired the former Old National Bank headquarters in downtown Evansville and made plans for some major changes.

Financial terms of the deal for the 18-story tower were not disclosed; however, the developer said, it plans to invest up to $30 million to redevelop the 149,000-square-foot building.

The building, which is the tallest within 120 miles, is located at Fifth and Main streets in downtown Evansville. Domo Development said the project will include ground-floor restaurants, retail and office space, more than 60 apartments, four levels of indoor parking, and indoor-outdoor amenity spaces for tenants.

Evansville Mayor Lloyd Winnecke said the development demonstrates the confidence in the direction of the city.

“It’s exciting to add the 5th & Main tower to this extraordinary chapter of our city’s history,” Winnecke said in a news release. “The investment into our city’s tallest building, and the exciting vision of the developer, will reinforce downtown as a destination for living, shopping and dining.”

City officials say the redevelopment of the building will fill a need for both residential and retail offerings.

“Retail follows rooftops,” said Josh Armstrong, president of the Downtown Evansville Economic Improvement District, said in the release. “More residents mean more restaurants, more shops, more nightlife. A market study we commissioned this summer indicates capacity for 1,200 additional units in Downtown, along with class A office and quality retail and restaurant space. We’re already working to help tenant the ground floor here.”

The developer said the project is a natural extension of the state’s Regional Cities Initiative and funding support from the initiative will play a critical role in the acquisition of the site. Equity sources for the project also include an Opportunity Zone investment.

The project is expected to be complete by spring 2021.