$40M Post House Project Gets Key Approval

$40M Post House Project Gets Key Approval

The Post House, a $40 million mixed use development in downtown Evansville, passed a significant hurdle by receiving the approval of the Evansville Common Council for the use of Tax Increment Financing. Scannell Properties, one of the country’s premier real estate developers, is spearheading the project, and construction is slated to begin in downtown Evansville later this summer. Formerly known as Market on Vine, the Post House will provide real-time research for smart energy technologies and is a primary component of Indiana’s Great Southwest winning Regional Cities plan. The Post House will be developed on the remaining property adjacent to the historic Greyhound Bus Station, which is now home to the Bru Burger restaurant.

In addition to providing high-quality downtown housing and retail and office components, the Post House will be a ”living laboratory” for Vectren Energy Delivery (Vectren) to test and utilize smart energy products, behavioral energy usage programs and clean energy generation technologies. These products will include rooftop solar panels, small-scale battery energy storage, various smart appliances and smart home automation features, electric vehicle charging stations and ultra-efficient heating and cooling systems.

“The Post House is a transformative project for Evansville and its surrounding areas, combining the best elements of the Regional Cities Initiative and southwest Indiana’s growing entrepreneurial culture,” said Elaine Bedel, president of the Indiana Economic Development Corporation. “Through strategic partnerships with the private sector, state and regional community, this project will offer quality housing and retail space in the downtown area while providing a home for the advancement of new smart energy technologies.”

Due to the complexity of the Post House, the project stakeholders have been working for nearly two years to complete the plans and to ensure that the spirit of the research aspect, smart building technology, energy grid component, campus-like atmosphere, and sense of place in downtown Evansville were incorporated within the final project scope, and that the overall project is in line with Evansville’s recently updated comprehensive downtown master plan.

“It is not often that developers have an opportunity to work on projects that can actually change how we live,” said David Ravensberg, partner at Scannell Properties. “Some of the main reasons Scannell pursued an investment in the Post House were the caliber of partners and the clarity of the community’s vision for downtown Evansville.”

The Post House is intended to be a destination built on connectivity, convenience, and sustainability. Enhancing the livability and vibrancy of downtown Evansville is one of the project’s highest priorities, along with incorporating design elements from the City’s recently updated comprehensive downtown Master Plan. One important element incorporated into the Post House is a linear park or flexible open space to play, gather and host events.

“The Post House will serve as a design standard for future housing developments,” stated Evansville Mayor Lloyd Winnecke. “With the ability to accommodate new technology and systems as well as adapt products and services based on real-time use, the Post House will help to position Evansville and Southwest Indiana as a leader in adaptive energy research.”

The Post House will also offer insight into the emerging world of the “Internet of Things.” The Internet of Things, sometimes referred to as the “Internet of Everything”, is the network of physical objects into which connectivity sensors are embedded to enable those physical objects to exchange data with the production, operator, and/or other connected devices. Experts estimate that the Internet of Things will consist of almost 50 billion objects by 2020.

“The Post House was conceived to enhance the quality of life for the area and provide a leading-edge complex for downtown residents,” said Brad Ellsworth, president of Vectren Energy Delivery of Indiana – South. “It will provide a real-world setting to help us learn more about and adapt to new energy technologies that all customers will come to expect as a part of a smart energy future.”

Southwest Indiana was one of three Indiana regions selected to receive state funding through the Regional Cities Initiative, which will allocate a total of $126 million toward 100 quality-of-place projects totaling more than $2 billion in combined state, local, and private investment in order to retain and attract top talent to the Hoosier state.

“The uniqueness of the development can help bridge the gap in creating a sense of place in Evansville and Southwest Indiana,” said Beth McFadin Higgins, president of the Southwest Indiana Regional Development Authority. “The Post House can stimulate revitalization by encouraging redevelopment activity in downtown, and urban and suburban infill locations.”

A formal groundbreaking for the Post House is tentatively scheduled for this August and will be announced at a later date.

Category Business Buzz