Evansville Region Awards $11.5M in READI Funds

Evansville Region Awards $11.5M in READI Funds

The Southwest Indiana Regional Development Authority (RDA) obligated an additional $11.5 million of the $50 million total in Regional Economic + Acceleration Development Initiative (READI) grant funds to six transformational projects located throughout the Evansville Region. Since July, in total the RDA has allocated over 70% of the funds for the Evansville Region.

“Focused on population growth, our region continues to make impactful investments that are intentional in building our health and life science clusters, providing much-needed housing, and enhancing the overall quality of life for residents, said Tara Barney, CEO of the Evansville Regional Economic Partnership (E-REP).

The projects receiving READI funding include:

Medical Student Housing – Vanderburgh County, $5,000,000 READI Award

Project Summary: Seen as the next step in the development of the Evansville Region’s Medical Campus, the new development being proposed on this site is currently a surface parking lot. The new, proposed 108,000 sq ft. building will consist of 105, 1- and 2-bedroom apartment units and 184 structured parking spaces.

Promenade Flats – Vanderburgh County, $2,500,000 READI Award

Project Summary: The Promenade development is mixed-use and these residential units will be walkable to restaurants, grocery, and entertainment. The site will also have amenities like a pool, balconies, and garages. From the builder of the Post House, a Regional Cities win, CRG Residential is proposing a 220-unit apartment complex near employers like Deaconess Gateway and Shoe Carnival headquarters.

The Mary O’Daniel Stone and Bill Stone Center for Child and Adolescent Psychiatry – Vanderburgh County, $2,000,000 READI Award

Project Summary: Establishes a $2 million seed fund at Indiana University School of Medicine‐Evansville to support the recruitment and retention of a highly trained workforce over the next five years that is globally competitive and relevant while simultaneously improving the quality of our residents’ lives. This includes the creation of a first‐of‐its‐kind national data analytics platform for examining the current practice of psychiatry across the US. This real-world data asset is being led by a collaboration between the IU School of Medicine Evansville campus and nationally deployed HIPAA compliant electronic health record systems across a collective network of up to 10,000 community‐based specialists and primary care physicians nationwide.

Centerpoint Energy Square – Vanderburgh County, $1,000,000 READI Award

Project Summary: Seen as a “Public Square” Centerpoint Energy Square will sit at the very center of downtown and our region. It will become a gathering place open to all and an active, inviting, and vibrant addition to public space offerings in our region. The budget includes “fun” additions such as a stage, ping pong tables, swings, and more. $471,584 of the budget is for a component (ice rink) that may not end up in the final product, pending fund raising.

Mt. Vernon Riverfront Land Acquisition – Posey County, $1,000,000 READI Award

Project Summary: Mount Vernon has recently announced a $100 million investment within Posey County, that will bring 200 jobs to the area in future years. Housing in Mount Vernon is already needed, and this exciting announcement only increases the need. The Centerpoint Energy office on the riverfront in Downtown Mount Vernon is being vacated in 2024, and this project will use READI dollars to gain site control in 2024 and prepare the land for future housing.

The Evansville Regional Economic Partnership (E-REP) on behalf of the RDA will work with the awarded projects on next steps while continuing to review additional projects for READI eligibility. In total the RDA has obligated over 70 percent of the funds for the Evansville Region.

The LiveREADI request for proposal (RFP) for housing projects and PlayREADI RFP for quality of place projects are open until December 31, 2022. E-REP provides the most up-to-date information about READI through its website at https://www.evansvilleregion.com/readi-program/.