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.
The project, led by Scannell Properties, will provide real-time research for smart energy technologies as well as will feature quality downtown housing and retail and office components.
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. It will be a “living laboratory” for Vectren Energy Delivery to test and utilize smart energy products, behavioral energy usage programs and clean energy generation technologies.
“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,” Elaine Bedel, president of the Indiana Economic Development Corporation, said in a statement. “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.”
The Post House is a primary component of Indiana’s Great Southwest winning Regional Cities plan. 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.
Construction on the Post House is slated to begin later this summer.