EVANSVILLE, Ind (WEHT) – Carmel-based CRG Residential has signed an agreement to advance a major mixed-use project at Fifth and Main streets in the heart of Downtown Evansville.
CRG Residential has already begun its due diligence phase, including conducting site surveys and planning to overcome current economic challenges.
CRG Residential succeeds former developer Domo Development LLC.
“The delay caused by inflation and supply chain constraints prompted a broader review of how best to proceed,” Mayor Lloyd Winnecke said. “Ultimately, the parties agreed that transitioning to a new developer would be beneficial.”
“This is our number one downtown priority. It’s right at the heart of the city. It’s imperative that we get this right,” Mayor Winnecke added. He also says the switch started after Domo reevaluated the project.
“I think the worst thing we could have done was proceeded with construction of the development that everybody has seen renderings of, knowing that in was millions of dollars over budget, and a year or 9 months into the project and everything would come to a grinding halt,” said Mayor Winnecke.
Both sides looked at options ranging from seeing what the economy would be in the future, and bringing other developers to help before going to CRG.
“It really, because of inflation, because of the economy and where construction pricing is now, the timing was best at the time to transition,” Mayor Winnecke said. He also says there are still plans for a mixed-use development, including a park at 4th and Main, but he says the project likely won’t look like previous renderings. CRG has a history with the city. One of its recent projects the Post House downtown.
“They have a great track record. They like this market a lot, and would like to see more development here, and they understand the importance of this project and this community,” he said.
in a statement, CRG President Christopher Reid said they intend to move quickly on a proposed development. Domo officials, in a statement released by the city, say they’re proud of their work that brought the project to this stage.
(This story was originally published on July 25, 2022)