Investors to Renovate the Historic Rathbone
Another Mixed-Use Development for Downtown Evansville
EVANSVILLE, Ind. (August 13, 2018) – One year ago, the historic assisted living facility at 1320 SE Second Street known as the Rathbone, announced its closing. Today, City leaders are excited to announce plans to renovate the Rathbone into 58 modernized multifamily apartment units–with banquet space and a rooftop lounge–will move forward.
“This is more evidence that people feel the city is going in the right direction by constructing new housing in our center city area,” Evansville Mayor Winnecke said. “The Rathbone project is a welcomed addition to the continued revitalization of the neighborhood just south of the Haynie’s Corner Arts District.”
Beginning this fall, Louisville investors, Rathbone LP will invest $3 million to renovate the facility in phases to include studio, 1 and 2-bedroom rental units, a banquet facility, and a rooftop entertainment area within walking distance of the Haynie’s Corner Arts District.
"We have received tremendous support from local business owners and community groups," said Shannon Huffer of Rathbone, LP. "We look forward to working with local contractors and collaborating with Haynie's Corner business leaders to complete this project."
Phase one of the renovations will include modernization of the apartments with phase two opening the rooftop activities. The third and final phase will transform the attic of the building into modern banquet space. The three phases are estimated to span two years, with the renovated apartments being complete as early as December of 2018.
To encourage the investment, the Growth Alliance for Greater Evansville recommended before Evansville City Council an incentive package for 4-year tax phase-in on Rathbone LP’s real property investment.
“This development project fits with our community’s efforts to further improve quality of place and build on the momentum taking place downtown, and in the Haynie’s Corner neighborhood,” stated Ellen Horan, president of the Growth Alliance for Greater Evansville.
The Rathbone structure was built in 1869, with a large addition in 1985, and operated as an assisted living facility continuously from 1906 until its close in August of 2017. Exterior work, landscaping, and parking area maintenance and enhancements will be included with the renovation project where it is needed.
About Growth Alliance for Greater Evansville
The Growth Alliance leads Vanderburgh County’s economic development efforts assisting companies with growth plans in and into Vanderburgh County. The Growth Alliance manages many initiatives, including investment-based tax incentives for new and existing companies, quality of place and talent efforts for Vanderburgh County, and management of Evansville’s business incubator–Innovation Pointe; fostering entrepreneurship and innovation.
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