City of Evansville Announces Landmark Investment, Rehab for Grandview Tower

EVANSVILLE, Ind ~ The City of Evansville has announced a significant investment in Grandview Tower, a senior community that has been a part of the city for 47 years. The $1.075 million investment will support a comprehensive rehabilitation of the 170-unit property, preserving its affordability and making significant improvements to residents' homes and the overall property.

Mayor Stephanie Terry expressed the city's commitment to providing affordable housing for its residents, stating that "our neighborhoods are the heart of our city." She emphasized the importance of ensuring that everyone has access to safe and quality homes they can afford, and projects like this bring them closer to that goal.

The project is being led by affordable housing developer The Mainstreet Group in partnership with Sena Affordable Communities. As part of the rehabilitation and preservation efforts, the project will be financed through a combination of public and private resources, including 4% Low-Income Housing Tax Credits and tax-exempt bonds.

To support the development, the City has entered into a 30-year PILOT (Payment in Lieu of Taxes) agreement with the developer. This agreement provides for fixed, reduced payments instead of standard property taxes. With an 8% discount rate, the PILOT has a net present value of approximately $1.5 million.

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The rehabilitation plans include significant upgrades to apartment interiors such as modernized kitchens with new stainless-steel appliances, updated bathrooms, new flooring, fresh paint, upgraded lighting and fixtures, new HVAC systems and thermostats, and plumbing improvements. The project will also include ADA (Americans with Disabilities Act) and UFAS (Uniform Federal Accessibility Standards) upgrades to improve accessibility for residents. Renovations will begin with vacant units first before moving on to occupied units.

Residents can also look forward to newly created or refreshed community amenities such as a gym, computer room, service coordinator office, and community kitchen. Major building and site improvements are also planned, including energy-efficient windows, façade improvements, sidewalk and walkway repairs, upgraded security cameras, improved landscaping, and a community garden. A mural by a local artist will also be featured on the revitalized façade, further connecting Grandview Tower to the surrounding Evansville community.

These investments aim to address critical building systems, improve energy efficiency and security, modernize residents' homes, and provide new amenities. The goal is to ensure that Grandview Tower remains a high-quality and affordable community for Evansville seniors for many years to come.

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