Last night in back to back meetings, the Economic Development and Redevelopment Authority met and heard presentations from a development group that presented the first brief sketch of a restoration project for the old Ace Hardware building at 7 East Main. This was the Economy Store in the past, and it competed with the Grange Mall. It is constructed in similar fashion.
Ed Francois, one of the investors, presented the picture of the restored building with three levels, with 10,000 sq. ft. on each level. The top level will be 10 single bedroom apartments. The main level will be retail and professional. It appears that there was skylights in the original building and it is hoped that they can be reconstructed and also a banister similar to the Grange Building for access to the lower level.
The developers were seeking a general indication of support from the city, and indicated that they would need the full possible contribution from TIF money to make the project happen as well as other state tax programs. The project would be the cornerstone of the redevelopment of lower East Main.
As the Tom Petty song says, "the future is wide open" on this project because there is the financing to figure out as well as the design, as well as any unexpected challenges. The concept was exciting. The details will be challenging. Both the Economic Dev. Committee and Redevelopment Authority indicated they were very interested and looking forward for more details in the future.
The project would begin in April of 2006, before the street project begins, and would finish in 2008 at the exact street opening of upper East Main.
After the presentation, the Redevelopment Authority discussed details of the process of applicants for assistance under their program and the details of approval of projects. The goal of the discussion was to be more efficient in responding to project inquiries as well as developing a process of evaluation of proposals that would be fair to all. This will be discussed further next month.
The Ace restoration project was presented as a joint private-public effort. As such it must be a win for both the city and the developer. In time it will become clear whether the proper tax increment can be achieved to make the project possible. Stay tuned to the Observer for the details as this proceeds.
Pictures of the Old Economy store can be found in Mrs. Montgomery's history of Evansville available at the Eager Library.
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What to do with the present-soon-to-be-former Ace Hardware, now that it is expanding into a new building, leaving a significant hole in the downtown: that is the question.
ReplyDeleteFortunately, we have potential investors! The question is whether the resulting business will be attractive to customers, enough so that people will actually drive into town, park, and walk into the stores.
First, the idea of "professional" space seems very unappealing. If I need to do business with my attorney, or insurance agent, or accountant, will I go to their new location? Not any more than I go to their existing locations, and I try to avoid office visits, unless absolutely necessary. Will more people go to professional offices, if the offices are located in the new location? I think not; therefore, we - as a downtown - gain nothing with professional space. Unless such space actually attracts additional business to Evansville.
Retail, however, is a different ballgame. Retail will attract customers, assuming that the businesses offer their products and services in accordance with demand.
I suggest that more attention be paid to recruiting retail operations, rather than professional. The latter is not going to attract people into town.
We need to look very carefully at what is most beneficial for Evansville's future. We have an excellent opportunity to grow through this investment; let's make the most of it.