The Vincennes City Council has approved the re-zoning of riverfront property along 1st street for a new downtown housing development.
The rezoning paves the way for demolition of grain silos along North First Street to make way for a new complex that would include 40 apartments, plus additional space for retail businesses to locate in.
Architect Andy Myszak is behind the proposed project which is contingent on tax credits to finance construction of the proposed three story building.
Vincennes City Councilman Tim Salters says while he’s excited about the prospects of drawing more people to the downtown area. It’s the back half of Myszak’s plan which takes blighted areas where old homes have been demolished and replaced them with new ones that has him really excited..
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Salters says they’ve seen where new housing also spurs other residents in the neighborhood to reinvest in their existing homes by painting and remodeling them.
The re-zoning approved by Council is contingent on Myszak receiving financing. He told council members last night that he probably wouldn’t receive word on whether or not he receives the tax credits until March of next year. He wouldn’t close on purchasing the 1st street property until December of 2017.