City of Evansville Announces Landmark Investment, Rehab for Grandview Tower

EVANSVILLE, Ind - August 19, 2026 - The City of Evansville today announced a landmark investment in Grandview Tower to support a comprehensive rehabilitation of the 47-year-old, 170-unit senior community, preserving and extending its affordability while making significant improvements to residents' homes and the property.

"Our neighborhoods are the heart of our city, and we hear our residents when they tell us that we need more affordable housing" said Mayor Stephanie Terry. "Everyone deserves a safe, quality, home they can afford, and projects like this help us move closer to that goal."

The $1.075 million investment from the City of Evansville comes as affordable housing developer The Mainstreet Group, in partnership with Sena Affordable Communities, assumes ownership of Grandview Tower and undertakes the broader rehabilitation and preservation of the property. The project is being financed through a combination of public and private resources, including 4% Low-Income Housing Tax Credits and tax-exempt bonds.

To support development, the City entered into a 30-year PILOT agreement with the developer that provides for fixed, reduced payments in lieu of standard property taxes. Based on an 8% discount rate, the PILOT has a net present value of approximately $1.5 million.

The rehabilitation will include substantial upgrades to apartment interiors, including modernized kitchens with new stainless-steel, ENERGY STAR appliances, updated bathrooms, new luxury vinyl plank flooring, fresh paint, new doors, upgraded lighting and fixtures, new HVAC systems and thermostats, and plumbing improvements. The project will also include ADA and UFAS upgrades to improve accessibility for residents. Renovations will begin with vacant units, which will be completed first and then used to temporarily relocate residents while additional units are renovated.

Residents will benefit from newly created and refreshed community amenities, including a gym, computer room, service coordinator office, and community kitchen.

Major building and site improvements will include all-new energy-efficient windows, façade improvements, sidewalk and walkway repairs, asphalt repairs, new site lighting, upgraded security cameras, improved landscaping and planting beds, a community garden, new signage, and a new trash compactor and dumpster enclosure gate. The revitalized façade will also feature a mural by a local artist, further connecting Grandview Tower to the surrounding Evansville community.

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