Franklin Lofts Breaks Ground on $13M Franklin Street Project

Franklin Lofts Breaks Ground on Historic Site

Evansville is seeing exciting growth on Franklin Street! Today, Franklin Street Lofts, LLC, led by Aaron Gabe and John Clark, celebrated the groundbreaking of Franklin Lofts, a $13 million mixed-use development that’s set to bring new energy and opportunity to the heart of the city. Joining them were Mayor Stephanie Terry, local officials, and regional economic development leaders, all eager to witness the transformation of the historic Hercules Plow factory.

Evansville Regional Economic Partnership

From Hercules Factory to Modern Living

This iconic building is getting a modern makeover, turning it into 56 stylish, market-rate apartments with dedicated parking and direct access to the Pigeon Creek Greenway Passage. It’s the perfect blend of historic charm and contemporary living – and it comes at a time when Evansville is seeing real demand for housing to support our growing workforce. Beyond apartments, the project promises to strengthen small businesses and add vibrancy to Franklin Street’s urban core.

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Evansville Mayor Terry shared her excitement, saying,

The Franklin Lofts project is exactly the kind of development Evansville needs – transformational, neighborhood-focused, and a breath of fresh life into a historic property. This is the largest modern, market-rate residential development the Franklin Street area has seen in decades. We’re proud to be part of this public-private partnership and our shared commitment to closing the housing gap in our community.

Evansville Regional Economic Partnership

For Aaron Gabe, a third-generation West Side resident, the project is personal. “Being part of the revitalization of the historic Hercules building is an honor. Franklin Lofts supports the Mayor’s vision and the broader plan for Southwestern Indiana. We can’t wait to welcome residents when we open in 2027,” he said.

An Investment in Evansville’s Growth

Franklin Lofts is also making history as the first project in the Evansville region funded through the Lilly Endowment Initiative via READI 2.0, highlighting its role as a catalyst for economic growth and community placemaking. Beth McFadin Higgins, President of the Southwest Indiana Redevelopment Authority, put it simply: “This is more than housing – it’s an investment in the future of Evansville.”