Goodin Development JV Unveils Southern Indiana Mixed-Use Development
Project partners include the local city government and the Indiana Economic Development Corp.
A joint venture between Goodin Development and Bowen Capital has unveiled plans for The Republic, a $38 million mixed-use community taking shape in Evansville, Ind. The project will include 153 multifamily units, as well as 3,159 square feet of commercial and restaurant space. Construction is slated to begin in the fall of this year.
The Republic will be located in Evansville’s Promenade district, which will offer residents access to restaurants, shopping and entertainment. The community takes its name from Evansville’s historic Republic Aviation factory, where P-47 Thunderbolt aircraft were produced during World War II.
The project is structured as a public-private partnership. Tax increment financing from the City of Evansville will support the effort, along with READI funding awarded by both the Indiana Economic Development Corp. and the Southwest Indiana Regional Development Authority.
The multifamily component of The Republic will consist of two four-story buildings offering one- and two-bedroom units, each of which will have quartz countertops, stainless steel appliances and full-sized, in-unit washers and dryers. Each residence will also include smart locks and thermostats, walk-in closets, and a private balcony or patio.
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Common-area amenities include rooftop patio and work-from-home lounge, a resort-style pool with outdoor seating, an indoor/outdoor cafe lounge, a fitness center, a pet spa and indoor bike storage. There will be EV charging stations, a secure package room, and a dedicated move-in/move-out room.
Evansville multifamily outlook
The Evansville metro has 108 apartments of with more than 50 units, for a total of 17,567 units, according to data from the Kirkland Co. Minimal inventory growth is expected over the next 12 months.
Currently the market has a vacancy of 5.6 percent, which The Kirkland Co. predicts will compress slightly over the next several years. Population growth in the MSA has been slow but steady, up by 0.45 percent between 2020 and 2023.
Rents have grown 3.7 percent year-over-year in the greater Evansville multifamily market in the first quarter 2026, according to the same source. That is considerably more than annual rent growth nationally, which in fact has turned negative (down 0.2 percent), Yardi Matrix reports.
