Scannell Properties is leading a $40 million project, "The Post House", a research hub in Evansville, Indiana for smart energy technologies. Inside Indiana Business reports that the project landed approval from the Evansville Common Council to use Tax Increment Financing. Evansville-based Vectren Corp. (NYSE: VVC) will use the facility as a "living laboratory" to test smart energy technologies, including solar panels, energy storage and smart appliances. The development will also include housing, retail and office components.
The development will feature 90 apartments and 8,000 square feet of retail space, in addition to a 126-room Tapestry hotel from Hilton and 250-space parking garage. The one- and two-bedroom apartments, ranging from 667 square feet to 1,125 square feet, should be finished next April, with a new $36 million Wilshaw apartment and hotel project to follow.