'It would be awesome': A big change is possible for 'endangered' Evansville building
One of Evansville's tallest buildings appears on this year's list of "most endangered" properties in the state, published by Indiana Landmarks. But there could be plans for its future.
The 10-story Hulman Building & Garage on Northwest Fourth Street dates to 1929. It formerly housed Vectren and Commerce Bank. Today, aside from a barber shop and clothing store on the ground floor, the building is empty and needs substantial renovation.
The Art Deco-style skyscraper's future is uncertain, but Evansville-based broker Stacy Stevens said she's communicating with an out-of-town company that's showing interest in making it into a hotel.
If the possibility becomes reality, "it would be awesome for that building to be rescued in that kind of way," said Stevens, broker and owner of Landmark Realty & Development Inc.
A building's placement on the Indiana Landmarks list can be considered both bad and good news. The properties are in disrepair, but inclusion on the list can garner attention from investors.
Evansville's old Greyhound bus station was on the most endangered list at one time, and it's now Bru Burger Bar restaurant. The Owen Block in Downtown Evansville, another former entry, was restored in 2016 as an apartment building.
"It can assist in raising funds needed to save a place,” Marsh Davis, president of Indiana Landmarks, said in a news release. “Every listing comes with significant challenges. In all cases, when an endangered place lands on our list, we commit to seeking solutions that lead to rescue and revitalization.”
Stevens declined to name the company she's spoken to about the Hulman Building. The company has not taken ownership, but a closing date is scheduled in about seven months. Until then, the company is studying hotel possibilities for the property, as well as the Evansville market.
Stevens said company representatives toured the Hulman Building, eyeing the parking facility and details such as where housekeeping stations would be. Stevens said the company liked the vast marble lobby and told her a hotel in the building would have about 110 rooms and carry a nationally known brand name.
"They're doing due diligence," Stevens said of the interested party.
The Hulman Building was owned by the Kunkel Group in recent years but has since had other owners. Stevens said a South Carolina company recently took ownership with intent to "flip" the property, and that's when the hotel company's interest immediately surfaced.
A news release from Indiana Landmarks describes the Hulman Building as "an anchor landmark in an area of downtown that has lost several buildings. The Art Deco standout needs a preservation-minded developer with a vision for making its rare architectural features shine once again."
The Hulman Building is steps away from where the former Old National Bank tower at 420 Main St. stood. That 18-floor building was imploded in November, and the adjacent Sycamore Building was torn down, leaving behind an empty, fenced-off block in the middle of Downtown.
Plans to redevelop the 5th & Main block where the tower stood are in limbo. Domo Development, which was part owner of the site and received state assistance to remove the buildings, walked away from the project this year.
A different company, CRG Residential, has taken over the 5th & Main site but has not released its own redevelopment plan or how it would be financed.
Domo Development first intended to restore the 420 Main tower before later deciding its condition was too poor. Stevens, however, doesn't expect a similar scenario to play out at the nearby Hulman Building. She said it's in better shape and more attractive than the former Old National tower.
"They're two totally different animals," Stevens said.
This article originally appeared on Evansville Courier & Press: Could this historic Downtown Evansville building be saved as a hotel?
