Old National to Anchor Big Lafayette Development
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEvansville-based Old National Bancorp (Nasdaq: ONB) has announced plans for a new downtown Lafayette location. The company says the $24 million project will be the foundation of a multi-use development including luxury housing and retail space.
March 12, 2015
News Release
Lafayette, Ind. — In partnership with the City of Lafayette and Deylen Realty development of Indianapolis, Old National Bank is announcing plans for a new downtown location that will serve as the foundation of a multi-use development project.
Old National Bank will erect a new downtown, two-story, 12,000 square-foot facility that will feature a modern, state-of-the art, banking center with a cyber-caf?, community room, multi-unit drive thru, along with office space to house all lines of our business partners for convenient and comprehensive services for Old National clients.
“We are thrilled to partner with the City of Lafayette and Deylen Realty in an effort to enhance our downtown footprint while creating what we anticipate to be a vibrant city showpiece,” states Randy Williams, Market President for Old National Bank in Lafayette. “This new project solidifies Old National's commitment to the Greater Lafayette community. With our partners, we hope to make this dynamic facility a show case for the downtown community.”
The development will be located on the grounds of Old National's current downtown banking center site (formerly Lafayette Savings Bank headquarters) located at 101 Main Street. The Old National facility will serve as the core of a new multi-use development, managed by Deylen Realty, which will include five-story luxury residential housing, basement parking, a green roof terrace and retail space on the first floor.
“We at Deylen are honored and proud to be working with Old National Bank as the anchor tenant for our new mixed-use project at 101 Main Street in Lafayette,” states Craig Von Deylen. “We are looking forward to working closely with another proud Indiana based company on this great project. Old National's additional investment will help us provide Lafayette with a truly exceptional landmark building that will give a tremendous boost to the development of the entire downtown in addition to its relationship to the riverfront.”
This downtown development will also enhance the on-going Wabash River Enhancement project located on the banks of the Wabash River corridor, the Pedestrian Bridge and Riehle Plaza.
“Lafayette is certainly appreciative of the investment Old National Bank is making in Lafayette and in particular in Downtown,” states Mayor Tony Roswarski. “It certainly demonstrates their commitment to our community, and their development plan with Deylen Realty that incorporates a unique upscale housing option for downtown is a win-win for Lafayette. This new development will help instill additional vitality into our downtown and highlight our efforts to develop our riverfront.”
Economic Development Director Dennis Carson states, “Old National Bank and Delyen Realty's investment is a strong vote of confidence in downtown and Lafayette.
Downtown is growing and changing through the efforts and partnerships of business, government and residents. And there are more things on the horizon with development along the river, additional housing and infrastructure investment such as streetscape. We welcome Old National Bank as part of the downtown community.”
Construction of the $24 million project is scheduled to begin September, 2015, and continue for an 18 month construction period – subject to formal approvals by local and state agencies
About Old National
Old National Bancorp (NASDAQ: ONB) is the largest financial services holding company headquartered in Indiana and, with $11.6 billion in assets, ranks among the top 100 banking companies in the U.S. Since its founding in Evansville in 1834, Old National has focused on community banking by building long-term, highly valued partnerships with clients. Today, Old National's footprint includes Indiana, Western Kentucky and Louisville, Southern Illinois and Western and Central Michigan. In addition to providing extensive services in retail and commercial banking, wealth management, investments and brokerage, Old National also owns Old National Insurance, one of the 100 largest brokers in the U.S. For more information and financial data, please visit Investor Relations at oldnational.com.
Source: Old National Bancorp.