Evansville city leaders have announced plans to renovate the historic Rathbone building into a mixed-use development. The property closed a year ago after operating as an assisted living facility since 1906.
The property was originally founded by Kate and Caroline Rathbone as a home for elderly women in 1905, after being built in 1896, and officially became the Rathbone Retirement Community in 1988. The renovation includes 58 modernized apartments, banquet space and a rooftop lounge.
“This is more evidence that people feel the city is going in the right direction by constructing new housing in our center city area,” Evansville Mayor Lloyd Winnecke said. “The Rathbone project is a welcomed addition to the continued revitalization of the neighborhood just south of the Haynie’s Corner Arts District.”
Louisville investors, Rathbone LP, will invest $3 million for renovation of studio, one and two bedroom apartments, a banquet facility and the rooftop entertainment area. Phase one includes modernization of the apartment units, with phase two being the rooftop lounge. The third phase will transform the attic area into the banquet space. The work is expected to take two years to complete, with the apartments expected to be done by December of this year.
Growth Alliance for Greater Evansville recommended a four-year tax phase-in to the Evansville City Council for Rathbone LP’s investment.