Friday Mayor Jonathan Weinzapfel announced his formal request to the Evansville Redevelopment Commission to help fund an exciting new project downtown. 

The Kunkel Group, Inc. plans to take the former deJong's department store building, a two-story annex and an existing parking lot, and turn it all into new condos and commercial space. 

The total cost of this mixed-use development is $4.831 million. 

The Redevelopment Commission is expected to issue a loan of $310,000 from the City's Capital Development Fund.  That is $10,000 for each of 31 condominiums to be built. 

A $150,000 loan will come from the Downtown Exterior Improvement Fund for exterior improvements only. 

The Kunkel Group has dubbed this project "The Meridian Plaza".   

The top three floors of deJong's and the top story of the annex will be converted into condos. 

The first floor of both buildings will become 15,500 square feet of commercial space. 

There will also be 12,500 square feet of new construction on the existing parking lot at 3^rd and Main.  Nine of the 31 condos have already pre-sold.  "The momentum of downtown development continues to grow, and the enthusiasm of individuals buying downtown condominiums is clearly contagious," said Ben Kunkel, president of The Kunkel Group, Inc. 

The floor plans range from 850 to 3500 square feet and are on a build-to-suit basis.

The building will have a secure parking garage. 

There will also be a five-story tower topped by a 2500 square foot penthouse at the corner of 3^rd and Main.  The Kunkel Group expects to have most of The Meridian Plaza complete by February 2008.  "We've already seen what The Kunkel Group has done with The Renaissance on Main," said Mayor Weinzapfel.  "It's helped revitalize downtown and show there is a market for residential living.  We expect to see that and more with this project."