Evansville: cranes in the air over Indiana's third-largest city.

• Author: Yancey, Madonna
• Position: Economic development

"CRANES IN THE AIR and new buildings are two of the most important factors in attracting new businesses to Evansville," says Ken Robinson, executive director of Vision E, Evansville's regional economic-development corporation. "It promotes a certain image. It says that Evansville is a growing community."

Indiana's third-largest city, with a population of 121,900, is in the midst of a development boom, with significant activity downtown and elsewhere. "Every city's downtown is its identity," says Mayor Jonathan Weinzapfel. "It's very important for us to focus resources on downtown development."

Recent improvements downtown include new headquarters buildings for Old National Bancorp and Vectren, projects with a combined total investment of more than $70 million. Old National, the state's largest bank-holding company, built a 225,000-square-foot, eight-story building along the riverfront with a three-story pavilion and glass atrium along with a public lawn amphitheater. Energy provider Vectren dedicated another eight-story building last month totaling 135,000 square feet and providing Ohio River views from the site where the Riverside One apartment complex once stood.

"One Vectren Square represents not only a commitment to our one million customers, but also reflects our belief that a thriving downtown Evansville is necessary to spur additional development in southwest Indiana," says Niel C. Ellerbrook Vectren chairman, president and CEO. "We are committed to growing our corporation from our Evansville location."

Also downtown, Casino Aztar's $20 million capital-improvement project includes a $6 million meeting facility that opened in August 2004, several new restaurants and upgrades to the casino and its adjacent entertainment pavilion, as well as extensive renovations and improvements to the casino's 250-room hotel.

Residential development also is taking off downtown, thanks in part to the city's $20,000 matching grants for development of loft living spaces. "I've been pleasantly surprised by the response to the loft developments," Weinzapfel says. "It shows that people are interested in living downtown if the housing is available."

Evansville's economic base is diverse and vibrant, as evidenced by a list of the city's major employers: Bristol-Myers Squibb, Whirlpool, Deaconess Hospital, St. Mary's Medical Center, TJ Maxx, American General, Casino Aztar, Vectren, Berry Plastics and Industrial...