Though the downtown Executive Inn hasn't been torn down — or even sold, for that matter — to make way for a new Evansville arena, prep work on the project is underway.
Though the downtown Executive Inn hasn't been torn down — or even sold, for that matter — to make way for a new Evansville arena, prep work on the project is underway.
A private investor, Browning Investments, is buying the Executive Inn and selling part of the land to the city for the arena site. To that end, part of the Executive Inn will be torn down.
But the sale of the Executive Inn hasn't yet taken place and may not for a while. The issue: the hotel was basically repossessed by a bank, Mutual Bank of Harvey. That bank, in turn, was shut down by the FDIC and is in the process of shedding its assets. Since any sale of an asset like the Executive Inn needs to be approved by the FDIC, the sale process has slowed down dramatically.
Still, no one expects the sale not to happen. And to that end other site work is being done, albeit very quietly. Utility relocations aren't very glamorous, but they need to be done with a project this size, and most of that work happens in planning offices.
RELATED STORIES: Evansville arena plan shifts to new site; Petitioners oppose new Evansville arena; New Evansville arena would be economic stimulus: mayor
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