Bank building to house health club

Club Fitness Zone will move a little deeper into Evansville's Downtown when it relocates to the old Peoples Savings Bank building at 222 Main St.

Heath Talley, owner of Heath Talley Investment Properties, LLC, said he recently purchased the property for $150,000 from Fifth Third Bank.

He said he plans to move his fitness club from the Curtis Building at 915 Main St. to the old bank building and open there Feb. 1.

The fitness club has operated from the Curtis Building since the mid-1990s when Ed Curtis transformed the former warehouse into an office and service building. Talley, 24, purchased the club eight months ago from Joseph Klemczewskic after studying business at Indiana University.

Talley, a native of Evansville and a devotee of the Downtown, said the club had outgrown its 3,200 square feet of space in the Curtis Building.

"I figured the only way for the center to grow and progress would be to move it to a bigger location," he said.

A real estate agent made him aware that the 222 Main St. building was for sale. Talley said he later decided to purchase the property, attracted by its marble, its atrium and other open spaces.

"It's an investment in Downtown, which I think is important," he said.

He indicated he would like to acquire more Downtown property in the future to renovate.

Dennis Au, Evansville's preservation officer, applauded Talley's interest.

"It's outstanding... We need life in those old buildings. Having them empty pulls (down) the whole Downtown with them," he said.

Talley is having the building's first floor and mezzanine renovated for the fitness center. Michael Martin, a Downtown developer, is the general contractor on the project.

Later Talley wants to renovate the top floor of the building into two loft apartments with 3,000 square feet of space each.

Talley is having the project architect, Bill Gaisser, apply for city funding for the apartments project. But Talley said he will go ahead with plans whether or not he gets the city funds.

Talley's fitness club currently has 130 members. Talley wants to grow the club by at least 50 new members before relocating.

He said he is negotiating with a major coffee company and a local beauty salon to locate in a portion of the 222 Main St. building to complement the fitness center.

The old Peoples Bank had been located at the 222 Main St. location for 112 years. It began operations there in a drug store.

In 1983, Peoples and Evansville Morris Plan swapped Downtown locations.

Peoples moved 19 N.W. Fourth St. The Morris Plan moved to 222 Main St.

American General Financial Center later occupied the 222 Main St. building before Citizens Bank (now Fifth Third) purchased the property in recent years.

Citizens never opened a bank in the old building, but used the location for storage.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.