The new venue will host weddings, private events and more that can accommodate up to 200 guests. It includes the main event space with a bar, men’s and women’s ADA compliant restrooms, catering, kitchen, bridal and groom suites and additional restrooms in the basement.
“The primary focus of The Event Vault is weddings and private events on weekends ... something previously missing in downtown Urbana at this size,“ Peterson said. ”We spoke with the chamber early on to ask whether this was something the community could use, and they shared that they regularly receive inquiries for a downtown event space of this capacity.”
During the week, Peterson said they hope to collaborate with local vendors, artists and small businesses to offer workshops, classes and community events.
“Our goal is to draw locals and people from outside of Urbana to experience our historic downtown — and to encourage them to shop, dine and stay awhile," she said.
Peterson said they’ve been told the building itself has a “fascinating history.”
They were told it was originally three separate buildings, and at one time, had three floors plus the basement; the second floor was removed years ago, which opened the main level into the tall ceilings that’s there today; the original vault remains in the basement, and Peterson said they were told it was brought in by a crane through the rooftop; and there’s a large boardroom table they kept in the main space that was brought into the building in 1979 and is now featured as part of the venue’s story.
Before the event venue, it was Park National Bank and, for decades, was Citizens National Bank, which is still etched in the stone above The Event Vault sign.
Peterson said their first tour of the property was in June 2024. They officially started renovations in May 2025 before holding an open house in February when they began accepting bookings. The event venue occupies the first floor and basement, where the vault is, with office spaces on the second floor.
“When we first walked into the space, it was rough, to say the least,” she said, explaining there were decades of flooring layered on top of one another, and faux walls were added and later removed that exposed marble that was beyond repair and had to be recovered.
The building is owned by Thrive Urbana. One day, one of the building owners came into A Mustard Seed to ask if the Petersons had any interest or business concepts of the space, Peterson said. They even briefly discussed purchasing the building themselves, which they weren’t able to do at the time but plan to do in the future.
The building owners, who do not have any role in The Event Vault itself, paid for the general renovations of the main space and ADA compliant restrooms, but anything specific to what the Petersons were doing with their design was their responsibility. These include building the bar on the main level and remodeling the entire basement that now includes a catering kitchen, a bridal and groom suite, and additional restrooms.
“(We) realized if we were going to invest in it, we should create something that truly serves the community,” Peterson said.
Everything inside the building had to be renovated, Peterson said. The floors and walls are all completely new, the restrooms were redesigned to be ADA compliant, the board room was converted in the grooms suite, the vault was converted into the bridal suite with changing rooms, a glam room for getting ready, a kitchenette, and will be used for photos and additional lounge area, and the restrooms downstairs got fresh paint, wallpaper and new fixtures.
She said the kitchen is the only thing that remains in its original form but with fresh paint.
Peterson said they are doing some finishing touches such as additional furniture and decor, but “things are coming together nicely” and a ribbon cutting will be held sometime this spring.
“We are currently hosting events while continuing to add finishing touches and design details throughout the space,” she said.
The couple is taking bookings for weddings and events, and are also planning to launch a few of their own events such as music bingo, couples cooking classes, sing-along brunch and paint and sips. They are also looking into adding dancing, yoga classes, murder mystery dinners, Kentucky Derby party, holiday parties and more.
Rental hours can begin as early as 9 a.m. until 11 p.m. Party rentals can range from $150 an hour to $200 on weekends. Wedding packages start around $3,200 for a single day and range up to $5,000 depending on the usage and day of the week.
Parking is public and walkable, with several public lots within one to two blocks and street parking surrounding the square.
Their vision with The Event Vault expanded this past spring when the opportunity arose for the couple to purchase the Scioto Inn, where they took over operations in August 2025.
“We didn’t want to see such a beautiful property close, and it felt like a natural complement to The Event Vault - offering lodging for wedding parties and guests and continuing to build a connected downtown hospitality experience,” Peterson said.
The Petersons started with A Mustard Seed, where they rent the property, then bought the Scioto Inn building and property, and now own the Event Vault, where they rent the building.
“There’s a lot of buzz around Urbana right now, and it’s exciting to be part of that momentum. We truly believe in historic preservation paired with modern energy and community-driven growth,” she said.
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