Downtown Indy Growing as Residential DestinationPosted: Updated:
The number of apartment units in downtown Indianapolis could nearly triple by the end of the decade. Urban Initiatives President Brad Hurt says that number could grow from 3,600 units in 2010 to 10,500 units in 2020. He says there have been about $400 million in downtown residential development investments over the last five years. Hurt and Downtown Indy President Sherry Seiwert discussed downtown growth on a recent edition of Inside INdiana Business Television.
Originally Posted October 28, 2014
Indianapolis, Ind. -- Today Downtown Indy, along with city and community leaders, revealed its latest research regarding Downtown data and perception survey results indicating the strength of Downtown. Organization leaders gathered Downtown stakeholders, business leaders, residents and civic partners for the annual State of Downtown at the Crowne Plaza Grand Hall at Union Station to discuss challenges and opportunities around the theme of transformation.
Some of the data shared includes the following:
1,466 units will have been added in 2014 by year-end and another 2,196 are in the pipeline between 2015-2017.
In the last five years, 3,131 new apartment units have been added to the Downtown market representing an 87 percent increase in the market supply. This increase also represents new investment in excess of $400 million and new housing for 4,000 additional residents.
In the 2014 Developers Survey Data, 36 percent of the residents analyzed were new to Indiana and an additional 27 percent were from within the state but new to Marion County.
According to the 2014 Biennial Perception Survey, usage of Downtown Indy continues to be very strong at 86 percent, compared to a national average of 73 percent of the residents in the top 50 metro areas who patronize their downtowns.
The average Downtown Indy visitor from the metro area stays for approximately three hours and spends on average $73 per visit.
According to Walkscore.com, Downtown Indy is now referred to as a "Walker's Paradise" with a 97 out of 100 for walkability.
Regarding the economic vitality of Downtown, there are currently 40 development projects in the pipeline representing an investment of more than $1 billion, including Lilly expansions, the YMCA at CityWay, IndyGo’s Downtown Transit Center and the 28-story Market Square Tower, which will include luxury apartments and a Whole Foods Market.
The need to activate public spaces continues to rate high in residents’ interests in Downtown.
Georgia Street events have increased by 98 percent from 2013 to 2014.
Regarding the perception of cleanliness and beautification, three out of four residents surveyed agree that Downtown is clean with 95 percent of sidewalks rated as clean.
"The state of Downtown is incredibly strong," said Sherry Seiwert, president of Downtown Indy. "Downtown continues to offer its residents, workers, students and visitors an authentic vitality that surprises and delights. New restaurants, breweries, galleries, sports teams and exciting events in 2014 expanded the opportunities to explore and engage in a safe, beautiful and vibrant Downtown. This has not only captured the demand for Downtown living, but has also stimulated economic development interest, as well."
Following the presentation of Downtown data and statistics, a representative panel of local stakeholders responded and spoke about Downtown’s transformation. Panelists included Aasif Bade, Ambrose Property Group; Derrick Feldman, Achieve; Brian Payne; Central Indiana Community Foundation; Erika Smith, The Indianapolis Star and Adam Thies, Department of Metropolitan Development. They addressed how transformation is acting as a catalyst for continued investment and opportunity Downtown and how the business, nonprofit and public sectors can collaborate around it.
Additionally at the meeting, Downtown Indy launched its new website, www.downtownindy.org. The new website represents a year’s worth of work including a completely new internal database working seamlessly together. The new mobile-responsive site takes all the functionality of the old website to a new level with mapping capabilities, comprehensive neighborhood information, an extensive events database and more. This is THE resource for all things happening Downtown. A new mobile app for iPhone and Android is forthcoming.
Downtown Indy also announced plans for a new residential membership program: Dwell Downtown. Downtown Indy is working with companies throughout Downtown to offer incentives, discounts, deals and last-minute tickets exclusively for Dwell Downtown residents. Dwell members will pay $50 annually and receive a membership card and welcome gift. www.downtownindy.org/dwell
The presentation of the second annual Downtown Indy Champion's Award went to Brian Payne, president and CEO of the Central Indiana Community Foundation for his leadership and vision specifically around the development and execution of the Indianapolis Cultural Trail: A Legacy of Gene & Marilyn Glick. The award is presented annually by Downtown Indy to honor and recognize an individual for leading or creating something that will have a lasting impact on Downtown residents and visitors.
About Downtown Indy
Founded in 1993, Downtown Indy, a public/private partnership existing to improve Downtown is also known as Indianapolis Downtown, Inc. As a private, not-for-profit organization, Downtown Indy is uniquely positioned to address issues that affect the area’s growth and well-being. Downtown Indy focuses on three areas: development, management and marketing to advance Downtown as a great place to live, learn, work and play.
Source: Downtown Indy