Downtown Indy: Growth, Development Pipeline

Posted: Updated:
(Image Courtesy of Downtown Indy Inc.) (Image Courtesy of Downtown Indy Inc.)
INDIANAPOLIS -

Downtown Indy Inc. has released results of a study measuring the strength of the center of the state's largest city. During Thursday's annual State of Downtown event, local government, business and civic leaders also discussed challenges facing the community. The nonprofit says 70 projects representing more than $2.5 billion in investments are underway and demand to live downtown is outpacing supply.

City-County Councilor Vop Osili (D-15), who will be featured this weekend as part of our INsiders panel on Inside INdiana Business Television, says a vibrant downtown has a positive effect on the rest of the city. "There's so much energy that is in the heart of our city, in the downtown, and it's spilling over into our neighborhoods and improving our neighborhoods." He says when high-wage jobs, such as those associated with the planned 16 Tech development near IUPUI, come downtown, lower-wage and middle-wage jobs will "spill-off" to surrounding areas.

Downtown Indy says other key figures from the study include:

  • A 6 percent increase in the number of Class A and B downtown apartments last year, compared to 2014, now totaling more than 7,000. It says some 3,300 additional units are "in the pipeline through 2018."
  • Occupancy rates have been 95-96 percent over the last five years.
  • Average sales prices for single-family homes and condominiums are higher than ever, with the average home selling within 90 days.
  • Nearly 160 development projects have been finished in the last five years, representing $3.6 billion in investment. Projects expected to be complete this year including the IndyGo Transit Center, Cummins global Distribution Business headquarters and Illinois Building.
  • Central Indiana residents report record downtown usage of 88 percent, according to a perception survey.
  • More than 7.8 million visits were made to 23 surveyed downtown attractions.
  • The average visitor from the metro area stays for approximately three hours and spends $74 per visit for food and beverage, entertainment, parking, merchandise and others.

During Thursday's event, Indiana Pacers owner and Simon Property Group Chairman Emeritus Herb Simon received the Downtown Indianapolis Champion Award for his dedication to business, civic and philanthropic leadership.

During an interview with Inside INdiana Business, City-County Councilor Vop Osili (D-15) says there is a ripple-effect that occurs from a vibrant downtown.
  • Perspectives

    • How to Build an Effective Team

      Many leaders who are looking to increase overall productivity at their company are implementing collaborative team environments. This growing trend is backed up by a recent study that states collaborative work environments lead to an increase in overall profitability. However, teams are only effective if built correctly. Don’t expect a group of employees to work well together if you throw them in a room without cultivating any sort of trust or team building.

    More

Events



  • Most Popular Stories

    • UPDATE: Nestl√© Details Fort Wayne Layoffs

      Virginia-based Nestlé USA says only 40 employees will be laid off at the company's Fort Wayne distribution center. A spokesperson for Nestlé tells Inside INdiana Business a WARN Notice filed with the state incorrectly stated the facility would close at the end of the year, affecting nearly 70 workers.

    • (photo courtesy The Times of Northwest Indiana)

      Hammond Pulls 135 Jobs from Illinois

      A Hammond factory recently vacated by Michigan-based Lear Corp. didn’t sit empty for very long. Midland Metal Products has taken over the former seat factory, having relocated from Chicago after 95 years. 

    • 'Hottest Real Estate Markets' Include Indiana Locales

      Fort Wayne just opened its brand new riverfront Promenade Park to pomp and pageantry, hoping to make it a draw to Indiana’s second largest city. But now the Allen County community has something else to celebrate. The editors of Realtor.com declared Fort Wayne as the hottest real estate market in July for the entire country. 

    • (Image courtesy of Horseshoe Casino Hammond.)

      Indiana Casinos to Begin Sports Betting

      A pair of northwest Indiana casinos will soon add sports wagering to their offerings. Horseshoe Hammond Casino and Ameristar Casino East Chicago are both set to open sports betting areas at their respective casinos ahead of the kickoff to the 2019 NFL season.

    • Eleven Fifty to Move Headquarters

      Eleven Fifty Academy has announced plans to relocate. The nonprofit coding academy says it will invest $5 million to move its national headquarters to a 25,000-square-foot space in downtown Indianapolis near the Indiana Statehouse. Eleven Fifty says it will maintain its existing space in Fishers and has additional plans to add more locations statewide in the future. The organization says it aims to bring its staff to more than 150 over the next six years. Founder Scott Jones...