Indy Land Bank Hits Milestone

Posted: Updated:
Mayor Hogsett joined property owner Conrad Lambey to celebrate the Land Bank's 100th property sale. Mayor Hogsett joined property owner Conrad Lambey to celebrate the Land Bank's 100th property sale.

The Indianapolis Department of Metropolitan Development and Renew Indianapolis are celebrating a banner year. The Indianapolis Land Bank, which is operated by DMD, recently closed on its 100th property sale in 2017, and is on pace to complete 130 sales by year's end.

The Indy Land Bank works to acquire abandoned, tax delinquent, and other problem properties in the city. Renew Indianapolis then works to connect the properties with buyers intending on revitalizing them.

The city says the number of property sales expected to be completed by the end of the year is more than the number of sales made in the last two years combined. Now that the properties are under new ownership, the city says they are returning $11 million of assessed value to the city's tax rolls.

The 100th property sale was made to Conrad Lambey, a U.S. Army veteran who plans to revitalize the home in the Riverside neighborhood and turn it into a long-term residence for his family. Lambey purchased the home after two family members bought and revitalized homes through the Indy Land Bank.

"One hundred properties sold in less than one year is a wonderful milestone for our city and our battle against blight," said Indianapolis Mayor Joe Hogsett. "By returning vacant and abandoned properties to responsible owners like Conrad Lambey, we are adding new value to our neighborhoods one property at a time."

The city says the DMD and Renew Indianapolis are also on pace to demolish 155 blighted houses by the end of the year, which is also more than the previous two years combined. Nearly $3 million in Hardest Hit Funds provided by the state's Blight Elimination Program have been invested in the effort.

"I look back over a successful 2017 with great appreciation to residents and community partners who see the value in renovating and reoccupying these empty homes," said Bruce Baird, executive director of Renew Indianapolis. "Through the development of new, innovative programs and strategies, I hope to carry this success into 2018 and continue working toward our goal of stabilizing and revitalizing neighborhoods."

  • Perspectives

    • The Importance of Strategic Planning

      How many years have you put work-life balance on your list of New Year's resolutions? Every day, I see so many business owners struggle with the same issues: working 60+ hours each week, not being able to remember the last time they had a vacation, and simply feeling like it's up to them to do it all in their business. After working with countless business owners to identify and overcome their challenges, I've realized the most common root cause is a lack of strategic planning.



Company Name:
Confirm Email:
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections


  • Most Popular Stories

    • Electric Works Lands State Incentives

      The first phase of a major redevelopment project in downtown Fort Wayne will receive state assistance. The Indiana Economic Development Corp. has awarded a conditional tax credit for Electric Works, a mixed-use innovation district located at the former GE campus. The incentive is part of the IEDC's Industrial Recovery Tax Credit program, used to boost investment in the redevelopment of former industrial facilities. Developers are projecting an initial investment of more than...

    • Well-Known Real Estate Firm Expanding to Fort Wayne

      Texas-based Keller Williams Realty Inc. has announced plans to open its first office in downtown Fort Wayne. Financial details of the real estate company's investment in the location were not immediately disclosed, however the expansion will bring at least 35 jobs to the Allen County city.

    • Nestl√© Planning $80M Anderson Expansion

      Nestlé USA has unveiled plans to invest nearly $80 million into its Anderson operations. Our partners at The Herald Bulletin report the company will purchase new equipment for the facility and add 30 jobs.

    • Construction to Begin on $15M Fieldhouse

      City and development officials will break ground Friday on a $15 million sports complex in Noblesville. Finch Creek Park Fieldhouse will include five courts with hard surfaces, two turf-surfaced fields and 11 batting and pitching cages. The project, which was first unveiled a year ago, is a public-private partnership between Klipsch-Card Athletic Facilities LLC and the city. The company is also owner/operator of the fieldhouse at Grand Park in Westfield.

    • Kroger Hires Eric Halvorson

      A former longtime Indianapolis television anchor and reporter has been hired by The Kroger Co. (NYSE: KR). Eric Halvorson, who left WISH-TV last year after 33 years, will serve as public affairs manager and media spokesman for the company's Central Division. He succeeds John Elliott, who will become the chief executive officer of Gleaners Food Bank in Indianapolis later this year.