Downtown Indianapolis is a thriving success story and model for revitalization. Living Downtown provides convenient, walkable access to the city’s best restaurants, performing arts, entertainment, sports, museums and parks. With so much happening in the heart of the city, Downtown has become THE hotspot to live. Since 2000, more than 3,200 units have been built. Downtown living offers a mix of historic neighborhoods, luxury condominiums, lofts and apartments.
Downtown has vibrant neighborhoods with an emphasis on neighbors. Downtown residents include corporate leaders and front line staff, local celebrities, doctors and nurses, students and professors, artists and entrepreneurs; transferees and life-long Indianapolis dwellers. It’s the only place in Indianapolis that people of all backgrounds call home and share the Downtown living experience. With the goal of expanding the residential population from more than 20,000 to 40,000 by 2020, Downtown is a dynamic and growing residential market.
Living Downtown provides convenient, walkable access to the city’s best restaurants, performing arts, entertainment, sports, museums and parks. It means skipping the daily commute and suburban traffic jams and having time after work for family, friends and fun.
Leave your car behind and let your feet take you where you want to go.
What’s more, Downtown boasts vibrant neighborhoods with many options for prospective homeowners and renters. Whether the view is overlooking Downtown’s Central Canal, high above ground level spanning the city or nestled in a historic neighborhood, each home lies in the heart of Indianapolis.
Indianapolis was ranked as having the No. 1 Downtown in the U.S. in 2011 based on entertainment options, beautiful architecture and green spaces and the planning that went into the city’s design according to livability.com
Downtown residents rave about the multiple reasons they call Downtown home. Bruce Hetrick says, “It’s incredibly convenient to live within walking distance of so many great options for work, community involvement and entertainment. It’s the best way to be in the heart of it all.”
Chris Herndon adds, “When I consider what my life might be like if I didn’t live Downtown… I can’t imagine ever leaving. There is a unique pride and energy that Downtown residents share with each other.”
Downtown is literally green.
It has more than 350 acres of green and public open spaces including waterways, gardens, trails and parks to throw a Frisbee, have a picnic, walk your dog or attend a festival. Many of the parks are unique, world-class, people-places like the 250-acre White River State Park and picturesque Central Canal. Add to that the one-of-a kind Indianapolis Cultural Trail: A Legacy of Gene & Marilyn Glick, an urban bike and pedestrian path to be completed in 2012.
Downtown is environmentally green.
Many of Downtown’s residential projects renovate unused buildings. Building reuse and higher density reduce the amount of land and materials required which minimizes the impact on the environment. Also, many new residential developments are obtaining LEED certification since they are more energy efficient and use locally based materials.
Because Downtown is so walkable and compact, Downtown residents rely on their cars less, use less gas and generate less pollution. Downtown also means green when it comes to shopping. The Indianapolis City Market and successful farmers’ markets and winter markets conveniently offer fresh, locally grown foods.
Downtown saves green … Money, that is.
Walking saves gas and parking money, wear and tear on your car and time. Walkability also helps your housing value. Many real estate experts state that walkability raises home values. In fact, an August 2009 study conducted by CEOs for Cities found that homes with a high “walk score” had higher values (www.walkscore.com). Downtown Indianapolis has excellent walk scores. For instance, Blacherne Apartments scores 91/100, Residences at 429 on the Park is 94/100 and 3Mass and 110 E. Washington St. condominiums both rate a 97/100.
Additionally, Downtown Indianapolis was ranked as one of the best “four-season Downtowns” for retirement according to the book Retire Downtown.
Even through a tough economy, Downtown has seen strong demand and occupancy levels, driving the surge in residential development. This has led to more than 3,200 new residential units currently in the pipeline totaling more than $480 million. These houses, condominiums and apartments are scheduled to begin or be completed by 2017. For the most up-to-date list of new residential projects, visit www.indydt.com/projects.cfm.
Several options, from custom condos to row houses, are available for those looking to own a home or condominium in Downtown. There are 11 projects totaling 382 new homes being developed. Prices start at $139,000. Condos and new homes can be found in the Wholesale District, Mass Ave Cultural District and throughout Downtown where residents are steps away from restaurants, theatre, shopping, sports and nightlife.
Downtown offers several rental options. Twenty projects being developed include more than 2,800 apartments. Rental rates begin at $325.
Downtown devotees who can’t wait for the new developments to be completed can choose to live in a variety of recently constructed residential projects ranging from apartments overlooking the Downtown Canal to renovated lofts in the heart of the central business district.
The City of Indianapolis, community development corporations, the Indianapolis Neighborhood Housing Partnership (INHP), Indianapolis Coalition for Housing Development (ICHD), Indianapolis Downtown, Inc. and other partners are committed to providing safe, decent homes for all residents. Through their efforts, a number of renovated Downtown buildings designed to meet the needs of residents who would not otherwise be able to afford homes, have been completed including Rink Savoy apartments, The Salvation Army Barton Center, the Davlan and others.
Many Downtown neighborhoods have been revitalized with the restoration of homes, lofts and apartment buildings and the enthusiastic support of active, friendly residents. These areas have the charm of antique lighting, tree-lined cobblestone and brick-paved streets and classic architecture. There are 15 Downtown historic/recognized neighborhoods Downtown:
Neighborhoods Surrounding Downtown
- Babe Denny
- Cole Noble Commercial Arts District
- Chatham-Arch & Massachusetts Avenue
- Cottage Home
- Fayette Street
- Fletcher Place
- Holy Cross
- Irish Hill
- Lockerbie Square
- Old Northside
- Pogue’s Run
- Ransom Place
- St. Joseph
- Upper Canal
Additionally, ownership opportunities at various price points are abundant in many of the neighborhoods including Fall Creek Place www.fallcreekplace.com and Martindale on the Monon www.martindaleonthemonon.com surrounding the city’s core. In 2009, the Unsung Indy campaign was launched to create awareness of nearby neighborhoods Holy Cross, Irvington, Ransom Place, Watson-McCord and West Indianapolis www.unsungindy.org.
- In 2010, the number of Class A and B apartments in Downtown increased to 4,026, a 12 percent increase compared to 2009 and a 79 percent increase compared to 1994. In 2010, the average vacancy rate of surveyed Downtown apartments decreased to 5.6 percent, a19 percent decrease from 2009 and a 5 percent decrease from 1994. (Source: Tikijian Associates Multihousing Investment Advisors)
- In 2010, 398 residential units totaling $72.1 million were completed, a 1,102 percent increase in value from 2009 and a 1,371 percent increase since 2000. Since 2000, 3,213 residential units totaling $470 million have been completed. (Source: Individual project developers and Indianapolis Downtown, Inc.)
- In 2010, 59 single family homes were sold, a 23 percent increase compared to 2009 and equal to the number sold in 2000. In 20010, 92 condominiums were sold, a 7 percent decrease compared to 2009, yet a 116 percent increase compared to 2000. (Source: Metropolitan Indianapolis Board of Realtors)
- In 2010, the average sales price of a single family home was $230.835, a 20 percent increase compared to 2009 and a 32 percent increase compared to 2000. In 2010, the average sales price of a condominium was $284,397, a 4 percent decrease compared to 2009, yet a 98 percent increase compared to 2000. (Source: Metropolitan Indianapolis Board of Realtors)
- More than 20,000 people live Downtown.
Downtown living is all about having fun in a safe, vibrant, friendly, convenient and walkable neighborhood. Come make yourself at home in Downtown Indianapolis. You’ll soon agree — it’s a great place to live!