Indianapolis' nationally lauded Downtown renaissance continues

Downtown Indianapolis has been transformed into a vibrant 24-hours-a-day, seven-days-a-week urban center over the past two decades. Our visitors say it best:

“I hope Indianapolis gets the 2012 Super Bowl, and this from a guy who wishes every Super Bowl were played in San Diego.  Indy deserves it.  It’s the most walkable downtown in America,” said Peter King, Sports Illustrated writer in 2008.  And Indianapolis will host the Super Bowl in 2012.

“…you can share the delight…in this crossroads city for the almost breathtaking, tangible success of a revitalization program the likes of which most other older cities are lucky to get to the blueprint stage.” —Los Angeles Times.

“… construction and development downtown seemed to wake the city up, and today, a thriving cultural scene mixes with Hoosier hospitality and charm.” —The New York Times

Cities across the country look to Downtown Indianapolis as a revitalization model. Since 1990, Indianapolis has invested nearly $7.7 billion of public and private funds equaling more than 490 projects in Downtown projects through the end of 2009. This is an average of more than $385 million of new investment each year for the past 20 years.

Downtown development momentum continues with $2.8 billion of new construction and renovation efforts to be completed by 2013.  The return on these investments benefits the entire region with diverse employment options, a larger tax base, enhanced quality of life and increased visitation.

More people continue to come Downtown on a regular basis. Annual attendance at major Downtown leisure attractions has increased by 78 percent since 1994 to 7.9 million visits.   Surveys of Central Indiana residents show 85 percent of Marion County residents visited Downtown in a six-month period, up from 47 percent in 1994.  Residents also averaged more than 17 leisure trips Downtown during that six-month period.

“The City of Indianapolis has evolved into a growth dynamo, setting standards of excellence for urban renewal and economic development.” —Nation’s Cities Weekly

Corporations Commit to Downtown Locations

As the Downtown landscape continues to evolve, a growing number of corporations are choosing to locate or expand in Downtown Indianapolis. 

• Three Fortune 1000 companies’ world or regional headquarters in Downtown Indianapolis continue their commitment through growth and expansion including WellPoint, Inc., Eli Lilly and Company and Simon Property Group. 

• Simon Property Group, North America’s largest real estate investment trust, opened a new $55 million headquarters building Downtown in late 2006.
  
  
• NCAA has begun a $35 million, 130,000 square-feet headquarters expansion that will be completed by 2012.

• Additionally, WellPoint, Inc., Emmis Communications, NCAA and Urban League of Indianapolis have all opened headquarters Downtown.  Other Downtown headquarters include OneAmerica Financial Partners, Inc., Clarian Health Partners, Denison, Inc., Farm Bureau of Indiana, Regions Bank, The Indianapolis Star, Kite Realty Group, LDI, Ltd., National Association of High School Athletics, National Bank of Indianapolis, National Wine and Spirits Inc., Reilly Industries, Inc., The Steak N Shake Company and several U.S. sports national governing bodies.

Another trend includes businesses locating regional headquarters Downtown:

• Angie’s List: Whiskey Hill Initiative $8 million headquarters will be completed by the end of 2013.
• Apparatus headquarters at 1401 N. Meridian St. is set to open by the end of 2010.
• Nature Conservancy will open its new headquarters at 614 E. Ohio St. April 24, 2010.
• Kenra Hair Care national headquarters moved to 22 E. Washington St. in 2009.
• Kosene & Kosene Development & Management Co. moved its headquarters Downtown in April 2009.
• WFYI Public Broadcasting’s $18.9 million expansion/renovation was completed in the second quarter of 2008.
• Broadbent Company renovated and relocated to 117 E. Washington St. in the first quarter of 2008.
• Buckingham Companies renovated and relocated to 941 N. Meridian St. in the first quarter of 2008.
• Hirons and Company Headquarters relocated to 422 E. New York St. in the fourth quarter of 2007.
• Buchanan Group relocated to the newly renovated space at 600 E. Ohio St. in the fourth quarter of 2007.
• The 500 Festival relocated to 21 Virginia Ave. in the fourth quarter of 2007.

• Downtown buildings are keeping up with the times by expanding and refurbishing to help better serve their businesses.  Buildings include Indiana Square’s new curtain wall, Crispus Attucks Medical Magnet High School and other projects.  See project list for details.

Expansion Management listed the Indianapolis Metropolitan Statistical Area (MSA) among the “Top 50 hottest cities in the nation”.  Indianapolis is recognized for having a low cost of doing business, a quality workforce, and a strong economy.  The annual list is complied through the results of a survey sent to site consultants and industry experts throughout the country. —Expansion Management, February 2007

Additionally in March 2008, Forbes Magazine ranked Indianapolis as 14th in “best places for businesses and careers.”  Criteria included cost of doing business, job growth, educational attainment and the metro area population.  

Indianapolis ranks second as the best place to relocate your family, according to Primacy Relocation and Worldwide ERC in May 2008, the association for work force mobility.  Rankings were based on those factors – short-term and long-term – that determine the likelihood of a successful relocation.

BioCrossroads - Central Indiana Life Sciences Initiative Forges Ahead
In early 2002, government, business and education leaders launched the BioCrossroads Initiative aimed at developing the region as a world-class life sciences center.  Efforts build on the strength of unparalleled companies, universities and ground-breaking research.  Downtown anchors the effort with Eli Lilly and Company, IUPUI, Clarian Health Partners, the Emerging Technology Center and cutting edge technology.

The Indiana Department of Commerce awarded the Downtown Indianapolis research community with the Certified Technology Park status.  This special status provides funding to the City to improve infrastructure and incentives for organizations that locate within the area.  Boundaries stretch from the Central Canal’s 10th Street basin to the Stadium Drive/16th Street area.  Key facts include:

• Wishard Memorial Hospital is currently building a brand new $754 million facility that will open in late 2013.
• Clarian Health is the second largest health organization in the United States
• IU Medical School is the second largest medical school in the United States
• Eli Lilly and Company is one of the 10 largest pharmaceutical companies in the world
• Three Life Sciences projects worth $1.3 billion are to be completed by 2015.
• Forty-eight Life Sciences projects were completed from 2000 through the third quarter of 2009, totaling more than $2.2 billion.

Indiana University-Purdue University of Indianapolis (IUPUI), which offers world-class education in an urban atmosphere, is a BioCrossroads anchor.  IUPUI is located within the Indiana Avenue cultural district.  Indiana’s third largest university, IUPUI offers 180 degree programs from both Indiana and Purdue University to its 30,000 students.  IUPUI has quickly been transformed into a premier university with the completion of several grand projects including the ICTC Complex, Indiana University School of Law in Indianapolis, University Library, Science, Engineering & Technology Building, new parks, garages, student housing and other campus facilities.  Projects in the works now, or those recently completed, for IUPUI and IU School of Medicine include:

• Eugene and Marilyn Glick Eye Institute is set to open in the second quarter of 2010.
• IU School of Medicine: Joseph E. Walther Hall was completed in April 2009.
• IUPUI: Campus Center was completed in the first quarter of 2008.
• IU Health Information and Translational Sciences building opened in late 2006.
• The Herron School of Art & Design opened in its new Downtown IUPUI campus location in June 2005.

Clarian Health Partners continues to expand its capabilities with several recently completed projects totaling more than $471 million including:

• Clarian Education & Resource Center (ERC) Phase I, IU Simon Cancer Center and Riley Hospital for Children Phase V Bed Tower expansion.

In addition, The RL Roudebush VA Medical Center recently expanded and renovated its seventh and eighth floors.

Hotels, Retail, Restaurants and Entertainment Options Flourish Downtown
Since 1995, the inventory of hotel rooms has increased 51 percent to 5,585 hotel rooms Downtown.  New hotels since 2001 include Park Place at City Centre, Comfort Suites, Staybridge Suites, the $100 million Conrad Indianapolis, Candlewood Suites City Centre, Hilton Garden Inn, Hilton Indianapolis, Homewood Suites and Indianapolis Marriott Downtown. New projects include:

• Marriott Place, a 1,623 hotel room complex, will be completed by mid-2011.  In February 2010, the Courtyard Marriott, Fairfield Inn & Suites and SpringHill Suites opened. (The JW Marriott will be the last in the complex to open in 2011.)
• Hotels continue to update their properties.  The Hyatt Regency Indianapolis in investing another $13 million in renovations over the next two years. The Hilton Garden Inn is doing interior renovations, while the Hilton Indianapolis is doing exterior renovations in 2010.  Sheraton Indianapolis City Centre Hotel also renovated in 2008.

Downtown retail continues to be strong.  Circle Centre’s retail powerhouses Nordstrom and Carson Pirie Scott and nearby T.J. Maxx continue to flourish.   In addition, Borders Bookstore opened in 2001 across from Circle Centre, adding to Downtown’s retail scene.  Small independent shops offer a unique shopping experience in Downtown’s Cultural Districts as well.  Recent additions include:

• Circle Centre continues to attract new tenants including Bella Vita restaurant, Lucky Brand Jeans, H & M, For Love 21, Payless ShoeSource and Select Comfort.
• The Best Chocolate In Town opened on Mass Ave in 2007; Staples, Mass Ave Toys, Mass Ave Wine Shoppe, Global Gifts and others located Downtown in 2006.

More than 150 restaurants have opened since 2000 ranging from the unique and trendy local hot spots to the well-known chains.   Even with this tremendous growth, many of the national chain restaurants have been or are currently ranked in the top five in their system nationally.   New additions include:

• Panera Bread Company, Tastings – A Wine Experience, Cadillac Ranch, Kilroy's Bar and Grill and Ambrosia Centro opened at the end of 2009. (Wholesale District)
• Adobo Grill, Buffalo Wild Wings, Taste of Tango and Scotty’s Brewhouse all opened in 2008/early 2009. (Wholesale District)  Saffron Cafe also opened in early 2009.
• Fogo de Chao and Dunkin Donuts opened in the second quarter 2008. (Wholesale District)
• Harry & Izzy’s, same owners as St. Elmo’s, opened in Circle Centre in 2007, as did The Capital Center Grille in the Conrad Indianapolis, Weber Grill, BARcelona Tapas, Paradise Bakery & Cafe and others. (Wholesale District)
• Buggs Temple, a $3.7 million redevelopment, was completed on the Canal in 2007. It features Euphoria and Creation Cafe. (The Canal & White River State Park district)
• The Chatham Tap Restaurant & Pub opened in 2007 (Mass Ave district)
• Long-time Downtown favorites include St. Elmo Steak House ($13 million in annual sales), Ruth’s Chris, The Oceanaire Seafood Room, Palomino, Scholar’s Inn (SI) Restaurant and Lounge, Morton's, The Steakhouse, Buca di Beppo, P.F. Chang’s and countless more.

Downtown features the best museums, theaters, sports facilities and entertainment options around.  From the opening of Lucas Oil Stadium in 2008, Conseco Fieldhouse in 1999 and Victory Field in 1996 to the new Indiana State Museum & IMAX in 2002, the attractions and exhibits continue to grow Downtown.

• A Cheetah Exhibit at the Indianapolis Zoo, which includes a new facility as well as the renovation of the Australian Plains, is set to open in 2010.  The International Great Ape Exhibit at the Zoo is also in the pipeline, set to open in 2015.  The $9.5 million Oceans Presented by Old National Bank at the Zoo opened in May 2007. (The Canal & White River State Park district)
• The Indiana Experience at the Glick Indiana History Center, $24 million project, opens in March 2010. (The Canal & White River State Park district)
• The $25 million 100 acres: Virginia B. Fairbanks Art & Nature Park at the Indianapolis Museum of Art will open in April 2010.
• A $275 million expansion to the Indiana Convention Center will add as many as 28 major conventions and trade shows, create 2,700 additional jobs and produce $165 million in new sales, set to open in 2010.
• The Children's Museum of Indianapolis added a new welcome center, extension of a skywalk into the museum, bus driveway, bike port, additional landscaping and relocated a library branch within the museum, and opened June 2009.  The $6 million Power of Children Exhibit at The Children’s Museum opened in November 2007.
• The new $719 million Lucas Oil Stadium with a retractable roof opened in August 2008.  The stadium hosts the Indianapolis Colts, NCAA championship events, 2012 Super Bowl and others.
• Indiana Repertory Theatre renovated its existing street level restaurant space and created a new public lobby in 2008.
• A new U.S.S. Indianapolis Museum at the Indiana War Memorial opened in July 2007.

According to Beth D’Addono, The Philadelphia Inquirer, “it soon became clear that there was much more to this capital city of 1.6 million than auto racing and college and pro sports… A concerted effort to reclaim green space, expand the convention center, and centralize cultural institutions has produced a solid array of attractions that drew 21.7 million visitors in 2006.”

Cultural Districts Program Highlights Unique Destinations
In 2003, the Indianapolis Cultural Development Commission created the Cultural Districts Program to facilitate the cultural development of six distinct neighborhoods or districts that offer a unique mix of arts, cultural and hospitality activities.  These include Broad Ripple Village, The Canal and White River State Park, Fountain Square, Mass Ave and Wholesale District.  In 2004, Indiana Avenue was added as the sixth district. Over the years, key priorities were addressed and implemented including wayfinding and real estate efforts and usage of district identities, Web sites, in-district applications and Cultural Districts Guides.  Visit www.DiscoverCulturalDistricts.com for more information.  Many of the projects underway are in the Cultural Districts.

The Indianapolis Cultural Trail: A Legacy of Gene & Marilyn Glick, is the 8-mile path that will be the Downtown hub for the city’s greenway trail system and an icon for the urban development and cultural attractions that have come to define our city.  Work is underway on the north and northeast corridors in 2009.  Development of the East Corridor was completed in 2007.  The entire Trail is set to be complete in 2012.  Visit www.IndyCulturalTrail.org.

Residential Opportunities Continue to Grow
Downtown has seen record demand and occupancy levels, driving the surge in residential development. In 2009, Indianapolis tops the list of most affordable U.S. metro areas for the 14th consecutive quarter according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.  Additionally, Indianapolis ranked sixth as an MSN Real Estate best bargain market in 2008.

This has led to planned construction of more than 2,628 new residential units totaling more than $427 million.  These houses, condominiums and apartments are scheduled to be completed by 2013.

Living Downtown means easy access to the area’s 210+ shops, nearly 300 restaurants and bars, 18 museums and historic sites, 24 memorials and parks, eight major sports venues, countless performing arts, theatres, entertainment and recreation options, numerous art galleries and various unique attractions. It means skipping the daily commute and suburban traffic jams and having time after work for family, friends and fun. Downtown is attractive to people of all ages and offers a broad range of homes in every price range. 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.  It’s a place that more than 20,000 people currently call home – and many more would like to.

Downtown continues to grow and gets even more exciting each year.  Whether you’re a resident or visitor, Indianapolis is a destination to keep on your radar and patronize frequently. 

Indianapolis Downtown, Inc. exists to improve Downtown. It is action-oriented and addresses critical issues that affect Downtown's growth and well-being. IDI focuses on three areas: development, management and marketing.

Updated 1st Quarter 2010