Living in Indianapolis
Downtown Indianapolis is a thriving success story and model for revitalization. Downtown development continues to add new cultural amenities, restaurants, retail establishments and more. With so much happening in the heart of the city, Downtown has become THE hotspot to live. Since 2000, more than 2,800 units have been built. Downtown living offers a mix of historic neighborhoods, luxury condominiums, lofts and apartments.
Downtown attracts young professionals, empty nesters, students and more and more families. 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 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.
Downtown living offers access to a great combination of amenities and lifestyle within an easy walk. It also offers less commute time and less gasoline consumption which translates to less pollution. Reuse of existing buildings and higher density reduces the amount of land and materials used, which also minimizes the impact on the environment.
Indianapolis was named the most affordable housing city in the nation according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index in February 2010 and ranked sixth as an MSN Real Estate best bargain market in June 2008. The reports touted Indy’s urban renewal and attractive, compact Downtown, diverse economic base, spectator sports and abundant arts/cultural scene.
Additionally, Downtown Indianapolis was ranked as one of the best “four-season Downtowns” for retirement according to the book Retire Downtown.
"We love living Downtown,” said resident Robert Cassidy. “We can walk to our favorite restaurants, see the beautiful memorials and museums, play or watch sports, enjoy the Canal, watch a play or hear a concert and stay up late listening to live music at all the great night spots. We're never far from home!”
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 2,628 new residential units currently in the pipeline totaling more than $427 million. These houses, condominiums and apartments are scheduled to begin or be completed by 2015. For the most up-to-date list of new residential projects, visit here.
Several options, from custom condos to row houses, are available for those looking to own a home or condominium in Downtown. There are 21 projects totaling 554 new homes being developed. Prices start at $125,000.
Downtown offers condos in the Mass Ave Cultural District, where residents are steps away from restaurants, theatre, shopping and nightlife. Another Downtown area experiencing residential growth is the historic St. Joseph neighborhood. Residents are immersed in the neighborhood’s old-world charm mixed with contemporary new condominiums and homes and are just blocks away from the newly-expanded Indianapolis-Marion County Central Public Library and several restaurant and retail establishments.
Downtown offers several rental options. Fifteen projects being developed include 2,074 apartments. Rental rates begin at $600.
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. More than 50 residential developments with 2,500 units were completed from 2000-2008.
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:
- Babe Denny
- Bates-Hendricks
- 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 Placeand Martindale on the Monon 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.
- In 2008, the number of Class A and B apartments in Downtown increased to 3,530, a 5 percent increase compared to 2007 and a 57 percent increase compared to 1994. In 2008, the average vacancy rate of surveyed Downtown apartments increased to 5.2 percent, a 24 percent increase from 2007, yet a 12 percent decrease from 1994. (Source: Tikijian Associates Multihousing Investment Advisors)
- In 2008, 211 residential units totaling $61.5 million were completed, a 105 percent increase in value from 2007 and a 1,155 percent increase since 2000. Since 2000, 2,721 residential units totaling more than $387 million have been completed. (Source: Indianapolis Downtown, Inc.)
- In 2008, 45 single family homes were sold, a 20 percent decrease compared to 2007 and a 24 percent decrease compared to 2000. In 2008, 115 condominiums were sold, a 39 percent decrease compared to 2007, yet a 161 percent increase compared to 2000. (Source: Metropolitan Indianapolis Board of Realtors)
- 19,640 people live Downtown.(2000 Census)
Indianapolis Downtown, Inc. exists to improve Downtown. It is action-oriented and addresses critical issues that affect Downtown's growth and well-being. DI focuses on three areas: development, management and marketing.
updated 7/09
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