5B: Support Downtown Residential Development

Value to the Community

Downtown neighborhoods provide a type of neighborhood unavailable anywhere else in the region, helping Indy remain competitive with other regions. An increase in the number of housing units attainable by downtown service sector employees reduces transportation costs for these workers and helps downtown remain a diverse neighborhood.

Value to the Hospitality Industry

An increasing residential population base adds vitality to the downtown core at all hours of the day, supporting local businesses, keeping eyes on the street, and promoting interactions between visitors and locals. A healthy downtown economy is necessary to sustain the collection of visitor and cultural amenities it is home to.

Updates

• January 2025. Council Approves TIF District for New Housing Development. A newly approved TIF district will support the development of 52 apartment units—six designated affordable—across two previously undeveloped sites near downtown Indianapolis.
• November 2023. Affordable Housing Program Grants. Three Indianapolis affordable housing developments were awarded grants from the Federal Home Loan Bank of Indianapolis. $15.12 million in grants for thirty-two identified projects across Indiana, Michigan, and Kentucky; up to $600,000 for each project. These grants will support acquisition and construction or rehabilitation.
• October 2023. Groundbreaking for The Stella. Previously vacant buildings on North Meridian Street will be torn down and rebuilt. This is a public-private partnership of a six-story mixed-use complex of 160+ units ranging from studio to one- & two-bedroom units, along with retail space and amenities on the first floor.
• September 2023. Indy DNA: expanding outreach for Downtown residents. Downtown Indy Inc. developed an Indy Downtown Neighborhood Alliance to create a resident-focused source of communications and information sharing network. This strives to increase resident-led advocacy to increase livability, safety, and amenities, along with informing residents of general happenings like events, traffic alters, deals, and more. The alliance also allows members to report cleanliness and safety concerns directly to Downtown Indy Inc.’s team.
• July 2023. Ribbon Cutting for Wesley Place Apartments. Adding to the emerging health district on the near north side, this new project had its ribbon cutting ceremony and consists of 244 units, twenty-five affordable units, located near two transit lines and IU Health Hospital.
• April 2023. Groundbreaking for Old Southside Affordable Apartments. Less than a mile from Lucas Oil Stadium, the Old Southside, ground was broken for a new affordable apartment community on South Meridian Street. An estimated 105 families will live there, with units ranging from studios to one- and two-bedroom units and first-floor retail space and amenities. The target audience is workforce retention with the addition of future transportation projects.
• January 2023. White Castle Redevelopment. Developers announced plans to transform an old White Castle distribution center on the Cultural Trail in Fountain Square into a new mixed-use building with 206 apartments.
• January 2023. Ivy Tech Building Redevelopment. Building on the successful conversion of a historic Ford factory next door, developers plan to replace an old Ivy Tech automotive facility with a new 200 unit mixed-use apartment building.
• August 2022. Cole Motor Redevelopment. A $120m redevelopment of the former Jail 2 and Arrestee Processing Center plans to turn the historic Cole Motor Car Company into a mix of apartments, child care center, co-working space, and a new 60,000 square foot concert and event venue.
• June 2022. City Market Redevelopment. A redevelopment team has been selected to transform the City Market block with $175m of investment. The iconic "Gold Building" and adjacent parking garage and office building will be redeveloped, while a new 11-story tower will be built on the site of City Market's dated east wing. In total more than 400 apartments, office and retail, and pedestrian-friendly alley will be built.
• May 2022. Office Tower Apartment Conversion Opens. The city's first major office to residential tower conversion was completed with the former ATT building at Ohio and Meridian Streets, originally built in 1974. The 23-story luxury apartment building will ultimately contain 267 apartments and was renovated for a cost of $80m.
• March 2021. Elevator Hill Apartments. The first new construction in the Elevator Hill redevelopment (former Angie's List campus) will bring 103 apartments to the center of campus.