Downtown In d i an a po l i s
Development
2 0 0 9
Downtown Indy’s dynamic skyline
INDIANAPOLIS DOWNTOWN Invest Downtown. Locate Downtown. Take advantage of Downtown’s central location, its access to customers and work force, and its prestige and visibility.
can share “ …theyou 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
Top 5 reasons to invest in and locate Downtown
1 Growing, successful Downtown with thriving businesses and access to talented work force
2 Strong corporate base, anchored by Fortune 1000
companies, large employers, government and a healthy office market
3 Robust and expanding convention, hospitality and entertainment market
4 Rapidly expanding residential base 5 Excellent amenities and quality of life
or years, Indianapolis “ Fbore the stigma of
nicknames like Nap Town and Indiana No Place. But in the 1990s, 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
Indianapolis Downtown, Inc. (IDI), provides services and promotes public/private collaborations and partnerships to: ■ Ensure the success of Downtown through development, management and marketing. ■A ssist businesses with market information, site selection, government relations, resources, approvals and openings. ■ Address ongoing operations. See why businesses flourish … and Downtown Indianapolis keeps growing. Contact us at (317) 237-2222 or www.indydt.com. Page 2
Indianapolis Downtown Development 2009
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Mayor Ballard welcomes you
TABLE OF CONTENTS Page
4-5 PROJECT PIPELINE
Benefits from $7.5 billion of recently completed projects and a pipeline of nearly $2 billion in new projects by 2011 fuel a successful, growing Downtown.
White RIver State Park
Greetings Indianapolis is a thriving city with a bright future. Our community offers a unique mix of urban amenities and small-town character — something that keeps us consistently ranked among the best places to live and work. Our city is home to some of the world’s most innovative, successful companies, and while Indianapolis has long been known as the Indianapolis Mayor “Crossroads of America,” Greg Ballard we also are emerging as the BioCrossroads of America. From our many life sciences headquarters and research institutions to the start-up businesses that now are growing here, Indianapolis is becoming a leader in the life sciences industry. At the heart of Indianapolis’ success is its vibrant Downtown, which is experiencing tremendous growth as a commercial center, entertainment destination and residential
neighborhood. It is home to many cultural attractions and now features the country’s premier sports facility, Lucas Oil Stadium. Nearly $2 billion in new Downtown projects will be completed by 2011 as growth and investment continue. Downtown Indianapolis is the economic engine of our city and region, and our community is always working to make our Downtown even better. The City of Indianapolis and Indianapolis Downtown, Inc., are proud to present this development packet as a valuable resource. We hope you take advantage of all Indianapolis has to offer.
Sincerely,
6 MARKET STATISTICS
Discover easy access to the region’s 1.8 million residents with an average household income of $67,000.
7-8 OFFICE MARKET
Downtown is Central Indiana’s premier office center, anchored by three Fortune 1000 companies.
9 RETAIL MARKET
Downtown has a thriving retail market anchored by Circle Centre (which is managed by Simon Property Group) and over-achieving, nationally-recognized restaurants.
10-12 VISITOR AND TOURISM Gregory A. Ballard Mayor City of Indianapolis
BUSINESS Robust and expanding convention, sports, cultural and hospitality businesses create a larger customer base and exciting destinations.
13 RESIDENTIAL MARKET
By 2020, the rapidly expanding Downtown residential base will grow to 40,000.
Photo Credits by page: Cover: Indianapolis Downtown, Inc. Page 2: Indianapolis Downtown, Inc. Page 3: Indianapolis Downtown, Inc., City of Indianapolis Page 4: Conrad Indianapolis, Indianapolis Downtown, Inc., Simon Property Group, Circle Centre Page 5: Indianapolis Downtown, Inc., Indiana University – Purdue University Indianapolis, Indianapolis Downtown, Inc. Page 6: Harold Miller, Kevin Foster Page 8: WellPoint, Inc., Eli Lilly and Co., Drew Endicott, Indiana University – Purdue University Indianapolis Page 9: Harold Miller, Indianapolis Downtown, Inc. Page 10: Tom Strattman, Indianapolis Convention & Visitors Association, National FAA Page 11: Kevin Foster Page 12: Indiana Pacers, Indianapolis Colts, Bill Gentry, WNBA Indiana Fever, Indianapolis Downtown, Inc. Page 13: Indianapolis Downtown, Inc. Page 14: Indianapolis Downtown, Inc., Indianapolis Convention & Visitors Association Page 15: Indianapolis Downtown, Inc., Indianapolis Convention & Visitors Association, Indiana University – Purdue University Indianapolis Back: Leigh Hedger
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Indianapolis Downtown Development 2009
14-15 QUALITY OF LIFE
Excellent amenities attract people from all over Central Indiana to live, work and play Downtown.
Page 3
Project pipeline
More than $7.5 billion in completed projects and nearly $2 billion in the pipeline Commitment to vibrant Downtown, larger customer base Numerous projects completed
Significant public and private investments have transformed Downtown Indianapolis, reflecting the commitment by both sectors to Downtown’s success and the recognition of Downtown as the heart of a thriving Central Indiana region. Since 1990, 400 projects worth more than $7.5 billion have been completed Downtown — an average of more than $455 million of new investment each year for the past 17 years.
Major projects include:
Amount
Lucas Oil Stadium
$719.6
Circle Centre
$307.5
Chase Tower
$180
Indiana University Melvin and Bren Simon Cancer Center (IU Simon Cancer Center)
Conrad Indianapolis was named at the top of the charts by Condé Nast Travelers Gold List, which features the best hotels worldwide
Project type
Amount (in millions)
Attractions
$1,622.05
Corporate/office
$2,621.05
$142.7
Indiana State Museum
$105
Marriott Hotel
$103
Conrad Indianapolis Hotel
$100
NCAA Headquarters and Hall of Champions Museum
$60 $55 $50
Education
$226.19
Facilities/services
$132.75
IUPUI Campus Center
Hotels
$447.90 $73.5
Medical
$1,491.07
Parking
$159.75
Residential
$442.14
Restaurants
$50.05
Anthem Operations Center (WellPoint)
Simon Property Group world headquarters
$33.6
$7,586.70
800,000-sq.-ft. Circle Centre
Source: IDI Project List Fourth Quarter 2008
Page 4
1-million-sq.-ft. Chase Tower
$320.27
Retail
Total
$153.6
Indianapolis-Marion County Central Library
Simon Property Group headquarters
Infrastructure/streetscape/ transportation
(in millions)
Indianapolis Downtown Development 2009
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Project pipeline
City of Indianapolis “ The has evolved into a growth
The 1,600-room JW Marriott complex
New projects The impressive pipeline will grow the Downtown market and build a larger customer base. 2009 began with 62 projects worth nearly $2 billion in the pipeline. An average of more than $530 million worth of projects will be completed each year through 2011.
dynamo, setting standards of excellence for urban renewal and economic development.
”
— Nation’s Cities Weekly
This pipeline includes 8 projects: (in millions)
JW Marriott complex Indiana Convention Center expansion ($275 million)
$425
Riley Hospital Phase V
$266
$275
West Merrill Towers
$88
Indianapolis Cultural Trail: A Legacy of Gene & Marilyn Glick
$50 $14
Allen Plaza Cosmopolitan on the Canal
$37
Indiana Experience at the Glick Indiana History Center
$24
The 405,000-sq.-ft. IU Simon Cancer Center
Expansion Management listed the Indianapolis Metropolitan Statistical Area among the “top 50 hottest cities in the nation.” Indianapolis is recognized for having a low cost of doing business, a quality work force and a strong economy. The annual list is compiled from the results of a survey sent to site consultants and industry experts throughout the country. — Expansion Management, Feb. 2007
Source: IDI Project List, Fourth Quarter 2008
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Cosmopolitan on the Canal will house 218 apartments and 20,000 sq.ft. of retail space
Indianapolis Downtown Development 2009
Page 5
Market statistics
Indianapolis’ Downtown is particularly attractive to businesses and professionals
Office workers, residents and visitors Access to large customer base with high disposable income
Downtown Indianapolis has easy access to millions of customers with significant disposable income. Access to these customers has created a flourishing Downtown with many successful corporate, restaurant and retail businesses.
Primary trade area Downtown 127,000 office workers More than 20,000 residents
86 percent of Central Indiana residents have visited Downtown in the past six months, logging an average of three visits per month.
800,000 convention delegates annually
The average household income of Central Indiana residents who visit Downtown is $71,620.
45,000 higher-education students
Central Indiana residents spend an average of
$59,500 average salary of Downtown residents Central Indiana 1.8 million residents 712,000 households $67,000 average household income
Secondary trade area 6.3 million residents 2.3 million households
Tertiary trade area Close proximity to Chicago, Cincinnati, Cleveland, Detroit, Louisville, Nashville and St. Louis 75 percent of the nation’s population within a day’s drive New $1 billion terminal at Indianapolis International Airport serves 8.2 million passengers and transports 1.2 million tons of cargo annually. Sources: I ndianapolis Regional Center Plan 2020 Indianapolis Convention & Visitors Association 2008 IDI Downtown Economic Indicators City-data.com 2004, referred by Stats Indiana Simon, Pitney Bowes MapInfo 2007
Page 6
$73 per Downtown visit.
80 percent of Central Indiana residents included dining as part of each Downtown visit. 79 percent of Downtown businesses reported their sales increased or stayed the same as the previous year. had the highest rate of ” Indianapolis job growth of 25 major metropolitan areas in the Midwest. Between 1995 and 2005, total employment in the Indianapolis region increased by 17 percent, outpacing the national job growth rate.
”
— The Brookings Institution, Washington, D.C., July 27, 2006
Downtown’s nightlife attracts visitors from near and far
is 10th in the nation when it comes to the production of “ Indianapolis fast-growth, super-achieving companies. Indy has had 88 companies on
past lists. The city’s strong transportation system, low real estate prices and family-friendly atmosphere make Indianapolis appealing to entrepreneurs.
”
— Inc. Magazine, August 2006 Indianapolis Downtown Development 2009
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Office market
Central, prestigious, cost-effective location Advantage in recruiting and retaining talent, low operating costs, seen as industry leader Downtown Indianapolis provides companies the greatest variety of office space in the region, making it easy to find the right environment to be successful.
Central and prestigious Industry leaders and the region’s most successful corporations locate Downtown. Companies from outside, as well as local companies, choose Downtown for its easy access to the region’s 700,000 qualified employees, 13 interstates/highways and Indianapolis International Airport with its new $1.1 billion terminal. Cost-effective location Downtown’s low operating costs, compared to similar downtowns, help companies improve their bottom line. The ACCRA Cost of Living Index puts Indianapolis well ahead of cities like Atlanta, Chicago, Columbus, Denver and Jacksonville with a 94.2 composite index. CBD total office space stands at more than 10,658,000, with a vacancy rate of 14.2 percent and a rental rate of $17.51. Access to talent Prestigious location, low costs and an energetic atmosphere facilitate recruitment and retention of talented employees. Downtown has a work force of 127,000.
Downtown office statistics Urban area and state
Total office space (sq. ft.)
Vacancy rate
Rental rate
Indianapolis, IN
10,658,284
14.2%
$17.51
Atlanta, GA
18,275,732
19.0%
$19.54
Chicago, IL
121,080,319
12.1%
$32.73
Cleveland, OH
16,598,379
18.0%
$16.23
Columbus, OH
10,608,531
14.7%
$18.42
Denver, CO
24,006,061
11.2%
$26.96
Jacksonville, FL
9,839,021
15.7%
$19.41
Louisville, KY
9,737,280
15.2% N/A
St. Louis, MO-IL
12,581,904
21.4%
”
— KPMG Study, March 2006
Cost of living Urban area and state
Composite index
Grocery Housing Utilities Transportation Health items care
Misc. goods and services
Indianapolis, IN
94.2
93.7
94.5
88.4
102.6
Atlanta, GA
97.6
96.4
94.0
90.3
105.0
103.6 100.3
Chicago, IL
111.5
107.9
129.0
118.0
109.2
103.3
96.9
Cleveland, OH
95.1
100.5
84.5
101.0
101.7
104.0
97.7
Columbus, OH
98.6
100.7
97.9
101.3
103.3
105.6
95.4
105.1
104.7
111.4
103.4
92.8
104.0 104.2
Jacksonville, FL
98.2
100.0
92.7
89.7
103.5
93.6 103.9
Louisville, KY
93.6
83.6
87.0
113.8
93.9
92.2
97.3
St. Louis, MO-IL
90.0
99.0
78.3
96.9
95.9
95.9
92.4
Denver, CO
99.9
92.4
“
Indianapolis is ranked 14th among the Best places for according to Forbes. Factors businesses and careers considered include cost of doing business, job growth, educational attainment and the metro area population.
”
— www.forbes.com, March 19, 2008
CB Richard Ellis local market reports, Second quarter 2008; Louisville is fourth quarter 2007.
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effective city in the nation for business. The study measured 27 factors including labor, transportation and utility costs, and income taxes.
$15.96
Sources: ACCRA Cost of Living Index, First quarter 2008.
ranked “ Indianapolis as the third most cost-
Indianapolis Downtown Development 2009
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Office market
WellPoint, Inc. world headquarters
Eli Lilly and Company world headquarters
Indiana State House
Headquartered in Indy
Office space
Downtown is home to many regional and national headquarters, including three Fortune 1000 companies and a large bioresearch and medical community. Federal, state and local government offices are located here as well.
In 2007, the 10.7-million-square-foot, multi-tenant Downtown office market had one of its strongest years, continuing a positive seven-year occupancy trend, while maintaining a stable and affordable rental rate.
Largest Downtown headquarters by revenue
Downtown office vacancy, fourth quarter
Company 2007 revenue
FTE employees Fortune (worldwide) 1000 rank
20%
WellPoint, Inc.
$60.1 billion
41,700 No. 33
Eli Lilly and Company
$18.6 billion
40,800 No. 133
15%
Simon Property Group
$3.7 billion
5,100 No. 585
OneAmerica
$1.1 billion
1,600
5% 0%
1,300
161.0 million
2001
2002
2003
2004
2005
2006
2007
2008
Average quoted Downtown office rental rate for all classes $20.00
Norwood Promotional Products $333.3 million N/A M&I Bank
15.26%
$361.2 million
13.55%
Emmis Communications Corp.
14.53%
7,334
15.18%
$654.1 million
15.30%
Steak n Shake
17.50%
2,500 1,270
17.70%
$846.0 million $771.2 million
19.90%
LDI, Ltd. Indiana Farm Bureau Insurance
10%
Since 2001, the Downtown office vacancy rate has decreased 23 percent.
$18.00
466
$16.00 $14.00
Regional Fortune 1000 companies include
$12.00
$.00
2002
2003
2004
2005
2006
$17.44
2001
$17.78
$17.58
$2.00
$17.42
$4.00
$16.97
$6.00 $17.07
Calumet Specialty Products No. 996
$8.00 $16.68
Brightpoint No. 527
$10.00
$17.34
Conseco No. 503
Since 2001, the Downtown office rental rate has increased 1 percent.
2007 2008
BioCrossroads maximizes life-sciences strengths Downtown has Indiana’s largest concentration of life-sciences employers, entrepreneurs, academic research and resources.
Anchors ■ Clarian Health, second-largest health organization in the U.S. ■ IU Medical School, second-largest medical school in the U.S. ■ Eli Lilly and Company, one of the 10 largest pharmaceutical companies in the world ■ Richard L. Roudebush VA Medical Center ■ Wishard Hospital ■ Two life-sciences projects worth $346 million to be completed by 2013
IU Simon Cancer Center treated Lance Armstrong in 1996
■ 47 life-sciences projects completed from 2000 through the fourth quarter of 2008, totaling nearly $2.2 billion
288,000-sq.-ft. IUPUI Campus Center
Sources: F ortune magazine; Indianapolis Business Journal book of lists CB Richard Ellis. Fourth Quarter 2008. Note: Includes revised figures from previous years.Clarian.org
Page 8
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Retail market
Circle Centre anchors Downtown Indy’s bustling retail market
SHOPPING AND DINING
Your shop or restaurant can be successful Downtown Businesses are attracted to Downtown based upon the success of their peers currently located here. The successful Simon Property Group-managed Circle Centre spans 800,000 square feet and anchors Downtown’s retail market. Downtown is home to nearly 300 eating and drinking establishments and more than 200 retail businesses. Since 2000, an average of 38 new businesses have opened Downtown each year. Many more local, regional and national concepts are actively looking for Downtown sites. The average street-level rent for retail and restaurants ranges from $14 to $60 per square foot. Top 10 grossing restaurants
Circle Centre anchors Nordstrom Carson Pirie Scott H&M Finish Line
206,000 sq. ft. 144,000 sq. ft. 20,000 sq. ft. 12,700 sq. ft.
$406 in sales per square foot -- compared to $384 national average
Ruth’s Chris Steak House
Top 25 grossing restaurants $94 million in sales generated $3.8 million in average annual sales Other national retailers that call Downtown home include
TJ Maxx
Fusek’s True Value Hardware Staples Walgreens
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Rock Bottom Restaurant & Brewery
Other Downtown notable national restaurants
$5.9 million in average annual sales
Marsh Supermarket
Oceanaire Seafood Room Palomino
$59 million in sales generated
CVS
Buca di Beppo
130 specialty stores, restaurants and eateries
$624 average sales per square foot
Borders
Downtown’s national restaurants that rank in the top five in their systems
Rock Bottom is ranked in the top five stores in the chain
Indianapolis Downtown Development 2009
Adobo Grill Champps Americana Claddagh Irish Pub Fogo de Chão Hard Rock Café Jillian’s McCormick and Schmick’s Morton’s the Steakhouse The Capital Grille P.F. Chang’s Paradise Bakery & Café Shula’s Steak House Weber Grill Page 9
Visitor and tourism business
The expanded Indiana Convention Center is due to be completed in 2010
Large, successful and growing … convention, hospitality, entertainment/ sports and visitor market Larger customer base with high disposable income drives Downtown sales.
Legendary St. Elmo Steak House is ranked 44th in the nation by Restaurants & Institutions Magazine
Successful, national award-winning local restaurants and bars ■ St. Elmo Steak House brings in $13 million in annual sales and is ranked the 44th independent restaurant by sales volume. — Restaurants & Institutions Magazine
■ The Slippery Noodle Inn was awarded Blues Club of the Year in 2003. —Blues Foundation, “Keeping the Blues Alive”
■ Ralph’s Great Divide was voted one of the best neighborhood taverns.
Robust and expanding convention, sports, culture and hospitality businesses create a larger customer base and exciting destinations. Downtown streets bustle with convention delegates, sports fans and visitors seven days a week, 24 hours a day, because of the worldclass convention center, sports venues and premier hotels. Activity will crescendo in 2012 as Indianapolis hosts Super Bowl XLVI, with an anticipated economic impact of $365 million.
— Bon Appetite magazine
■ Patachou on the Park has been cited as the “best new addition to Downtown dining scene,” and top 10 places for breakfast in the nation.
— Indianapolis Monthly, 2007 — Bon Appetite, 2001, top 10 places for breakfast in the nation
The annual FFA convention brings more than 50,000 future leaders and their advisers to Downtown
”
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.
”
— Peter King, Sports Illustrated writer
Page 10
Indianapolis Downtown Development 2009
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Visitor and tourism business Nation’s most convenient, connected, compact destination is expanding With the openings of the 73,000-seat Lucas Oil Stadium in 2008, the expanded Indiana Convention Center in 2010 and the new JW Marriott in 2011, Downtown’s convention and visitor business is expected to grow substantially. The impact on Downtown retail, restaurant and hotel businesses is immense.
Lucas Oil Stadium is home to the XL Super Bowl Champion Indianapolis Colts
Major brands – 34 hotels with an average occupancy of 63 percent Hilton Hyatt Regency Marriott
Conrad Crowne Plaza Embassy Suites Hampton Inn
Omni Sheraton Westin
$1 billion expanded Indiana Convention Center and Lucas Oil Stadium statistics ■ More than 1.2 million total square feet ■ 16th-largest facility in the country ■C onnected via skywalk to 4,700 hotel rooms, more than any other convention center in the country Projected annual usage/impact ■ 18 to 23 additional major conventions and trade shows ■ Five additional consumer shows ■ 108,000 to 138,000 additional attendees ■ $165 million in additional annual sales
”
Indianapolis’ tourism gross metropolitan product is $3.25 billion.
”
— D.K. Shiffet Associates, in partnership with Global Insight, 2006
Projected hotel market 2011 7,350 hotel rooms include:
Current Indiana Convention Center
$425 million JW Marriott complex
■ Nearly 700,000 total square feet
■ JW Marriott, Fairfield Inn and Suites, Courtyard Marriott and Springhill Suites
■ 1.6 million total annual attendance, including an average of 800,000 convention delegates
■ 1,623 hotel rooms ■4 0,000-sq.-ft. Grand Ballroom and 20,000 junior ballroom Visit our Web site: www.indydt.com
The Top 25 convention/meetings Name
Years Attendance Room nights
Indiana Black Expo Summer Celebration
2009, 2010, 2011, 2012
88,800
3,145
National Baptist Convention, USA, Inc.
2011
60,000
22,710
National FFA Organization
2009, 2010 2011, 2012
54,000
52,920
Music for All Bands of America Grand Nationals
2009, 2010, 2011, 2012
40,000
10,310
Church of the Nazarene
2009
35,000
25,035
Fire Department Instructors Conference
2009, 2010, 2011, 2012
34,000
26,219
Drum Corps International
2009, 2010, 2011, 2012
30,000
7,307
Gen Con LLC The Best Four Days in Gaming
2009, 2010, 2011, 2012
25,000
16,385
National Federation for Catholic Youth Ministry
2011
25,000
16,516
Dealer Expo 2009
2009, 2010, 2011
22,000
17,325
JAMfest Cheer Super Nationals
2009, 2010, 2011, 2012
20,000
4,925
National Council of Teachers of Mathematics
2011
18,000
21,835
Women of Faith Grand New Day
2009
15,000
1,040
Kappa Alpha Psi Fraternity, Inc.
2011
15,000
10,922
National Science Teachers Association
2012
15,000
19,275
General Council of the Assemblies of God
2014
15,000
19,320
American Chemical Society
2013
14,000
25,800
The American Legion
2012
13,000
19,800
Do it Best Corp.
2009, 2010, 2011, 2012
12,000
10,416
Veterans of Foreign Wars of the United States
2010
12,000
10,950
North American Christian Convention
2010
11,000
6,838
BBI International International Fuel Ethanol Workshop & Expo
2011
11,000
10,276
The International Center of the Wesleyan Church International Youth Convention
2011
11,000
8,173
Episcopal Church
2012
10,000
25,370
National Association of Basketball Coaches
2010
4,500
12,180
Indianapolis Downtown Development 2009
Page 11
Visitor and tourism business
2009 NBA All-Star Danny Granger
Three-time NFL MVP Peyton Manning
Venues and events World-class sports venues and events, championship teams and national governing bodies drive visitors and spending Downtown. Top annual sporting events ■ Indianapolis 500 ■ Allstate 400 at the Brickyard ■ Red Bull Moto GP
AAA Baseball Indianapolis Indians Andrew McCutchen
Teams
Upcoming major national championships/conferences ■ NCAA Division I Men’s Regional Basketball Championship 2009
■ Major League Baseball Winter meetings 2009 ■ NCAA Division I Men’s Basketball Championship – Final Four 2010
■ 500 Festival Mini-Marathon (largest half-marathon in the country)
■ PGA Western Golf Association “BMW Championship”
■ Mizuno Hoosier Mideast Qualifier Volleyball Tournament
■ NCAA Division I Women’s Basketball Championship – Final Four 2011
■ NFL Combine ■ Indiana High School Athletic Association Championships in basketball, football, baseball, swimming and wrestling ■ Big Ten Women’s Basketball Tournament ■ Big Ten Men’s Basketball Tournament
■ NFL Super Bowl XLVI 2012
”
■ NFL Indianapolis Colts 2006 World Champions: 2006 AFC South Champions: 2004, 2005, 2006 ■ NBA Indiana Pacers NBA Eastern Conference Champions: 2000 NBA Central Division Champions: 1995, 1999, 2000, 2004
■ PGA U.S. Senior Open Championship 2009
■ Circle City Classic
■ Indianapolis Tennis Championships
WNBA Indiana Fever Tamika Catchings
■ AAA Baseball Indianapolis Indians: International League Champions: 2000 Division titles:1994, 1995, 2000, 2006 ■ WNBA Indiana Fever National governing bodies National Collegiate Athletic Association (NCAA) USA Gymnastics
Indianapolis has become the epicenter of the sports and entertainment world.
”
USA Track and Field US Diving US Synchronized Swimming
— Brian McCarthy, NFL’s director of corporate communications — Times-Picayune, Sept. 5, 2007
The Ultimate Sports Road Trip completed a re-scoring of all 30 National Basketball Association venues, and Conseco Fieldhouse earned the top spot — again. — Ultimate Sports Road Trip, February and December 2006
”
Best minor league ballpark in America.
”
Victory Field
— Baseball America — Sports Illustrated
Page 12
Indianapolis Downtown Development 2009
World-class venues $675 million, 73,000-seat Lucas Oil Stadium (2008) $190 million, 18,000-seat Conseco Fieldhouse (1999) $20 million, 14,500-seat Victory Field (1996)
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Residential market
Growing and successful residential market
Larger customer base, great place to invest, develop and live The Downtown residential market has enjoyed sustained growth since 2000. It is one of the strongest submarkets in Central Indiana. More than 20,000 residents live Downtown. The Regional Center 2020 plan calls for increasing the residential population to 40,000. Downtown is well on its way to achieving that goal:
More than 50 projects containing nearly 2,700 new residential units were completed between 2000 and 2008.
Nearly 30 projects containing nearly 1,300 new residential units are under way and will be completed by 2011. Average sales price of Downtown homes and condominiums $350K $300K $250K
Single family homes
$200K
2000
2001
2002
2003
2004
2005
2006
2007
Condos family homes
$286,820
$268,024
$322,624
$286,129
$272,384
$239,900
$249,278
$241,837
$219,340
$269,229
$191,710
$204,426
$168,852
$201,948
$160,132
$190,257
$50K
$143,954
$100K
$174,271
$150K
2008
The average sales price of single-family homes has grown 54 percent. The average sales price of condominiums has grown 99 percent since 2000. Average sales per square foot of new condominiums ranges from $190 to $480. Source: Metropolitan Indianapolis Board of Realtors (MIBOR)
757 Mass Ave is one of many mixed-use residential developments
Indianapolis tops the list of the most affordable U.S. metro areas for the 14th consecutive quarter, based on populations of more than 500,000.
Downtown is anchored by 14 successful historic neighborhoods. The distinct character of these neighborhoods attracts many people who want to live in a vibrant urban setting.
— National Association of Home Builders/Wells Fargo Housing Opportunity Index, Feb. 19, 2009
Apartment living
Vacancy rate of Class A and B apartments Downtown
Average effective rent per square foot for Class A and B apartments Downtown
0%
2000 2001
2007 2008*
$ .80
2000 2001
2002
2003 2004
2005
$1.08*
$1.03
$.99
$.96
2006
$.93
2005
$.94
2004
$.94
2003
$ .85
$.92
2002
5.2%*
2%
4.2%
$ .90 8.4%
4% 9.1%
$ .95
10.6%
6%
8.6%
$1.00
7.4%
8%
6.7%
$1.05
5.2%
10%
$.90
12%
Strong demand has led to record occupancy and rental rates among the 3,500 Downtown apartments and is driving construction of new multi-family developments.
2006 2007 2008*
Vermont Place Source: Tikijian Associates Multihousing Investment Advisors. Surveyed area is bounded by 16th Street. on the north, College Avenue on the east, West Street on the west and South Street on the south. Note: Includes revised figures from previous years.
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Indianapolis Downtown Development 2009
Page 13
Quality of life
Vibrant quality of life
Arts and amenities attract people to live, work and play — spend money Arts are alive Downtown, including first rate performances in numerous theater and works in world-class museums and public spaces.
ranks second as the ” Indianapolis best place to relocate your family,
according to Primacy Relocation and Worldwide ERC, 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.
”
— www.primacy.com, May 8, 2008
Indiana Repertory Theatre is Central Indiana’s premier performance theater featuring local actors and productions
Shopping, dining, and leisure
Cultural Districts
Successful businesses are easily accessible:
Downtown has four dynamic, locally authentic Cultural Districts. They uniquely engage residents and visitors in the history, people and culture exclusive to the city.
470 shops, restaurants and nightclubs 20 art galleries 19 performing arts venues and theaters
The Canal and White River State Park, Discovery Runs Through It
8 health clubs
Indiana Avenue, Rhythm Reborn
6 dry cleaners
Mass Ave, 45 Degrees From Ordinary
6 gas stations
Wholesale District, Welcome to the Main Event
3 grocery stores 9 drug stores 5 hardware/home improvement stores The Rathskellar Biergarten features live music all spring, summer and fall
War memorials Indianapolis is second only to Washington, D.C., in the amount of land dedicated to recognizing our nation’s veterans.
Indianapolis Cultural Trail: A Legacy of Gene & Marilyn Glick In a class by itself, the Cultural Trail winds through Downtown and connects the Cultural Districts as well as with distinctive arts and cultural attractions. Sections of this 8-mile, $50 million bike and pedestrian path are already in use. Completion is scheduled for 2011. Parks, green space and waterways
The Soldiers and Sailors Monument and Monument Circle anchor Downtown’s business district
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Green space is one of the hallmarks of a livable city. Downtown boasts more than 350 acres of parks,waterways, trails and green spaces. Indianapolis has one of the best greenway systems in the country. Eight greenways provide 35 miles of trails. The trails connect major areas of Indianapolis to Downtown and provide easy bike and walking access, along with delightful amenities for fitness enthusiasts and serenity seekers of all ages. Indianapolis Downtown Development 2009
The Indiana War Memorials Mall is a serene green space in the center of Downtown that pays tribute to veterans and hosts many annual cultural events
Museums and historic sites The Children’s Museum of Indianapolis Colonel Eli Lilly Civil War Museum Eiteljorg Museum of American Indians and Western Art Indiana History Center Indiana State Museum Indianapolis Museum of Art Indianapolis Museum of Contemporary Art James Whitcomb Riley Home Morris-Butler House Museum NCAA Hall of Champions President Benjamin Harrison Home Scottish Rite Cathedral Union Station Grand Hall and Conference Center USS Indianapolis Museum Visit our Web site: www.indydt.com
Quality of life
The Indianapolis Cultural Trail is a multi-modal path that connects Indianapolis’ Cultural Districts and the city’s greenways
White River State Park Free and accessible to all, this cultural destination offers festival and concert spaces, public art, unique cafés and three miles of walkways on the refurbished historic Central Canal. Few Downtowns match such beautiful landmarks. Eiteljorg Museum of American Indians and Western Art IMAX Theater Indiana Historical Society Indianapolis Indians at Victory Field Indiana State Museum
your ” Whether idea of a good
time is sports or the symphony, the country’s 12th-largest city doesn’t disappoint.
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— Chicago Sun-Times, May 2007
Indianapolis Zoo The Lawn at White River State Park plays hosts to national entertainers and cultural events annually
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IUPUI is among the top places to work for postdoctoral research fellows. IUPUI ranked 26th in the sixth annual survey of more than 3,000 postdoctoral researchers. Benefits and family and personal life were strengths mentioned.
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NCAA Hall of Champions
University life Downtown’s colleges and universities attract some of the best and brightest in the country. At least 45,000 students attend higher-education institutions Downtown, anchored by the following schools: Indiana Business College Indiana University — Purdue University Indianapolis (IUPUI) Indiana University School of Medicine Ivy Tech Community College IUPUI is Indiana’s urban research and academic health sciences campus, with 22 schools and academic units that grant degrees in more than 200 programs from both Indiana University and Purdue University
— The Scientist magazine, March 2008
Visit our Web site: www.indydt.com
Indianapolis Downtown Development 2009
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