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For Immediate Release: September 26, 2024
Media Contact: Max Wing | max@downtownindy.org

Downtown Indy’s “Blockbuster Year” celebrated at 2024 State of Downtown

Event highlights defining moments, major development, and community milestones

INDIANAPOLIS – Today, Downtown Indy, Inc. (DII) joined more than 300 community stakeholders to celebrate defining milestones of the past year at the 2024 State of Downtown presented by JPMorganChase and Pacers Sports & Entertainment. The annual meeting dove into the data and metrics of the city’s Regional Center, recognized catalytic contributors to the area’s continued momentum, and explored what’s next in DII’s work to elevate and sustain a vibrant, welcoming Downtown Indianapolis.

“Downtown’s reputation as a world class host of big events and iconic moments took center stage in 2024, in an undeniably ‘blockbuster year’ for Indianapolis,” said DII President & CEO Taylor Schaffer. “From projects changing our skyline to innovations within the creative economy including performing and visual art, Downtown Indianapolis is enjoying continued momentum and a robust development pipeline that is attracting residents and visitors alike. Today, we come together to celebrate these successes and the leaders who have been so impactful during this critical time at the 2024 State of Downtown.”

In tandem with State of Downtown, DII also released its 2024 Community Report highlighting indicators of Downtown’s success and economic performance, this year’s “blockbuster” lineup of large-scale events, noteworthy accolades, and other relevant data. Click HERE for a link to the entire report. Key data points in the Community Report, also shared at State of Downtown, included the following:

Downtown maintains a thriving residential ecosystem

  • Downtown Indianapolis has experienced significant residential growth in recent years; the overall population has increased 3.04% since 2022.
    • The number of families living Downtown has increased 66.4% since 2010.
    • More than 29,000 residents make up Indianapolis’ Regional Center, well outpacing peer cities including Charlotte, NC (16,483), Columbus, OH (12,000), and Louisville, KY (4,844).
    • The median household income of Downtown Indy residents currently sits at $67,711, approximately 12% higher than Columbus and more than double the household income of Louisville.
  • The Downtown median age is 28.7 years old.
    • Older generations, including Greatest (age 97-123), Silent (age 79-96), and Baby Boomers (age 60-78) make up roughly one fourth of the Regional Center population.
    • Gen X (age 45-59) and Millennials (age 29-44), many of which are part of small to medium sized families, account for more than 70% of residents. Connectivity, access to a vibrant arts and cultural scene, and community drive their decision to locate in Downtown.
    • From college students to grade schoolers, Gen Z (age 15-28) and Gen Alpha (age 1-14) fill in the remaining 30% of Downtown dwellers.
  • Of Downtown’s residential base, more than 60% have a bachelor’s degree or higher.
    • Indianapolis was ranked a top 10 city for new graduates in 2024 by ADP Research Institute; with the recent spike in cost of living correlated with lower average wages, new graduates are turning to small to mid-sized cities to accommodate their needs.

High concentration of amenities support quality of life

  • The Regional Center boasts more than 400 restaurants, bars, and coffee shops, supporting its reputation for world-class dining and vibrant nightlife.
    • More than 50 new businesses opened from Sept. 2023-Sept. 2024 including Cunningham Restaurant Group’s newest concept, Commission Row, a 30,000 square foot dining and entertainment destination; Command Coffee and Sushi Boss, helping to lead the way in bringing new local food and beverage options to Monument Circle; and the continued trend of small, independent bookstores finding their community in Downtown including the most recent opening of The Whispering Shelf.
  • Downtown continues to see the addition of new, pedestrian-friendly amenities and innovative connectivity initiatives:
    • The mile-long Indiana Avenue and 10th Street expansion of the Indianapolis Cultural Trail opened in June 2024, soon to be followed by the opening of the South Street expansion. Construction on a new multi-modal bridge across the White River will further connect the Cultural Trail to an expanded White River State Park and the Elanco Campus, with construction slated to begin in late 2025.
    • In May 2024, the Cultural Trail and City of Indianapolis, with support from the Herbert Simon Family Foundation and Pacers Sports & Entertainment, launched the IndyRides Free program, making Indianapolis the first U.S. city to offer free annual bike share passes to all residents.
    • In August 2024, the City of Indianapolis proposed enhancements to critical connectors in Downtown, including a largely car-free reimagining of the west block of Georgia Street.

Development pipeline maintains momentum

  • 2024 saw progress on planned projects including the redevelopment of the former Odd Fellows Building at the corner of Pennsylvania and Washington streets, set to become a 130-room Kimpton Hotel, continued construction at the new Elanco Animal Health global headquarters, and transformational changes within the IU Health district as new buildings -- and more cranes in the air – gave shape to the health system’s multi-billion dollar investment in the area.
    • Seven major development projects were completed from Sept. 2023-Sept. 2024: five residential, one mixed-use, and one trail project.
    • 17 developments are under construction with another 16 proposed.
    • In June 2024, the Signia by Hilton and Indiana Convention Center expansion underwent the largest continuous building concrete pour with 800 cement mixers and 7,600 cubic yards of concrete.
    • Alongside the ongoing Bottleworks District Phase II development, Hendricks Commercial Properties announced in December 2023 a $600 million mixed-use redevelopment of Circle Centre Mall.

The rise of mixed-use development

  • The Regional Center - comprising 6.3 square miles or 1.5% of Marion County’s land mass - is small but mighty, serving as the economic engine for not only Central Indiana, but the entire state.
    • More than 37% of the city/county’s gross property and income tax revenue was generated within the Regional Center, based on the most recent year available for both data points (2021/2023).
    • The assessed property value was reported as 8.5 billion in 2023, a slight increase from 2022.
  • Mixed-use developments are attracting relocations as well as opening the door to new anchor tenants for the Regional Center. In January 2024, developer SomeraRoad, announced that specialty products manufacturer Calumet will move its headquarters from the west-side of Indianapolis to more than 52,000-square-feet of office space on the 4th floor of The Stutz.
  • Downtown’s office vacancy rate is 11.5% as the market continues to adjust to evolving workforce needs.
  • The multi-family housing market continues to expand with a 4.4% increase in the number of units since 2020.

Downtown Indianapolis: Clean, Safe and Vibrant

  • Downtown remains the safest district in Marion County; addressing public safety continues to be prioritized with new crime-fighting technology, the deployment of additional foot and bike officers, the DII Safety Ambassador program, and public awareness efforts highlighting IMPD’s connectivity.
    • Violent crime in Downtown Indianapolis has decreased 23.2% from 2023 to 2024 (YTD).
    • Property crime in Downtown Indianapolis has decreased 11.5% from 2023 to 2024 (YTD).
  • With the infusion of one-time federal funds from the City of Indianapolis, DII has been able to triple its Clean Team employee roster and respond to requests made by property owners within a 24-hour window.
    • Over the last 18-months, DII has seen immense progress in the cleanliness of Downtown Indianapolis with outcomes including 874,450 pounds of trash removed, 874 blocks power washed, 5,911 stickers removed, and 1,736 graffiti locations cleaned.
  • This year, the City-County Council enabled a piece of state legislation in order to create a Downtown Economic Enhancement District. The area, bounded by I-65 to the north and east, South Street to the south, and Blackford Street to the west, will receive an elevated level of day-to-day operational service and the continued prioritization of quality street-level services including power washing, litter abatement, homeless outreach services, and additional public safety resources.
  • Downtown Indy, Inc. continues to serve as Downtown’s primary place-based management organization:
    • The park-like environment SPARK on the Circle, first introduced in 2023, returned to Monument Circle in June 2024 with 45 local artists engaged and 300-500 visits per day.
    • DII’s multi-media Shining A Light technology featured 23 different partner groups with audio and video projection presentations running each and every night of the year.
    • Downtown Indy’s Fourth Fest presented by UA Local 440 welcomed more than 23,000 attendees to American Legion Mall and the Indiana War Memorial grounds.
    • More than 200,000 attendees were present during the holiday season to engage with The Downtown Indy, Inc. Circle of Lights presented by IBEW 481.

In addition to data driven insights, DII unveiled its four “Downtown Indianapolis Champion Awards,” honoring those who have stood out as catalytic contributors in our community. Award recipients were nominated for their impact on various aspects of Downtown development, from arts and culture to the physical skyline around us. Please see award descriptions and recipients below:

  • Arts and Culture Visionaries – Sean “Oreo” Jones, Jane Sun Kim & Jay Brookinz, Chreece Hip Hop Festival
    • Celebrating artistic and cultural contributions shaping the vibrancy and reputation of Downtown
  • Changing Our Skyline – Bottleworks District and Circle Centre Mall, Hendricks Commercial Properties
    • Celebrating the inspiring developments making Downtown distinctive, engaging, and new
  • Spirit of Downtown – Presented posthumously to Jim Morris, Pacers Sports & Entertainment
    • Celebrating those who dream, dare, and do for a better Downtown
  • Lifetime Achievement – Rick Fuson, Pacers Sports & Entertainment
    • Celebrating 40 years of inspiration, leadership, and impact in Downtown

With the holidays less than two months away, planning is well underway to deliver an unforgettable Downtown experience for residents and visitors alike. Beginning with the 62nd annual Circle of Lights and encompassing the wide range of events, venues, and programming, DII seeks to elevate the holidays in Downtown. Following Circle of Lights on Nov. 29, a modified version of SPARK on the Circle will remain open to complement the holiday season, maintaining the Container Café vending services while introducing themed musical performances and appearances from Santa Claus. DII is also returning with an expanded version of its “Winter Wanderland” marketing campaign, soon to feature a dedicated microsite and interactive elements placed throughout the city in addition to last year’s iconic tear-off maps by Lodge Design.

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About Downtown Indy, Inc.

For more than three decades, Downtown Indy, Inc. (DII) has partnered with businesses, property owners, and Downtown stakeholders to ensure Downtown Indianapolis is the vibrant, welcoming, and fun heart of Indiana’s cultural and economic life. DII serves as Downtown’s primary place-based management organization, collaborating and executing on large-scale events, public space programming, cleanliness and beautification initiatives, and investments in public safety. www.downtownindy.org