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For Immediate Release: September 28, 2023
Media Contact: Max Wing | max@downtownindy.org

Downtown Indy’s strength and vibrancy highlighted at 2023 State of Downtown

Downtown Indy, Inc. gathers stakeholders and community leaders to celebrate Downtown’s successes alongside 30th anniversary milestone

INDIANAPOLIS – Today, Downtown Indy, Inc. (DII), along with local leaders and civic stakeholders, revealed its latest research regarding Downtown data during the 2023 State of Downtown presented by JPMorgan Chase & Co. and Pacers Sports & Entertainment. DII leadership gathered Downtown stakeholders, business leaders, residents, and civic partners for the annual State of Downtown to discuss the value of Downtown and its vibrancy, inclusion, and economic sustainability. The 2023 State of Downtown also coincides with DII’s 30th anniversary milestone, featuring unique programming all week across Downtown.

“The opportunity to celebrate not only Downtown’s success, but also our 30th anniversary milestone, with community stakeholders that work to make Downtown a better place is truly incredible,” said DII President & CEO Taylor Schaffer. “From a look at our booming development pipeline, to the recognition of our Downtown award recipients, to a preview of DII’s strategic goals moving forward, State of Downtown is an all-encompassing recognition of what makes Downtown great. With the help of a broad, unified coalition of committed partners, we are setting a vision for the future that meets the needs of a 365-day-a-year Downtown.”

DII also released its 2023 Community Report highlighting indicators of Downtown’s success, economic performance, trends, 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:

365-day-a-year residential Downtown

  • Downtown Indianapolis has experienced significant residential growth in recent years, experiencing a 46% population increase since 2010.
    • Households have increased by 62%
    • Housing units have increased by 54%
    • Number of families has increased by 52%
    • In the last five years alone, more than 3,000 new multi-family apartments have been added.
    • Result: Nearly 29,000 residents make up Indy’s Regional Center, Comparison: Columbus, OH: 11,650; Louisville: 4,629. And – the median household income of Downtown Indy residents ($63,426) is approximately 11% higher than Columbus and Louisville downtown residents.
  • Of the Downtown residents, 60% have a bachelor’s degree or higher, which is a 15.8% increase in recent years – indicating that post collegiate talent retention is on the rise.

Downtown real estate and development soaring

  • Downtown’s office vacancy rate is 9.4%.
  • New developments are increasing: 13 newly completed in 2022; 20 remain under construction; 24 proposed.
  • Investment in new developments over the next five years: $9 billion.
  • Assessed value of Downtown properties grew 6.3% from 2021.
  • Trend: Development of campus-like spaces with a mixed use of residential, office and street-level retail continue following demonstrated success by the CityWay and Bottleworks districts, now the Stutz as well as the 16 Tech Innovation District and next, the emerging City Market redevelopment district.

Campus-like growth = a cohesive Downtown

  • The Regional Center is home to nearly 800 retail establishments including more than 350 restaurants, bars, and coffee shops.
  • Over the last year, Downtown has celebrated many new business openings including a strong mix of local retailers like Nap or Nothing and Tinker Coffee, as well as the introduction of new regional and national chains to the market.
  • Vibrant mixed-use developments like Bottleworks, the Stutz, and City Way continue to serve as hubs for all-in-one shopping, dining, and entertainment experiences.
  • There are dozens more planned openings and announced projects in the pipeline that thoughtfully incorporate retail offerings such as the City Market campus redevelopment, as well as sites like Circle Centre and the former Jail 1 that are ripe for redevelopment catering to residents, workers, andvisitors.
  • Tourism continues to rebound to pre-pandemic levels with a Downtown hotel occupancy rate of 64%. The average daily rate of Downtown hotels is $186 compared to the national average of $147.

Return-to-office gaining steam for employers

  • Downtown office attendance is trending toward pre-pandemic numbers as businesses rethink workplace strategy.
  • The Regional Center has seen nearly 14 million office visits since January 2023, a 25% increase over the same period in 2022 and a 67% increase over the same period in 2021.
  • The Regional Center is on track to surpass the total number of office visits in 2022, which reached just over 18 million, by the end of this year.

A clean, safe, and activated Downtown

  • Within the past few months, DII has operationalized more than $3.5 million from the City of Indianapolis with new crime-fighting technology, additional hours for foot and bike officers, an increased Clean Team employee roster of 36, and the deployment of six, full-time outreach service providers to help those experiencing homelessness in the Mile Square.
  • Thanks to a million-dollar commitment from the Capital Improvement Board, DII was also able to launch SPARK on the Circle, a park like environment complete with seating, turf, entertainment, and food and drink operating on the southwest quadrant of Monument Circle.
  • Among other accomplishments, DII hosted its inaugural Downtown Indy Fourth Fest presented by UA Local 440, bringing in a record attendance of over 23,000 attendees, and launched a $250k paid marketing campaign to help people reconnect with experiences that make Downtown great.

New this year to State of Downtown, DII unveiled three supplementary Downtown Indianapolis Champion Awards in addition to its annual Lifetime Achievement award, 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 – Malina Simone Bacon and Alan Bacon, GANGGANG
    • Celebrating artistic and cultural contributions shaping the vibrancy and reputation of Downtown
  • Changing Our Skyline – Bicentennial Unity Plaza, Pacers Sports & Entertainment
    • Celebrating the inspiring developments making Downtown distinctive, engaging, and new
  • Spirit of Downtown – Sampson Levingston, Through2Eyes
    • Celebrating those who dream, dare, and do for a better Downtown
  • Lifetime Achievement – The Irsay Family, Indianapolis Colts
    • Celebrating 40 years of inspiration, leadership, and impact in Downtown

State of Downtown is just one part of a full week of birthday-themed festivities Downtown, designed to celebrate DII’s 30th anniversary and engage Downtown stakeholders. Activities included live music and a work-out class with Indiana Sports Corp on Tuesday, arts and culture opportunities on Wednesday, and a Silent Book Club Meetup this Thursday. Additionally, the SPARK Container Café, located in the park’s westernmost portion, will continue to sell birthday-themed cupcakes through the end of this week and DII’s social media pages will release a special announcement on Friday.

This Saturday, September 30, DII will launch its brand-new Indy’s Downtown Neighbors’ Alliance (Indy’s DNA) initiative at a “Residential Round-Up" event at SPARK on the Circle. Indy’s DNA is a residential-led effort intended to engage the growing Downtown resident population and create resident-focused communications specifically for those who call the area home. The Residential Round-Up will include the opportunity for residents to connect with their immediate community and enjoy live entertainment, info booths from attractions and organizations, food and drink, and the chance for prizes and giveaways.

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About Downtown Indy, Inc.

Founded in 1993, Downtown Indy, Inc., a public/private partnership existing to improve Downtown, is also known as Indianapolis Downtown, Inc. As a private, not-for-profit organization, Downtown Indy, Inc. is uniquely positioned to address issues that affect the area’s growth and well-being. Downtown Indy, Inc. focuses on development, management, activation, and marketing to advance Downtown as a great place to live, learn, work and play.