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State of Downtown 2016 Community Report

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State of Downtown 2016 Community Report STATE OF DOWNTOWN 2016 COMMUNITY REPORT STATE OF DOWNTOWN 2016 COMMUNITY REPORT Downtown Indy, Inc. | 111 Monument Circle, Suite 1900, Indianapolis, Indiana 46204 | (317) 237-2222 HELLO INDIANAPOLIS. Whether referring to the place or the organization bearing its name, Downtown Indy represents a strong brand of innovation and connectivity. This Community Report is intended to provide a glimpse of the current state of our outstanding Downtown and demonstrate the need for continued acceleration that is making Downtown Indianapolis an outstanding place to live, learn, work and play. We are grateful for the innovative spirit of our board, staff, volunteers, members, residents, elected officials, civic partners and business and community leaders who are collectively committed to excellence for our Downtown. From the entrepreneurial spirit fueling new leaders to the steadfast corporate giants on whose shoulders we stand as a community, Downtown is the benefactor of visionary leadership and bold decisions. And Downtown continues to offer its residents, workers, students and visitors an authentic connectivity that inspires freshness and eagerness to embrace diversity, expand experiences and develop new relationships. This is why our Downtown works. From new restaurants, breweries and galleries to an ever-changing skyline and streetscape with new businesses and homes big and small, the next few years promise even greater opportunities to explore and engage in a safe, beautiful and vibrant Downtown. And finally, we are so pleased to welcome our new Mayor, Joe Hogsett, and his administration as our new partners in urban development. Downtown living is growing at historic levels with a workforce to match so as Downtown goes, so goes the city. Together, we are prepared to address the challenges and opportunities ahead as we welcome thousands of new residents, many new and expanded employers, dynamic retail offerings and growing transit options. It has never been more important to keep our collective foot on the gas pedal as we all continue to focus on the road ahead, yet pause to celebrate the state of Downtown, which is incredibly strong. To all, we thank you for your interest, involvement and investment in the work of Downtown Indy, Inc. Here’s to the year ahead. Charles Bantz Sherry Seiwert Chair, Downtown Indy, Inc. Board President, Downtown Indy, Inc. BOARD OF DIRECTORS CHAIR (Directors Continued) Charles Bantz, Ph.D., IUPUI Jason Leet, Salesforce Marketing Cloud David Lies, OneAmerica Financial Partners VICE-CHAIR Tim Massey, BMO Harris Bank Richard Ellis, PNC Bank Michael McQuillen, City-County Council TREASURER & SECRETARY Steve Menser, IBEW Local #481 William H. Henley, Indianapolis Power & Light Darin Moody, Eli Lilly and Company Company Vop Osili, City-County Council Brian Payne, Central Indiana Community DIRECTORS EMERITI Foundation Robert H. Reynolds, Barnes & Thornburg Yvonne Perkins, Citizens Energy Group Jerry D. Semler, OneAmerica Financial Partners, Inc. MT Ray, High Alpha DIRECTORS Jessica Robertson, Indiana State Department of Nate Brames, EY Administration Brian Burdick, Barnes & Thornburg LLP Krista Skidmore, FlashPoint Brad Chambers, Buckingham Companies J. Albert Smith, Jr., Chase in Central Indiana Greg Chester, PricewaterhouseCoopers LLP Dennis Sponsel, RJE Business Interiors J. Murray Clark, Faegre Baker & Daniels Todd Taylor, Pacers Sports & Entertainment Jim E. Dora, Jr., General Hotels Corp. Mikael Thygesen, Simon Property Group Inc. Tom Fox, Angie’s List Amy Conrad Warner, IUPUI Adairius Gardner, IU Health Doug Wilson, Star Media John Griffin, Central Indiana Building Trades EX OFFICIO Council Karen Burns, Indianapolis Zoo C. Perry Griffith, Jr., Denison, Inc. Leonard Hoops, Visit Indy Steve Humke, Ice Miller, LLC Craig Huse, St. Elmo’s and Harry & Izzy’s PRESIDENT Kalen Irsay, Indianapolis Colts Sherry Seiwert, Downtown Indy, Inc. Jarrett Jones, Rolls Royce – North America VICE PRESIDENTS Angela Smith Jones, Office of the Mayor Bob Schultz, Downtown Indy, Inc. Andre B. Lacy, LDI, Ltd. Tim Boruff, Downtown Indy, Inc. b a n 17th St. y w a s 17th St. l e e w n A C a N n l . t. e e e P D Senate v th S 17 16th St. Pl. 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Ray St. 2016 COMMUNITY REPORT Ray St. CONTENTS HOUSING, NEIGHBORHOODS & 6 ECONOMIC DEVELOPMENT ENVIRONMENT 10 & EXPERIENCE MULTI-MODAL 11 TRANSPORTATION ARTS, CULTURE, SPORTS & 12 ATTRACTIONS 14 DOWNTOWN INDY, INC. Downtown Indy, Inc. is a private, not-for-profit organization uniquely positioned to address issues that affect the area’s growth and well-being. Downtown Indy, Inc. focuses on advancing Downtown as a great place to live, learn, work and play. DowntownIndy.org 5 HOUSING, NEIGHBORHOODS & ECONOMIC DEVELOPMENT DOWNTOWN RESIDENTIAL REAL ESTATE IS SIZZLING INVENTORY ON THE RISE 11,000 , 10,000 The number of A & B apartments has increased 61 9,000 percent over the last five years. By the end of 2018, 8,000 an additional 3,348 units will be added to the market. Apartment units 7,000 Fifty-seven percent of new residential development will 6,000 take place within the Mile Square. 5,000 SOURCE: Tikijian Associates Multihousing Investment 4,000 Advisors & Downtown Indy, Inc. DEMAND IS OUTPACING SUPPLY In the last five years, vacancy rates for Downtown multi-family units have remained around 4 percent, despite increasing rental rates. Rental rates remain very low in comparison to most of our peer cities. DOWNTOWN INDY VACANCY RATES 2015 PEER CITY RENTAL RATES PER SQ./FT. 5.0% Austin Denver 4.0% Minneapolis 3.0% Nashville Raleigh Cincinnati DOWNTOWN INDY RENTAL RATES PER SQ./FT. Indianapolis Louisville Peer City $1.50 St. Louis Comparison $0 $0.50 $1.00 $1.50 $2.00 $2.50 $1.25 SOURCE: Tikijian Associates Multihousing Investment $1.00 Advisors (graphs to the left) & Renthub.com (above) STATE OF DOWNTOWN 2016 COMMUNITY REPORT Demand for Downtown homeownership is up. The average sales price for single-family homes and condominiums has risen 37 percent since 2011.
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