Downtown investments in Indianapolis are expected to yield billions of dollars

Indianapolis, Indiana – The construction crane could very well be the city of Indianapolis’s municipal bird.
According to city officials, the revitalization of downtown is crucial for the development of the local and metropolitan areas as well as for the state of Indiana’s economy, since more than $9 billion in building investment is either planned or already underway.

Director of Metropolitan Development Megan Vukusich stated, “Our downtown has a different economic impact on the city than other areas of the city, and that’s because of the development and the tourism we see in downtown. Therefore, the revenue generated in a smaller surface area has an impact on the larger city of Indianapolis.” At the regional level, I would presume the same thing to be true. There is a great deal of growth going on in the city of Indianapolis, and the state of Indiana will be affected.

The Illinois Building’s Intercontinental Hotel on West Market Street is one of the long-delayed projects that is almost ready to open.

Others, like the conversion of the old City Hall on Alabama Street into a meeting room and boutique hotel, are still in the planning stages as developers attempt to bring historic structures up to modern standards and viability. The developer also has the task of remaking the City Market.

One day, the 40-story Signia Hotel on Pan Am Plaza will have 800 rooms and be connected to the Indiana Convention Center. While workers have closed nearby Georgia Street to transform it into a pedestrian-only shopping center, the structure is rapidly approaching the sky.

We’re referring to this as a park-like environment. Vukusich stated, “Really removing vehicle access on that segment of Georgia Street,” as planners have placed a strong emphasis on downtown’s walkability. “The Cultural Trail is one of these fuses that connects all these elements downtown, so we’re also focusing on how we’re telling that full story of downtown.”

The Bottleworks is being expanded just outside of Mile Square by the developer, Hendricks Commercial Properties, even though the start of the planned $600 million renovation of Circle Centre is still a few years away.

“A more contemporary example of development in that area is Bottleworks, which is a good example of a mixed-use retail and office component,” Vukusich added. “We also have the smaller retail units in the Stutz Building.”

IU Health is halfway into the building of its $4 billion healthcare campus, which will include hospital, physician, wellness, and treatment facilities, located a few blocks north of the Stutz Building and the North Split.

According to Vukusich, “We do have a diverse set of uses for our economy, particularly for the downtown economy.” “We have manufacturing, our sports economy, and the health care sector, IU Health. Elanco is conducting research and designing the construction of its headquarters. We have tech companies as well.

Elanco is extending growth outside of the city center with its new headquarters immediately west of the White River, which is anticipated to open and be connected to downtown by the soon-to-be-finished Henry Street Bridge.

Just east of Gainbridge Fieldhouse, the former Marion County Jail is being demolished to create room for a new Indiana Fever practice, and two hotels—one to be constructed by the Indiana Pacers’ owners—are going from the design board to the building site directly to the west.

While construction is gradually moving forward to renovate the former Angie’s List location next to Elevator Hill across I-65, work appears to be at a standstill farther east on Washington Street at a former jail and auto plant that is intended to be an entertainment and retail hub.