The Midwestern city (and home to BAM’s corporate office) of Indianapolis has seen solid economic performance and growth recently, and the downtown has several new developments in the planning stages to add to the options for multifamily living. We look at what made local news in recent days in today’s edition of the BAM blog…
Mixed Use Property Planned
According to a televised newscast this week on local station WishTV8, an old stucco building that marks the corner of Morris and South Meridian will make way for a mixed-use property this fall. Developer BWI purchased the property and envisions ground floor retail with multiple levels of apartments in the new building. Although the majority of recent builds in metro Indy have been Class A, luxury properties, this property will cater more to those not looking to live at the high-end addresses downtown. Instead, the planned development will be geared toward families, millennials, as well as a few corporate individuals.
Another 300 Units on the Way
Although the Channel 8 story didn’t specify how many units the BWI development at South Meridian will feature, they did mention that another development was also planned for just due north of the BWI property. According to the news piece, the next planned property will also be mixed use, and include not just 300 apartments, but also retail space and an extended-stay hotel.
Other Big Projects Planned
As we’ve mentioned in a previous piece, these new planned developments will join others in the city’s downtown area within the next few months/years in adding to the city’s available rental space. The large Waterside project is anticipated to take up to 15 years to complete, and will include mixed-use space, as well as options such as potential workforce housing designed to benefit area teachers, artists, police, etc. This property hopes to appeal to a wide demographic and not partner with just high-end, exclusive establishments only. They also hope that the project will result in 11,000-13,000 jobs at the property.
Outside the City
Of course, the previous projects are all within the city itself, and don’t include planned projects or those underway in surrounding suburbs of the Circle City. As we wrote recently, the nearby city of Lawrence has plans to begin construction on new market-rate apartments that will reflect nearby Ft. Benjamin Harrison, but thanks to location, won’t be strictly limited by zoning requirements. Other cities that will be seeing new additions to inventory include Avon, Plainfield, Carmel, Fishers, Westfield, and Noblesville.