Momentum in downtown Indy heading into 2025
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowWith billions of dollars in new projects underway or planned, there are definite signs of momentum in downtown Indianapolis as 2025 approaches. And the new year will brig a new organization to lead economic development in the capital city.
The Indy Economic Development Corp., which has been a division of the Indy Chamber since 2012, will become a separate nonprofit starting Jan. 1. It’s modeled after the public private Indiana Economic Development Corp. and will work with surrounding counties to have a positive impact on business.
“The vision is going to be to build the most national and international economic development organization that is the most unique, the most advanced and the most accomplished in America,” Jim Schellinger, who has been tapped to lead the newly formed organization as CEO, said. “We are going to take Indianapolis to the world and we’re going to bring the world back to Indianapolis.”
Schellinger told Inside INdiana Business host Gerry Dick that while he wants to make Indianapolis an international city, businesses in Indianapolis need to be taken care of first.
“Those are the people that built this city, and those are the people that are going to we have to pay first attention to but [also] starting to bring in some of the international flavors and headquarters,” he said. “To do that, the most important thing will be working with Mario Rodriguez, our amazing director of the Indianapolis International Airport, because the international flights are critical…he just landed Ireland. We had Paris; we’d like to bring that back. We were this close to London before the pandemic.”
READ MORE: Indy-to-Dublin flight expected to generate new partnerships, strengthen relationships
Taylor Schaffer, Downtown Indy Inc. president and CEO, says downtown continues to be a hub for commerce and innovation.
“We often say that the health of a downtown can be felt with the number of cranes in the air, and that’s certainly evident in downtown Indianapolis. We’re seeing that truly in all four corners of the regional center and with such a broad cross section of projects that really speak to the vibrancy [and] the livability,” Schaffer said.
Several projects are in the works downtown, including the Signia by Hilton hotel, Elanco’s sprawling corporate campus now under construction at the former GM Stamping plant along the White River, and excitement around Georgia Street.
“What I think you’re going to see in this next chapter and within those three blocks [of Georgia Street] is an evolution of who downtown is and what is necessary for downtown to be vibrant,” Schaffer said. “Our ability to really activate spaces by bringing together partners is one of a kind. I think as you look to 2025, you’re only going to see that continue.”
Pacers Sports & Entertainment President Mel Raines, who was also one of the panelists for IBJ Media’s Engage Central Indiana event last week, is also excited about the potential for Georgia Street.
“We now know how much activity can be on that central corridor. With the redevelopment of Circle Centre right there, I think it’s going to truly become the center of everything,” Raines said. “That Meridian Street Corridor and Georgia Street, we put a lot of activities there too, and I’m excited to see what that looks like when the Signia is done and as they continue to move east.”
Last week, the Indiana Economic Development Corp. announced a record-breaking $39.1 billion annual total of planned private capital investments.
The state has improved its annual total every year since Gov. Eric Holcomb took office (with the exception of 2020 due to the pandemic.)
READ MORE: Holcomb looks back as term nears end