Schaffer: A lot of reasons for optimism in downtown Indy
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowAfter a slow recovery from the pandemic and two days of riots three years ago, downtown Indianapolis appears to be seeing an upward trend, according to Downtown Indy Inc.
The not-for-profit civic organization released its annual State of Downtown report last week, which shows an uptick in residential growth, office visits and assessed value for downtown properties.
“I think it’s hard to spend time in downtown and not feel a renewed sense of energy, a renewed sense of vibrancy, an increase in the number of workers that are spending their days here in downtown, as well as a real energy and momentum around public spaces and new developments,” said Downtown Indy Inc. CEO Taylor Schaffer.
In an interview on Inside INdiana Business with Gerry Dick, Schaffer said the organization has a lot of reasons to be optimistic about the future of downtown.
One of the main challenges coming out of the pandemic has been companies moving to a remote or hybrid work environment. Schaffer said office visits throughout downtown is something the organization tracks very closely.
“It’s not just how many offices are utilizing their space but how many times workers are coming into the office in a given period of time, which I think is all the more important knowing the flexibility that so many companies are offering with a three or four day work week instead of a five day in-office work week,” she said.
The State of Downtown report shows there have been 14 million office visits since January, a 25% increase over the same period last year and 67% higher than 2021.
The report also shows about 29,000 people live in the Indianapolis Regional Center, which covers a 6.5-square-mile area of downtown. The population has increased 46% since 2010.
And downtown development continues to be on the rise. Investment in new developments over the next five years total $9 billion with the trend of mixed-use projects being a major focus. The report said the assessed value of downtown Indy properties has grown 6.3% from 2021.
“I think that I think that signifies a real desire to continue to invest in downtown as well as what could be some of the most transformational years in our downtown’s history,” Schaffer said.
The report was unveiled Thursday during the organization’s State of Downtown event. Schaffer detailed a new mission statement for Downtown Indy Inc., which is to be the “trusted champion, convener and steward of a dynamic downtown Indianapolis.”
She said the new vision for the organization will help improve relationships with downtown residents, business owners and other organizations.
Schaffer was named the organization’s CEO in August 2022 after serving in Mayor Joe Hogsett’s administration for six years, most recently as chief deputy mayor.
You can connect to the full State of Downtown report by clicking here.
The IBJ’s Mickey Shuey contributed to this report. You can read more from the IBJ here.