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Downtown Indy A "Residential Magnet"

Last updated on Wednesday, December 4, 2013

(INDIANAPOLIS) - Downtown Indianapolis will continue to be the major economic and residential driver for Indiana. That’s according to Indianapolis Downtown Inc. which released it’s five-year strategic plan Velocity on Tuesday.

IDI Vice President Robert Schultz says the plan involved the input of some four-thousand participants. He says downtown has emerged as a collection of neighborhoods built around a "commerce center."

Schultz says downtown Indianapolis has become a "residential magnet." As a result, developers are working on numerous projects to meet demand.

Schultz says 38% of people moving to downtown are coming from out of state and 26% are coming from outside of Marion County with the remainder coming from within the county.

Schultz says there's strong interest for rental units downtown. He says many baby boomers and millennials are moving downtown and want parks, biking trails, more shopping and better access to work.

Schultz says 90% of young millennials want to live in a downtown core.

He says the city has seen an 89% increase in the number of downtown residential units from 2009 to 2013.

Schultz says the plan exists to continue to push downtown as a residential core complete with amenities.

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