Close to 500 people were in attendance last week to kick off the Great Places 2020 Initiative, ac private/public partnership that has already committed $84 millions. Those dollars will be concentrated in a very tight geographical zone to serve as a wellspring for an entire neighborhood. Think Fountain Square, think Mass Ave.
Get a bunch of companies, non-profits and the City to pump tons of money into a street corner, then watch the private sector move in and set up shop to create a “really vibrant, walkable, thriving” place, as Tedd Grain, Deputy Director of LISC Indianapolis remarked.
The initial three targets are:
- Englewood Village, centered at East Washington Street and Oxford. The vacant 125,000 square Mallory Building is available and could serve as a cornerstone.
- River West. Yes, just west of the White River at Michigan and King Avenue. Close to IUPUI and the growing medical district. With 30% of the area’s houses abandoned, there’s plenty of opportunity.
- Maple Crossing, at 38th and Illinois. Again, lots of opportunity (if you want to call it that). Close by are the Children’s Museum, Butler, IMA, and the Fairgrounds. The City has already committed to investing $5 millions into Tarkington Park. It will then serve as the anchor around which the newly revitalized neighborhood will spring.
Will all of this happen overnight? Certainly not. Will it surely work? Hmmm Although if they pour enough money into it private money will follow and there will likely be some improvement-even if these areas don’t become the next Mass Ave. Is there money to be made here for home buyers and investors? Most likely. Although it will pay to do your homework and buy smart.
As with anything else real estate related, if you want the latest, most up to date info (and some ideas on how to put that to good use for your own self) just call me!
“I work harder to make good things happen!” -Bob