Just north of downtown Indianapolis, the Midtown District is home to approximately 40,000 residents and many of the most venerable institutions of culture and learning in the region. However, parts of the District have suffered decline as evidenced by declining property values and increasing vacancy. To address this duality, the Historic Midtown Neighborhood Initiative (HARMONI) and the Maple Road Development Association sought to create a plan that would inspire new investment throughout the District. With the goal of returning Midtown to the walkable, mixed-use, connected neighborhood that it was designed to be nearly 100 years ago, the plan was crafted to spur economic development in select commercial nodes which are declining, both requiring stabilization and offering the highest potential impact from new investment.
Greenstreet analyzed demographics, potential target markets, existing supply and drivers of demand to determine the market potential for residential, retail, office, and hotel real estate within Midtown. This informed design and development programs and implementation strategies for priority projects. Greenstreet also developed site-specific market strategies for three commercial nodes. The results are now guiding catalyst projects at each commercial node, the first of which is a $15 million, mixed-use development in Broad Ripple Village.