Exactly why I reacted as I did.
Presenting bad news as good news online has been normalized, and I think it's incumbent on everyone to stomp it out when someone tries to start it. End of political statement
INDIANAPOLIS | Development News
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Presenting bad news as good news online has been normalized, and I think it's incumbent on everyone to stomp it out when someone tries to start it. End of political statement
Relax, the article it's from did the same thing. No reason to get worked up.
Pure Boosterism. Which one expects from a Chamber of Commerce press release.
I'd like to think that collectively, we who participate here are much better than that, and more thoughtful in analysis. Not just throwing up headlines.
Here's an open question for people with real data:
Specifically looking at the homebuying boom in Indy's urban core, where are the buyers coming from? I see blocks and blocks of the near eastside being flipped, and while the appeal makes sense, I truly don't know the average profile of a buyer. Are they a current urban Indy apartment dweller? Or upgrading from a smaller house? Or moving from out of town?
One possible explanation: the lagged homebuying moment for millenials is now happening, and there is a strong preference for urban walkable housing stock. But the suburban market seems to be growing even faster, so that counters the idea of a preferences shift. Instead it seems like aggregate demand has gone up.
Very curious to see the 2020 census data for these answers.
Specifically looking at the homebuying boom in Indy's urban core, where are the buyers coming from? I see blocks and blocks of the near eastside being flipped, and while the appeal makes sense, I truly don't know the average profile of a buyer. Are they a current urban Indy apartment dweller? Or upgrading from a smaller house? Or moving from out of town?
One possible explanation: the lagged homebuying moment for millenials is now happening, and there is a strong preference for urban walkable housing stock. But the suburban market seems to be growing even faster, so that counters the idea of a preferences shift. Instead it seems like aggregate demand has gone up.
Very curious to see the 2020 census data for these answers.
The peak Millennial age band was 25-29 two years ago, so those millions of kids (my kids' age, so kids to me) are now 27-31 and mortgage interest rates are lower than they have ever been in my lifetime and theirs (something I did not imagine possible 5 years ago when my wife and I refinanced our house at the bottom of the market). Bottom line: In Indianapolis it's way cheaper to buy than to rent.
You are correct that urban vs. suburban preference seems not to have shifted a whole lot. What has shifted is that we now have HGTV and first-time working professional (above median income) buyers want houses that have already been rehabbed and supplied with stone-and-stainless kitchens, spa-like master bathrooms, etc. Those are either urban rehabs or brand-new exurban places.
At the next notch down (at or below median household income) some of the outer Center Township and inner Washington and Lawrence Township flips end up priced lower than brand new suburban places, in the $135-175,000 range, vs. $200,000+ for new tan vinyl boxes.
(SSC won't insert the photo link for the demographic bar chart, so click here.)
You are correct that urban vs. suburban preference seems not to have shifted a whole lot. What has shifted is that we now have HGTV and first-time working professional (above median income) buyers want houses that have already been rehabbed and supplied with stone-and-stainless kitchens, spa-like master bathrooms, etc. Those are either urban rehabs or brand-new exurban places.
At the next notch down (at or below median household income) some of the outer Center Township and inner Washington and Lawrence Township flips end up priced lower than brand new suburban places, in the $135-175,000 range, vs. $200,000+ for new tan vinyl boxes.
(SSC won't insert the photo link for the demographic bar chart, so click here.)
Design podcast interview with Vop Osili
/extaudio/a/9/0/7/a421-c93b-4597-ae53-a0bfe7b3998f)
www.mixcloud.com
Vop Osili : Show 015 : Design Minded
Design Minded is an ongoing conversation that explores how design impacts our physical environment and quality of life in Indianapolis — sometimes for the better, sometimes for the worse. Indianapolis City-County Council President and practicing architect, Vop Osili, joins hosts Lee Alig and...
www.mixcloud.com
Wow, election really sucked the energy out of this board. Here are some of my takeaways from the election, as they relate to Indy dev:
- IPS board remains innovation-focused. This likely means continuing on the pace of consolidating real estate holdings and reimagining the focus of urban elementary options. (Personally, I think this is wise.)
- State legislature is even more red, so won't expect many favors for IndyGo or other divisive Indy-related issues.
- Assuming Biden and R Senate, will probably get some moderate stimulus that will fund some additional local infrastructure projects.
Obviously there's a lot of politics involved (which I don't really follow closely), but Broad Ripple and John Marshall definitely seem to be on the table. Howe, Manuel, and NW all seem like future possibilities too, although more of a longshot. This article seems to indicate they may be digging deeper into their pockets and may be more flexible moving forward.
Buckingham withdraws plans for $70M project along Indiana Avenue - Indianapolis Business Journal
A formal withdrawal of project plans was filed Friday, Nov. 20 with the city of Indianapolis, although no reason was offered.
www.ibj.com
Sigh
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Elanco to build $100 million HQ campus at former GM site downtown
December 4, 2020 | John Russell and Lesley Weidenbener
Elanco Animal Health Inc. announced Friday morning it will build a $100 million headquarters campus at the former General Motors stamping plant west of downtown, a move the state has incentivized with more than $86 million in tax breaks plus land for the project.
...
www.ibj.com
December 4, 2020 | John Russell and Lesley Weidenbener
Elanco Animal Health Inc. announced Friday morning it will build a $100 million headquarters campus at the former General Motors stamping plant west of downtown, a move the state has incentivized with more than $86 million in tax breaks plus land for the project.
...
Elanco to build $100 million HQ campus at former GM site downtown - Indianapolis Business Journal
The state has offered at least $86 million in tax incentives, plus land for the project.
www.ibj.com
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The former GM site will be reborn as a major jobs center for Elanco, which will be kept in IN. Southern portions of the site are being reserved for future neighborhood development as a transition to The Valley. The riverfront is being reserved for an expansion of White River State Park.
Could this be any better conceptually? PHENOMENAL.
Could this be any better conceptually? PHENOMENAL.
I am curious how they plan to transition into the neighborhood. I would hope that it would be better than Lilly's fenced off campus but we'll see. There are also no surface lots in the IBJ article which would be amazing if that comes to fruition.
That's a very good point! While part of me thinks "A suburban office park downtown, ugh" its much better than a publicly traded company looking to create a suburban office outside of the city! We like to look at the stamping plant site with such potential but in reality its a lot of dead space, a daunting amount of effort and horrible for the surrounding area right now and this will be so much of an improvement.
I'm guessing that the "transition" space will be they typical melange of lower-intensity commercial (hey, all those people have to eat lunch and dinner somewhere) and higher-density residential (hey, all those people have to live somewhere).
I'm also guessing that the real real-estate rush in The Valley starts today. It won't look or feel the same in 10 years, especially since the interstate access to the Elanco site will be from the Harding St. exit off I-70 or via West and the new bridge across the river at Henry. There will have to be some significant changes to Oliver Ave. and Harding where the RR crossing is south of the site.
I'm also guessing that the real real-estate rush in The Valley starts today. It won't look or feel the same in 10 years, especially since the interstate access to the Elanco site will be from the Harding St. exit off I-70 or via West and the new bridge across the river at Henry. There will have to be some significant changes to Oliver Ave. and Harding where the RR crossing is south of the site.
Lilly employs 10,000 total locally, though I'm not sure what the distribution is among facilities.
Thanks. So roughly speaking, this is probably:
- 1/4 the impact of Lilly
- 1/2 the impact of Rolls Royce (which has 4,600 jobs here, between corporate and manufacturing)
- Same impact as Saleforce (I think around 2,000 downtown right now)
- Similar to Infosys' goal by 2023
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