Ongoing transit system improvements by IndyGo have spurred redevelopment of parcels in Midtown that are positioned to take advantage of walkable proximity to the Red Line. Called Transit-Oriented Development (TOD), such projects help foster dense, walkable neighborhoods that reduce crime, raise property values of adjacent parcels, and create lively activity nodes that enhance neighborhood character. – TPH
ADDITIONAL COVERAGE: Transit-Oriented Development Boosts Real Estate Values
Recent Midtown examples include:
The MK is located just south of Kessler Boulevard on Collage Ave. It replaces a former parking lot with additional residential capacity as well as retail space for a restaurant and a fitness center. A Red Line station will be located at the entrance making access to bus transit easy and efficient.
The COIL on the Central Canal was the first project to receive funds from the Midtown TIF. Besides adding apartments and a grocery store to Broad Ripple’s mix, redevelopment of the former gas station remediated a brownfield and helped pay for landscaping, lighting, and seating along the Central Canal Towpath.
River House Broad Ripple at the corner of Westfield and Winthrop brings more retail and residential space to the Village. TIF funds paid for Riviera Drive improvements and lighting along the Central Canal and the Monon Trail. In addition to market-rate apartments, a number of affordable housing units are included.
Park 66 Flats adds more residential capacity to Broad Ripple. The location at 66th and Carrollton is a short, pleasant walk from the 66th Street Red Line station, the terminus for Phase 1 of the 13.5 mile bus rapid transit corridor that connects Broad Ripple to the University of Indianapolis via downtown.