Economic Development
Indianapolis, traditionally known as a manufacturing hub, has evolved into a multifaceted economy with thriving sectors in healthcare, life sciences, logistics, and technology. The city’s central location has cemented its role as a key player in transportation and logistics, with major highways and railways facilitating connections to other parts of the U.S. Recent investments reflect this economic growth and diversification, highlighting the city’s commitment to expanding its infrastructure and industries.
One of the most significant developments is the construction of IU Health’s new hospital campus, a 2-million-square-foot, $2.3 billion project. This initiative will not only modernize the hospital’s facilities but also increase its capacity by adding 864 beds.
Complementing these efforts is the revitalization of Circle Centre Mall in downtown Indianapolis, a project poised to positively impact the city’s retail and commercial landscape. The $600 million redevelopment will feature indoor walkways, additional retail space, and a bridge connecting both sides of Maryland Street. This is only the first phase of a larger, four-phase project set for completion by 2033.
Additionally, Gershman Partners and Citimark have committed $298 million to refurbish the historic City Market on Market Street. This investment will not only revitalize a landmark property but also add 8,000 square feet of office space and 22,000 square feet of retail space, ensuring the area remains a vibrant center of business and commerce. Together, these projects reflect Indianapolis’s broader vision for long-term urban development and economic growth.
To view additional updates on the Indianapolis market, please visit our Indianapolis Market News page:
Indianapolis Market News – August 2024
Indianapolis Market News – March 2024
Indianapolis Market News – July 2023
