Growing Needs in Downtown Housing

Living downtown is becoming, well, more livable. In 2014, downtown Indianapolis was ranked as the #3 downtown in the U.S. by livability.com. Walkscore.com says it’s a “Walker’s Paradise” with a 97 out of 100 rating. That’s no surprise given the growing number of dining, shopping and event options available. As Indianapolis continues to draw more people downtown, the residents want more housing options. That’s why Milhaus has added a new division that focuses on for-sale multi-family residences.

The numbers are astounding. According to the recently released State of Downtown report issued by Downtown Indy, there is an increasing number of empty nester baby boomers (born between 1946 and 1964), and young millennials (born between 1977 and 2003) who are choosing to live in the downtown area rather than in the suburbs.

Yet another survey found that nearly a quarter of area business leaders who were surveyed said they lived downtown. They chose downtown for the lifestyle, the ability to walk everywhere and the shortened commute.

“More families and those who want to customize their homes want opportunities to own a residence,“ said Micah Hill, director, For-Sale Housing for Milhaus. “They see the rapid growth of downtown and want to make long-term commitments or want to build equity.”

Those who want to purchase their homes want many of the same features available in leased ones, but a chance to make it their own. This includes an open floor plan, hardwood floors, quartz or stone countertops, and energy efficient appliances and lighting. Many also have pets.

“We’re focused on designs that enhance the living experience,” added Hill. “For example, people spend a lot of time in the kitchen and entertainment areas. Thanks to laptops, tablets and wireless printers, there’s no longer a heavy demand for dedicated office space. Children are doing their homework at the dining room table and people are using their devices from the comforts of their couches.”

As a result of this demand, Milhaus is developing 84 multi-family for-sale residences in five structures in the historic Chatham-Arch neighborhood. The homes at 10th and Broadway are within walking distance of many great restaurants, shopping and schools. There will be both one and two bedroom floor plans, some with optional den areas as well. The first residences will be available in the summer of 2015.

“As a long-time downtown resident, these new homes are a reflection of what the area has become in the last several years,” said Hill. “As a company, we’re proud to expand our concept of conscious living to the for-sale market. Being able to create places that will make a long-term, positive impact on the neighborhood and those who choose live there.”