INDIANAPOLIS (WISH) - Some people had already signed the lease on their new
Cosmopolitan on the Canal apartment. The downtown Indianapolis
complex, which was still under construction, is now not much more
than a pile of rubble following a huge fire.
Indianapolis Downtown Inc. real estate experts believe the loss
of the apartment development is a loss for the downtown area as
more people search for housing in the area. The canal project was
the city's largest development in the pipeline and would have
helped fulfill the demand.
"The actual demand to live downtown, it will affect that. Two
hundred and eighteen units is a pretty big project,” said
Terry Sweeney, Vice President of Real Estate for Indianapolis
Sweeney said the apartment development was on people's
There are 3,500 apartments downtown and 95 percent of them are
full. Even with a high rental price of $1,200 and up, the
development had a waiting list of potential tenants. Sweeney said
apartment rentals haven't fallen victim to the financial
"We've seen the rental rates actually tick up over the past
number of years. In one year it went up five percent. It's still
more affordable in some ways to lease than it is to buy. So that
market is probably going to be stronger in a time period like
this,” said Sweeney.
And when choosing a place to live, residents want more
"A lot of people, younger people, are having to pay for their
own education or working on that. They don't want to be burdened
with a mortgage just yet. They don't know where they might end
up.” said downtown resident Leah Orr.
“I feel like this was fulfilling some people's desires to
be closer, save gas, that sort of thing,” said downtown
worker Lannie Corbin.
Sweeney said the parking garage and foundation are still in
tact, so that could help speed up the timeline when the developers
start to rebuild.