A $63 million investment to build the Cultural Trail in Indianapolis has returned $1 billion in increased property value and other economic benefits since 2008.
John Tuohy reports: "Property values have increased by $1 billion, businesses report more customers and higher sales, and residents feel safer Downtown since construction of the 8-mile Cultural Trail, according to a survey conducted by Indiana University Public Policy Institute."
"The assessment measured the economic impact of the trail from 2008 to 2014 and examined 1,747 parcels within 500 feet of the trail. The institute also sent questionnaires to 66 businesses and 558 trail users." The findings are contained in a report titled, "Assessment of the Impact of the Indianapolis Cultural Trail: A Legacy of Gene and Marilyn Glick" [pdf].
The article includes more details about the findings of the report, including one caveat about the recession's impact on the property values along the trail.
Hat tip to Brent Toderian for sharing the article.
FULL STORY: Study: Property values along Cultural Trail up $1B
The Indianapolis Cultural Trail
Downtown Indianapolis' revitalization created several thriving cultural districts, but gaps in the urban fabric made them seem distant and unconnected. Planners' solution? The Indianapolis Cultural Trail.
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HUD's Office of Policy Development and Research
HUD's Office of Policy Development and Research
Chaddick Institute at DePaul University
Park City Municipal Corporation
National Capital Planning Commission
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