Study: Property values along Cultural Trail up $1B

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 report found that property assessments within one block of the trail increased 148 percent for a total of $1 billion.

The report, titled “Assessment of the Impact of the Indianapolis Cultural Trail: A Legacy of Gene and Marilyn Glick,” was released during a news conference Thursday morning.

The researchers cautioned that some of the property value increase was because they returned to their pre-recession values. They also said some developers added amenities to their properties to increase their values because of the trail.

At least 5 percent of the increase in assessed values comes from 90 new condominiums that have been constructed near the trail, the institute found.

“You can look around today, especially on Virginia Avenue, and see how the Cultural Trail already has changed our city,” Mayor Greg Ballard said in a prepared statement. “The impact is significant, and it will continue to grow in the years ahead.”

More than half of the business owners said they have seen an increase in customers since the Cultural Trail opened, and 48 percent indicated they have seen an increase in revenue.

Businesses along Massachusetts Avenue and in Fountain Square reported larger increases in customers than in revenues, while Fletcher Place had a higher increase in revenues than in customers. Together, they said they added 40 to 50 full-time positions and 47 part-time jobs.

Twenty-six percent of businesses said they now open on weekends, and 23 percent said they close later.

The report found that the average expected expenditure by trail users is $53 and that 95 percent of trail users surveyed feel safe.

The $63 million Cultural Trail was created through a public-private partnership between the city of Indianapolis and Central Indiana Community Foundation, which raised $27.5 million in private support. An additional $35.5 million came from federal transportation grants.

The full report can be viewed on the Cultural Trail website www.indyculturaltrail.org/impact and on the institute’s website http://policyinstitute.iu.edu.

Call Star reporter John Tuohy at (317) 444-6418. Follow him on Twitter: @john_tuohy.