Investment in Greenwood

City Planning, Community Spotlight, Placemaking Resources

Greenwood, a suburb of Indianapolis, just south of the Marion County line in Johnson County, with a population of around 55,000 people, has big plans for their future and wants to take advantage of their location to increase their population, invest in the community, and increase the quality of life there.

Greenwood’s core is often known as “Old Town” and is characterized, now, by U.S. 31 which is a typical strip development with cars flying up and down the road through Greenwood. Some of the leadership, including the mayor, sees a different future for Greenwood, though. One which is more focused around the city core and which attracts people who are interested in investing in their community and continuing to improve it.

Some of these improvements in the downtown have already been made including local restaurants and breweries and an decrease in the downtown vacancy rate. The office and retail vacancy rate in the downtown used to be a whopping 75% but has decreased to only 10% currently. These investments in time, money, and effort into the downtown are to attract more visitors and residents and make Greenwood the “Fishers” or “Carmel” of the southside. Visitors are attracted to Indianapolis as well as the northside and Greenwood officials believe there is a market of interested parties to be captured on the southside. They began by investing in downtown buildings through facade grants. They plan to continue this with ” G.R.O.W. Greenwood Initiative, or Granting Revitalization and Opportunity for the Workplace. The $500,000 matching grant program offers local businesses matching funds to restore or enhance exteriors” Source.

The upcoming improvements include widening sidewalks downtown along Madison Avenue, installing an esplanade, and adding bicycle lanes. Another large project is to reuse the Greenwood Middle School building as a residential space. It is a 19 acre site complete with gymnasium which would be turned into a fitness center. Additionally there would be “a mix of apartments, condominiums and town homes in several buildings, with a parking garage at the south end wrapped by storefronts on the ground level and apartments above” Source. This could be a large draw, along with the other infrastructure improvements and investment by private developers, for visitors and residents alike to invest in Greenwood again not just as a commuter location but as a place of its own.

The Mayor of Greenwood, Mark Myers, states:

“I’ve seen it go from a thriving downtown to a declining downtown that pretty much was blighted, back to a thriving downtown, and it’s very exciting to see.”

Main Image Source: Greenwood Historic Commercial District

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