Planning Commission Approves Major Development Near Indianapolis CBD

The Indianapolis Metropolitan Development Commission granted final approval Tuesday for a 22-story mixed-use tower at 150 E. Washington Street, two blocks east of the Indiana State House. The project will deliver 280 apartments above 18,000 square feet of ground-floor retail space, with construction slated to begin in September 2026.

The approval comes as downtown Indianapolis absorbs strong leasing velocity after two consecutive years of net positive office-to-residential conversions. Local vacancy rates for Class A apartments sit at 6.2 percent, according to data released last month by the Indy Chamber. Developers have cited the city’s $48 million allocation for Central Canal improvements as a key factor drawing new residential investment within a half-mile of the CBD core.

Project ties to existing corridors

The site sits directly across from the Indianapolis City Market and one block south of the Indiana Convention Center expansion completed in 2024. Planners required the developer to widen the adjacent sidewalk along Delaware Street to align with the Indianapolis Cultural Trail extension funded through the city’s 2025 capital budget. The project will also connect to the existing bike-share station at the corner of Washington and Alabama streets.

Commission records show the building will reach 265 feet, just under the 275-foot height limit set for the Wholesale District overlay. The design includes a 120-space parking garage with 40 electric-vehicle charging stations, exceeding the minimum required under the city’s updated 2023 sustainability ordinance.

Timeline and next steps for residents

Construction fencing is expected along the Washington Street frontage by mid-August. The developer must submit final civil drawings to the Department of Public Works by July 22. Once permits clear, vertical work could begin in the first week of September, with the first units ready for occupancy by December 2027.

Prospective tenants can register for updates through the project website or contact leasing agents at the on-site trailer once fencing is installed. The commission also scheduled a public open house for August 12 at the City-County Building to review traffic mitigation measures along Delaware Street during the 18-month build period.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.