By Indianapolis Business Journal -December 26, 2023

With more than $9 billion of development planned for downtown alone over the next decade, there will plenty to keep an eye on in 2024 when it comes to commercial real estate in Indianapolis.

While most projects, such as Indiana University Health’s new hospital, Old City Hall and Pan Am Plaza, are efforts that will take years to come to fruition, other developments will begin to see substantive movement in the new year.

IBJ has reported extensively on numerous projects throughout 2023, both in the city’s core and in its many neighborhoods—including a few that are still in their infancy—but here’s a look at some of the biggest developments in the works in Indianapolis.

Irvington Plaza

After years of inaction at the east-side retail property, there seems to finally be movement toward redeveloping part or all of Irvington Plaza.

Terry Tallen, CEO of California-based Tallen Capital, said he is under contract to acquire the property from current owner, Eric Decker, who lives in Florida, for an undisclosed price. The purchase would be allow the property to be positioned for redevelopment, including the creation of a new master plan for the site.

Tallen Capital earlier this year secured a replat of the site that paves the way for new plans to be drafted.

The 156,000-square-foot shopping center was built in 1952 and for years served as a primary retail hub for the neighborhood. It has been on the decline since the 1980s, and saw a rush of departures following the closure of its 32,000-square-foot Marsh Supermarkets anchor store in May 2017.

Tallen told IBJ in November he’s in discussions with Dairy Queen—one of the few bastions of the plaza’s heyday—about constructing a new store along East Washington Street. He’s also talking to other restaurant chains. A firm timeline for the redevelopment has not been established, but it’s possible some tenants and specific plans for the site could be revealed by the end of 2024.

Read about all of the projects to watch in Indianapolis 2024 on