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Near Eastside Indianapolis Receives $7 Million Loan for Facelift

Neighborhoods on the eastern fringe of downtown Indianapolis will be vastly improved over the next two years, as Indianapolis gears up for the 2012 Super Bowl. Indy’s Near Eastside is in need of a financial boost, and the $7 million loan from State Farm Insurance will afford several rehabilitated houses, new Indianapolis business growth and the development of a youth and community education and recreation center. There’s even talk of adding a new grocery store to the area.

The Circle City will be paying the $7 million back to State Farm Insurance over the next 10 years. The money could improve as many as 250 homes near downtown Indianapolis. A $4.9 million NFL regulation practice facility will be built on the campus of Arsenal Tech High School. After the 2012 Super Bowl, the practice facility will be converted into a youth and community education and recreation center. Development planners hope to see improvement in community life and Indianapolis education on the Near Eastside. Arsenal Tech High School makes the perfect location for a Super Bowl practice arena, because it is just up the street from Lucas Oil Stadium.

The Indianapolis Colts have a brand new, state-of-the-art facility located on the edge of downtown Indianapolis. The Lucas Oil Stadium was chosen last year as the official host of the 2012 Super Bowl. For the first time in Indianapolis history, the Hoosier capital will host a Super Bowl. The last time this major global event was held in a cold-weather state was Super Bowl XL in Detroit, Michigan.

In order to make Indy a more welcoming city for Super Bowl spectators and guests, half of the loan money will go toward housing improvements, and the other half will go to business development. Currently, more than 30 percent of Near Eastside homes are in foreclosure. The financial boost will hopefully allow the area to flourish and improve. The 10th Street commercial corridor will be redeveloped, and more Indianapolis businesses will be able to expand east.

More information about the rehabilitation effort is available at indyeast.org, where the Near Eastside Quality of Life Plan is explained in detail. Be on the lookout for exciting happenings and fun things to do in Indianapolis on the Near Eastside.