Trails are for more than just fun, fitness and transportation.
As Indianapolis and other major municipalities are learning, trails and greenways
can mean greenbacks—and lots of them.
Trails have become an integral part of daily life for many Indy residents, and
both homeowners and real estate developers have noticed. Every year, more than
a million people run or bike the 15-mile Monon Trail
(
indyparks.org
),
which
bisects the northern half of Indianapolis and continues as the Monon Greenway
into the affluent suburbs of Carmel and Westfield. Additionally, local trail manag-
ers believe the number of users of Indianapolis’ relatively new, eight-mile Cultural
Trail could equal or exceed that of the Monon.
With each new mile of trail, multi-use developments are springing up to attract
the tens of thousands of potential passing customers. Frequent users want to live
near the trails and will pay a premium to do so.
A study cited by the city of Indianapolis revealed that homes within a half-
mile of the Monon Trail command a sales premium of more than $13,000.
Extrapolated to the nearly 9,000 homes along the trail, the Monon adds $115.7
million in property value. Not bad, considering the city’s initial $7 million invest-
ment in the rail-trail.
I
Trails
Mean
Big
Bucks
for
>>
Photo CoUrtesy indianaPoLis CULtUraL traiL, inC.
robert annis
Photo CoUrtesy indianaPoLis CULtUraL traiL, inC.
By Robert Annis
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