This is great in theory, but it's still at the earliest stages. Ball State does visioning plans and proposals a few times a year for its Urban Planning program but only a small few materialize. This one could be more pragmatic than some of the others (like creating "inlets" to the canal to spur new development) and so it might have the possibility to be another Fall Creek Place.
In response to the OP, the convention center is expanding, and the JW Marriott should be approaching completion soon. These are major projects in a time of serious economic stagnance. Not sure his aversion to residential projects, because residential is often the bread-and-butter to good downtown development. But in regards to non-res projects, I would stay tuned to the potential permanent location for the Indianapolis Museum of Contemporary Art
. Though it, too, is in the early stages, it is far more likely to materialize in upcoming years than a massive neighborhood transformation, which could easily take a decade.