I think if you were working downtown the sensible thing would be to live as close to downtown as possible. If you have small children, one pleasing lifestyle might be to live in an older city neighborhood like Raleigh Court or Grandin Village. I'm guessing you're wanting a new neighborhood because the assumption would be that you'd be more surrounded with your peers? Those older city neighborhoods that I mentioned are LOADED with neat older homes. I drove those neighborhoods a few times when relatives were looking for property and I was surprised at how many kids I saw in those neighborhoods, and there were quite a few moms pushing strollers and such. The strength of these older city neighborhoods are the sidewalks and narrow sidestreets that prevent them from becoming thruways. Those older homes often cost less than a newer home in a new neighborhood, many of which lack a classic neighborhood feel. And the older homes are often full brick (not just brick on the front and vinyl everywhere else) and brick promises lower maintenance costs over the long term.
If you were open to private schools then one of the best is North Cross (
North Cross School). We have two young girls who attend school there and they/we absolutely love it. It's on the intersection of Colonial and Electric, which is not far from downtown. I know quite a few families from the Raleigh Court area that have children at North Cross.
Hope this helps,
Sean