This post will cover some day-only parking options in Downtown Indianapolis. Overnight parking will be covered in part two.
Option 1: Street parking. There is a limited amount of street parking available in Downtown Indianapolis on a first-come/first-serve basis. Parking at meters is free on the weekend but, depending on what else is going on downtown, it can be difficult to find a spot. If you are going to try for street parking I recommend checking out Illinois and Capitol streets between Maryland and Ohio. Market street between Illinois and Capitol may also be a good bet, and some angled parking spots are available in front of the State Capitol building, immediately west of the theatre on Washington Street.
Option 2: Garage parking. There are many parking garages downtown. One of the more economical garages for short-term parking is the Sun Garage at the Circle Center Mall. Enter this garage from Washington or Maryland streets, between Illinois and Meridian. Rates start at $1.50 for up to 3 hours, $3 for 3-5 hours, and $6 for 5-6 hours. The Sun garage closes at 2 am.
Option 3: Surface lot parking. There are a number of surface lots in downtown Indy, some attended, some with honor parking. Most generally charge $5-$7, cash only. One such lot is located at 15 East Washington street, between Meridian and Pennsylvania, about 3 blocks from the theatre. Overnight parking is typically not allowed in these surface lots.
A garage to avoid: The Capitol Commons garage at 10 S. Capitol (entrance on Washington, just across from the State Capitol building) is one of the most expensive garages downtown, charging $5 for the first 20 MINUTES, and $15 for the first hour. Don't park here, unless you want to get gouged! :)
For an interactive map of parking and other downtown attractions click here.