16 Tech Takes Big Steps Forward
The IBRI will span 75
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis’ 60-acre innovation community has announced two major boosts. The 16 Tech Community Corp. has landed a $38 million grant from Lilly Endowment Inc. to fund its initial development phase. The organization has also announced its first development agreement. The deal calls for Indianapolis-based Browning to construct three new buildings and renovate a facility as part of a $120 million investment.
16 Tech Community Corp. says the three-year grant sets the stage for the development of the innovation community’s first 30 acres on the site near IUPUI. 16 Tech Leaders say they are working with the Metropolitan Development Commission to launch a Community Investment Fund to support quality-of-life plans and connect nearby residents with STEM career opportunities.
The grant will also support what the organization calls placemaking cornerstone projects. Those efforts include a bridge connecting 16 Tech with IUPUI, the IU School of Medicine and nearby hospital campuses, walking and cycling paths and public art installations. The funding also includes a $2 million dollar-for-dollar match challenge.
The contract with Browning involves a new, multi-story building to serve as 16 Tech’s anchor facility, a multi-family apartment complex and an additional office building. Browning will also oversee renovation of office and warehouse space previously occupied by Citizens Energy Group. Construction on the anchor facility and apartments could begin late this year.
16 Tech estimates the first phase of development will create more than 2,600 jobs over 10 years, citing a 2015 report by the Battelle Technology Partnership Practice. Last summer, 16 Tech named Bob Coy as its first chief executive officer.