IU: Lilly Endowment grant to support Trades District development
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Indiana University says a $16 million grant from Indianapolis-based Lilly Endowment Inc.’s College and Community Collaboration initiative will accelerate the development of Bloomington’s Trades District.
Officials from IU, the city of Bloomington, and not-for-profit startup accelerator The Mill—which manages the Trades District—gathered Thursday to celebrate the grant, which was awarded earlier this month to the IU Foundation.
IU said the grant will help make the Trades District into a “thriving hub for innovation, economic development and community engagement” in Bloomington and the Indiana Uplands region.
John Fernandez, senior vice president of innovation and strategic partnerships at The Mill, said during a news conference that the investment will fuel the district’s significance.
“The Trades District will have a far reaching impact on Bloomington’s economy IU’s flagship campus by fostering a dynamic environment where startups, tech companies and creative industries can thrive [and] by creating a place where entrepreneurs, researchers, investors, can collaborate,” Fernandez said. “The Trades District will become a magnet for talent and capital, the essential ingredients to fuel a modern economy.”
IU said the collaborative effort aims to expand capacity to support entrepreneurs at The Mill and attract high-wage jobs at The Forge, the new tech center currently under construction in the Trades District.
Construction on The Forge began last October, and the nearly $13 million project is being supported by $9.2 million in local funding, as well as a $3.5 million grant awarded by the federal Economic Development Administration.
The EDA said when it announced the grant that the project will create an estimated 530 jobs and generate $51 million in private investment. The facility will be used to attract companies, accommodate growing startups and serve as a coworking space for remote workers.
“We are diversifying our local economy, making it more resilient and sustainable,” Fernandez said. “Moreover, these companies, as they grow here, they contribute to an expanded tax base, enhancing public services and the quality of life for all of Bloomington.”
The Forge is slated to have a grand opening on Nov. 22.
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(image courtesy of Indiana University)
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A conceptual rendering of the Trades District in Bloomington. (image courtesy of Indiana University)
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A conceptual rendering of the Trades District in Bloomington. (image courtesy of Indiana University)
IU said the Lilly Endowment grant will also be used to facilitate the success of area development and revitalization projects, as well as create new artwork, arts pathways and cultural programming in partnership with Bloomington’s creative community and the Eskenazi School of Art, Architecture + Design.
In all, the university estimates the grant will leverage $64.4 million in additional investment from partner organizations and planned developments.
“This transformative grant from Lilly Endowment will accelerate the revitalization of Bloomington’s Trades District,” Pat East, executive director of The Mill, said in a news release. “This funding is a catalyst for economic growth, creating high-paying jobs and attracting more investment to our city.”
Another key project in the Trades District is a $35 million, 150-room boutique hotel from developer Alluin Development LLC. The Bloomington Redevelopment Commission approved a letter of intent from Alluin to acquire the land near 10th and Rogers streets for $1.2 million.
The Mill previously said the goal would be to open the hotel in late 2026.
IU President Pamela Whitten said officials expect the ripple effects of all of the initiatives at the Trades District to extend beyond Bloomington and the Indiana Uplands region to all parts of the state.
“I mean, $16 million is a big statement. It is a significant investment in Bloomington and this region of Indiana,” she said. “We anticipate really exciting spurring of innovation and entrepreneurship, really encouraging collaboration and growth and helping to attract and then, of course, retain talent right here in Bloomington as well.”