READI 2.0 work begins with Kokomo groundbreaking
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Gov. Eric Holcomb joined other state and local leaders Tuesday to break ground on a project in Kokomo—the first to receive funding from the second iteration of the Regional Economic Acceleration and Development Initiative, or READI 2.0.
The funding will support the two-phase, $32.8 million expansion of University Park at Indiana University Kokomo. The project is designed to add more student housing capacity and attract top talent for the city’s growing electric vehicle industry.
The University Park project received $3.75 million in READI funding. Kokomo is part of the North Central region—led by the North Central Indiana Regional Planning Council—which received a $35 million allocation in READI 2.0.
The expansion will involve the construction of the Villages at U Park, which will include up to 280 multi-family units. The governor’s office said in a news release that the first phase—set for completion by the summer of 2026—will pave the way for additional development.
Future plans call for community-centered and business-focused spaces, including additional trailways, gaming courts, and commercial space for up to three small businesses. A timeline for those additions was not provided.
The University Park project comes as the city sees major growth, particularly in the EV space. Stellantis and Samsung SDI are in the midst of building two EV battery plants in Kokomo, representing $6.3 billion in investment with plans for 2,800 new jobs.
The first of the two plants is slated to open in the first quarter of 2025. The project has attracted additional development from industry suppliers, such as Soulbrain MI and Jaewon Industrial.
“Kokomo is experiencing unprecedented business growth thanks to its skilled manufacturing talent and the commitment of future-focused mobility leaders,” Indiana Secretary of Commerce David Rosenberg said in a news release. “Here, in partnership with the North Central region, we’re leveraging READI 2.0 funds to meet the needs of today’s businesses, ensuring they have the talent needed to grow and succeed, while increasing housing and amenities tailored to residents and to growing the city’s population and workforce pipeline.”
In total, the North Central region has received $65 million in READI funds between the two rounds. The governor’s office said the region’s READI 2.0 plan is centered around growing a skilled workforce; enriching the region with quality-of-life assets, such as housing and childcare; and supporting entrepreneurship and small business.
“Projects like this show just how great it is to live and do business in Indiana,” said Kokomo Mayor Tyler Moore. “The implementation of the state’s two READI programs, along with other investments in which Kokomo has partnered with IEDC, has changed the economic landscape of our community and has truly helped take Kokomo to the next level.”