Groundbreaking kicks off 10-year development project to attract and retain talent in Central Indiana
The 16 Tech Community Corporation and Browning Investments broke ground today on the first new building in the 16 Tech Innovation District. Browning will begin construction on the Advanced Research and Innovation building immediately, owning and managing the anchor facility, which is expected to be complete in mid-2020.
The 120,000-square-foot, $30 million Advanced Research and Innovation building anchors the 16 Tech Innovation District, which is being purposefully designed to ignite collaboration among innovators and entrepreneurs in life sciences, tech, advanced manufacturing and engineering in an urban live-work-play-learn environment.
The Advanced Research and Innovation building will be the headquarters of the Indiana Biosciences Research Institute (IBRI), the Central Indiana Corporate Partnership (CICP), including its talent and industry initiatives, and researchers with the Indiana University School of Medicine’s newly established Indiana Center for Regenerative Medicine, a molecular therapeutics program and technology incubator. The 5-story anchor facility will eventually be home to more than 400 employees in the life sciences, engineering, tech, renewable energy, advanced manufacturing, logistics, talent development and agbiosciences fields.
“This is a monumental day for our city and the residents who call Indianapolis home,” said Indianapolis Mayor Joe Hogsett. “Our city has seen exciting growth in the life sciences, tech, and advanced manufacturing industries because Indianapolis is a hub for innovation and talent. 16 Tech will complement our already strong ecosystem of advanced industries, providing a place and environment that accelerates growth. The district will offer opportunities for many Indianapolis residents, as well as the people who reside in neighborhoods surrounding the district.”
The first phase of 16 Tech is expected to generate nearly 3,000 jobs, according to an updated report from TEConomy commissioned by 16 Tech and BioCrossroads this fall. The “Economic Impact Update for 16 Tech Innovation District Development – Data and Findings” estimates construction costs of more than $500 million in the next 10 years and 2,965 jobs of all skill levels. The study builds on a 2015 report that estimated 61 percent of jobs in the district will be entry- and middle-skill with 39 percent being high-skill, creating opportunities in a variety of industries.
“16 Tech is a transformational project for Central Indiana, and we are thrilled to celebrate today’s groundbreaking with the many business, philanthropic, civic, academic and community partners who contributed to the vision for 16 Tech and helped reach today’s milestone,” said 16 Tech Community Corporation President and CEO Bob Coy. “With collaborations already being established with the Indiana University School of Medicine, Indiana Biosciences Research Institute and its industry partners, CICP and nearby incubator/accelerator Cook Regentec, 16 Tech is demonstrating the power of bringing entrepreneurs, innovators and creative minds together in an environment built to facilitate innovation.”
“It is rare that a community has an opportunity to incubate an opportunity for itself and impact the world,” said Aleksandr Gifford, president, Riverside Civic League. “Indianapolis and the Riverside neighborhood are proud of 16 Tech and look forward to welcoming all of the companies joining this project to their new home. Today is a good day.”
The initial phase of the innovation district is bounded on the north by 16th Street and on the south by 10th Street between Indiana Avenue and White River/Fall Creek. Instrumental to the district’s success is its proximity to more than 60 percent of Central Indiana’s advanced industry assets in the life sciences, tech, advanced manufacturing and logistics industries, and easy access to nationally recognized research facilities.
The first phase of 16 Tech will be developed over the next 10 years and include more than 2 million square feet of office and lab space, including co-working and makerspace.
Browning and 16 Tech have entered an agreement to build/renovate three additional buildings providing office, research, makerspace, and multifamily developments in the district, totaling $90 million in investment. Those projects include:
- Renovation of 94,571 square foot office and high-bay garage once occupied by Citizens Energy Group into an innovation hub for 16 Tech;
- A new 120,000 square foot Class A office building including food, beverage and retail space; and
- A new multi-family apartment complex with approximately 250 units.
Future development opportunities include retail, housing and a hotel.
A new, iconic bridge will be built across Fall Creek to serve as the gateway into the district, providing connectivity between 16 Tech and the Indiana University School of Medicine as well as other research assets along 10th Street, surrounding neighborhoods and downtown Indianapolis. The district also will include 15 acres of green space and access to Fall Creek and White River.
Click here to download a copy of the 16 Tech Innovation District fact sheet.