Council to vote on funding for major innovation, research project
INDIANAPOLIS (WISH) – The Indianapolis City-County Council is set to vote on funding for a major plan that creators said would bring more innovation and technology to the city and change the landscape of the near west side.
The project is called 16 Tech. If approved, a 60-acre campus dedicated to innovation and research will go up just north of IUPUI, near 16th Street and Indiana Avenue.
Monday night, the council will vote on the sale of $75 million in bonds to cover some of the infrastructure costs of building the innovation district. Developers said the district would create thousands of jobs and develop the next generation of talent.
“It is an area that is developed primarily for talent development for the residents of the city of Indianapolis, as well as retention and attraction of talent – the convergence of technologies throughout the industries here that are very, very strong in Indianapolis. The great base in advanced industries we have, as well as the creative industries and design elements that can push our companies further and faster along,” said Betsy McCaw, chief operating officer of the Central Indiana Corporate Partnership. CICP is the organization leading the effort to launch 16 Tech.
Currently, the space being considered for 16 Tech is largely unused and rundown. Eventually, if all goes as planned, the location will turn into 5.5 million-square-feet of space focused on technology and research. A bridge would connect the hospital systems to the 16 Tech campus. An overgrown lot would be transformed into a public green space and an empty warehouse would be turned into labs and co-working spaces for startups to mingle with IUPUI students, researchers and established industry experts. The Indiana Biosciences Research Institute is the planned anchor for the campus.
“We’re hoping this turns into a significant amount of space dedicated to advanced industries, stem careers, robotic leagues, co-working space for people that ware starting new companies that need prototypes but also are developing into manufacturing companies here in the city,” said McCaw.
McCaw said 16 Tech would generate 2,600 jobs over the next decade. The goal is to encourage innovators from different backgrounds and industries to work together in one space, to develop new technology or businesses.
“It provides the opportunity for all of those industries to come together and grow together. If we take a look at life sciences, the next wave in life sciences is related to informatics. Bringing together of our technology folks who have grown to be such a force here in Indianapolis, as well as the institution of the life sciences business here in Indianapolis, can create incredible growth and entrepreneurship, both with new small companies but with also our institutional anchor institutions here in Indianapolis,” said McCaw.
Peggy Gamlin, president of the Riverside neighborhood, supports the plan for 16 Tech. Gamlin said she has lived nearby for most of the past fifty years.
“It will enhance our neighborhood, it will give us opportunity to improve our neighborhood to attract new residents. because anybody who has lived here for a long time the has seen the transitions of other areas like the Old North Side or the south side or the east side. Every part of the city has gone through it and now it’s going to happen here,” said Gamlin.
Gamlin and McCaw believe 16 Tech will attract talent to Indianapolis and give them a place to live, work and play. 16 Tech would also have residential units and retail space. McCaw said a portion of 16 Tech tenants’ rent will go toward a community investment fund. That money will fund revitalization and redevelopment efforts in nearby neighborhoods.
“It’s going to enhance our neighborhood, it’s going to help our neighborhood, revitalize our neighborhood,” said Gamlin.
Creators hope to have “significant investment” by 2018 and $450 million in private development in the next ten years. If the council approves the funding in Monday night’s meeting, McCaw hopes to begin construction and move in some tenants within a year.
If the council does not approve the funding, McCaw said the project will be on hold.
“The timing here is really critical. We’re in a very serendipitous moment, I think, in the city of Indianapolis’ history, in that we have a number of our advanced industries that are seeking ways to provide innovation and entrepreneurial opportunities for their folks, their employees. We also have a group of residents that are ready to go, that are seeking this kind of anchor in their area. So the timing is right for us on Monday night. We’ve really thought long and hard about the timing,” said McCaw.