16 Tech Clears Major Hurdle

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16 Tech would run along Indiana Avenue, south of 16th Street in downtown Indianapolis. 16 Tech would run along Indiana Avenue, south of 16th Street in downtown Indianapolis.
INDIANAPOLIS -

Indianapolis' proposed innovation district has taken a significant step forward. The City County Council in Indianapolis last night unanimously approved the sale of $75 million in bonds to support the 16 Tech life sciences and technology downtown district. 16 Tech Community Corp. President Betsy McCaw says the development could result in more than 2,600 jobs and $450 million in private investment.

The centerpiece of the development would likely be the $360 million Indiana Biosciences Research Institute. The 60-acre development would also include retail and residential space. The money from the bond sale would fund major infrastructure projects. McCaw says the vote is a significant milestone in the city's "ongoing efforts to develop, attract and retain top talent."

The 16 Tech Community Corp. says it will now look to finalize details with the research institute and continue to negotiate with interested tenants. Construction on the infrastructure improvements could begin in the first quarter of 2016, with the first tenants possibly moving in as early as 2018.

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