16 Tech developers have officially broken ground on the innovation district’s first building, marking the beginning of an ambitious 10-year project. The $30 million Advanced Research and Innovation building is fully-leased and will anchor the 60-acre development. The facility, which will house the Indiana Biosciences Research Institute, Central Indiana Corporate Partnership and Indiana University School of Medicine researchers, is set to be complete in mid-2020.
During an interview with Inside INdiana Business Reporter Mary-Rachel Redman, 16 Tech Community Corp. Chief Executive Officer Bob Coy talked about what’s next for the district.
16 Tech says the five-story building will ultimately be home to about 400 employees working in fields ranging from life sciences and agbiosciences to engineering and renewable development. IBRI will take more than 67,000 square feet on the first three floors of the building, housing research in areas including diabetes, metabolic disease and poor nutrition.
CICP, which has affiliate industry organizations including BioCrossroads, Conexus Indiana, TechPoint, AgriNovus and Ascend Indiana will move its headquarters to the building’s top two floors. The IU School of Medicine will bring part of its Indiana Center for Regenerative Medicine to about 12,000 square feet of the building. The molecular therapeutics program is part of the school’s Precision Health Initiative.
A report from TEConomy commissioned by 16 Tech and BioCrossroads estimates the first phase of 16 Tech will generate nearly 3,000 jobs and construction spending of more than $500 million.
The first phase of 16 Tech development includes two million square feet of office, lab and coworking space as well as a makerspace. It will also feature food, beverage and retail space along with a multi-family apartment complex with 250 units.