INDIANAPOLIS - Indianapolis Mayor Joe Hogsett says the planned 16 Tech downtown innovation district will mark "the birth of a new city." He says the development, to be anchored by the $350 million Indiana Biosciences Research Institute, shows a commitment to biotechnology that can put Indianapolis in a position that it "simply doesn't enjoy right now." Earlier this week, the institute announced $100 million in funding from Lilly Endowment Inc. and the Eli Lilly and Co. Foundation.

Hogsett believes the 16 Tech project can be transformative for Indianapolis, but for the entire state. He says the investments by the state and local companies including Roche Diagnostics, Cook Medical, Dow Agrosciences and Eli Lilly and Co. "speaks volumes" about the success of public-private partnerships in the state.

The institute has attracted about $150 million in funding so far. IBRI Chief Executive Officer David Broecker says this week's grants give the effort "instant credibility." He is moving his focus to identifying families and individuals interested in supporting the project. The City-County Council in Indianapolis last year approved $75 million in bond funding for infrastructure improvement at the development. Engineering work is underway. Broecker expects IBRI to move to its permanent home at 16 Tech in 2018.

The 60-acre district also includes residential and retail space.