The Indiana Economic Development Corporation (IEDC) board of directors recently approved 17 projects, representing the first $131 million of investments supporting the Indiana Regional Acceleration and Development Initiative (READI 2.0). The funding will transform vacant or blighted properties into housing, commercial districts, community hubs and other productive assets across 12 regions.
The $131 million comes from a $250 million commitment by Lilly Endowment Inc. (LEI), which paired with $500 million in state READI 2.0 funding, adds $750 million to the program. This investment is expected to unlock more than $1.6 billion in total development across the state.
The combined $750 million brings Indiana’s total READI program investment to $1 billion, building on the original READI initiative that generated $12.6 billion in committed capital with a 26:1 leverage ratio.
The purpose of this phase of the READI project, along with the Lilly investment, is to transform and develop vacant or blighted properties. Newly constructed facilities could include housing, commercial districts, community hubs and more. All development is targeted toward turning these unused properties into productive assets, contributing to local economy and community.
The current round of 17 projects was chosen based on potential to meet these needs, ensuring projects align with the local environment and culture. Projects that received awards include:
- Jeffboat Site ($20 million).
- Gary Community Revitalization ($15 million).
- Old City Hall ($15 million).
- Benham – Elkhart Development ($12 million).
- City Market – Gold Building ($10 million).
The Jeffboat property in Our Southern Indiana will be transformed into a mixed-use lifestyle center with a $20 million READI award supporting a $184.5 million total project cost. The development will include both multi- and single-family units, retail, riverfront dining, offices and entertainment space. Initial improvements will address demolition, environmental remediation, utilities and infrastructure, totaling $38 million. The project is estimated to generate at least $150 million in private investment over a period of 10 years.
For the Greater Gary Community Revitalization effort, $15 million in awards were given to aid in the $126.5 million total project cost. The initiative includes plans to restore and stabilize the downtown transit development district in Gary with redevelopment of the Hudson & Campbell Center into an entrepreneurial hub, event venue and gym, as well as downtown development incentives for mixed-use projects. The city also plans to demolish up to 1,300 unsafe structures across key neighborhoods. City officials are leading the efforts on this project with a focus on public-private partnerships (P3s) and innovation.
The North Alabama and Old City Hall Redevelopment secured $15 million of a $246.5 million project to renovate the historic Old City Hall and construct a new 32-story mixed-use tower in Central Indiana. Old City Hall will house a museum and hotel with an art gallery, lobby and restaurant on the lower floors. The upper floors will be reserved for office space. The tower will feature 24 condominiums, 190 rental units, 150 hotel rooms, 225 parking spaces and a rooftop pool. Construction is expected to begin within six to nine months with TWG Development attached to the project.
The Benham Neighborhood Regeneration Initiative received $12 million of a $187 million total investment to restore the Benham West area and reconnect it to downtown Elkhart. The project includes three main components: converting a blighted mall into the Woodland Crossing Neighborhood Opportunity Hub with a health center, job training facility and mixed-use spaces; developing a new $50 million mixed-use project along the South Main Street Corridor; and building new owner-occupied homes with supporting infrastructure and financial support.
The City Market Campus development received $10 million of a $244 million project to revitalize a downtown Indianapolis block including the historic City Market, catacombs and Gold Building. The development will add apartments for mixed-income residents, office space for companies transitioning to in-person work, public greenspace and retail areas.
The 17 total approved projects represent the first wave of READI 2.0 blight redevelopment funding, with $119 million in Lilly Endowment funds still available for future rounds. Additional projects are expected to include diverse uses such as office-to-residential conversions, brownfield redevelopment and district creation across both rural and urban communities.
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