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INDIANAPOLIS -- The development phase of a $120 million project that will create thousands of jobs of Indianapolis' far west side held its official kick off on Thursday.
The 16 Tech Innovation Community will attract researchers, entrepreneurs and established companies to the same location.
"This is an extraordinary moment, an extraordinary moment in our city's history," said Indianapolis Mayor Joe Hogsett.
The Indiana Biosciences Research Institute will be a tenant in Building One.
The company conducts research on diabetes, heart disease, and obesity to develop products for patients.
"We have missing pieces. These pieces can very often by provided by partners close by. If you bring them together you can build value chains much more efficient and effective, and that is the key behind it," said Dr. Rainer Fischer, Indiana Biosciences Research Institute CEO.
IUPUI is nearby the 16 Tech location and the proximity will provide endless opportunities for internships, employment and much more.
"We are in discussions with IU School of Medicine leasing significant space in Building One, the first building that will be established at the Innovation District at 16 Tech," said Bill Stephan, Indiana University Vice President of Engagement.
The second building will be an existing structure that will be rehabbed and retrofitted.
16 Tech will create 2,600 jobs over 10 years. 61 percent of those jobs will be low and middle-skill level positions. The rest will be high-skilled.
"I'm very supportive as long as Indianapolis is growing," said Larry Williams, Indy Black Chamber of Commerce President.
The finished project will include housing, food courts and entertainment options.
The ground will be broken on Building One in late summer or early fall, and Buildings One and Two should be finished and ready to open in 2020.
The Lilly Endowment provided a $38 million grant to fund the initial development of the project.