Tim Cook and Katie Culp joined Gerry Dick on the most recent (i) on Economic Development to discuss Indianapolis’ large-scale, high-profile redevelopment projects, including what’s at stake and the potential economic impact.
16 Tech
This 60-acre urban redevelopment project with a focus on biosciences has spanned three mayoral administrations. Cook and Culp cite the complex-but-impressive collaboration between the private and public sector for the length of the project. Between a $38 million Lilly Endowment grant, a $120 million investment by Browning Investments, and the city of Indianapolis designating the area as a TIF district, 16 Tech epitomizes an effective public-private partnership.
GM Stamping Plant
The nearly 103 acres that formerly housed General Motors’ stamping plant was recently acquired by Ambrose Property Group. Culp says the redevelopment of this site, which has been mentioned numerous times as a potential landing pad for Amazon HQ2, will require patience, but it will be transformative. “It’s important not to rush this and to be intentional. It’s a lesson we’ve learned from other large redevelopment projects. It’s going to take time – about 15 years, per Ambrose – but it will be worth it.”
Old Indianapolis International Airport
After a decade of failed projects, the old Indianapolis International Airport property is finally under redevelopment. India-based Infosys has plans to open a training center, and Republic Airways is creating a new training academy for its pilots on the site. Like the redevelopment of the GM plant, Cook says patience is key. “This site attracted a lot of ideas and a lot of interested companies over a number of years. But the Airport Authority and the City took their time, they waited for the right deal. Now that Infosys is here, it was obviously a great decision to bide their time.”
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