IBRI Granted 20 Acres at 16 Tech
January 02, 2016
The Indiana Biosciences Research Institute (IBRI) has closed a real estate transaction with the City of Indianapolis for 20 acres of land in the heart of 16 Tech, an innovation community that will encourage and support entrepreneurs, researchers, students, faculty and talent in discovery, development and commercialization of life sciences and other advanced industry solutions.
The transaction closed at the end of 2015 and is another example of the commitment the City of Indianapolis and the State of Indiana have made to foster and support innovation-based advanced industries and, specifically, the IBRI. The City of Indianapolis, in November 2015, approved a $75 million bond issue to support civil engineering and infrastructure work to prepare the 16 Tech district for vertical development, and in 2014 the State of Indiana provided $25 million in start-up funding to kick start the capital formation efforts of the IBRI, which have progressed rapidly.
The IBRI will occupy approximately 75,000 square feet of open office, lab and collaborative work space and will lead development efforts for the 20-acre parcel of land in collaboration and partnership with the 16 Tech Community Corporation. The IBRI also has been in discussions with Wexford Science and Technology to partner and collaborate in development efforts. Infrastructure construction is will begin in 2016, with occupancy anticipated in late 2018.