ATLANTA, July 23, 2021 (GLOBE NEWSWIRE) -- Monarch Private Capital, a nationally recognized tax-advantaged investment firm that develops, finances and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to announce the opening of the 16 Tech Innovation District, a $50 million historic rehabilitation project located in Indianapolis, Indiana. The 60-acre mixed-use community pioneers a new approach to how companies innovate.
The 16 Tech Innovation District is being developed using the Redevelopment Tax Credit (RTC) in the historic Riverside neighborhood and within the Indiana Avenue Historic District on the northwestern side of downtown Indianapolis. Dating back to the late 1800s, the area was once a thriving commercial sector that primarily served the black community of Indianapolis. Businesses offered food, entertainment, housing, essential services, and ultimately, a sense of identity for its residents. In recognition of the significant cultural contributions made by black Americans to the city, the Indiana Avenue Historic District was listed on the National Register of Historic Places in 1987.
Today, 16 Tech is well on its way to becoming a cohesive 24-hour community attracting innovators from multiple industry sectors to work, play, live and learn. To bring this dynamic project to life, Monarch partnered with 16 Tech Community Corporation, the nonprofit operating entity of the 16 Tech Innovation District dedicated to fostering economic growth and innovation in Central Indiana. Spanning 120,000 square feet, Innovation Building 1 is the first space of the massive rehabilitation project to be completed. The new building now houses the Indiana Biosciences Research Institute, Indiana University School of Medicine researchers, and the Central Indiana Corporate Partnership and its advanced industry initiatives, such as Conexus Indiana and Energy Systems Network.
In addition to Innovation Building 1, plans for 16 Tech include a second Innovation Building to house multiple tenants, labs and onsite food and beverage space, and an Innovation Hub offering shared work and incubator space, makerspace, including 3D printers and CNC machines, a food hall and space for meetings and collaboration. The 1250 Indiana Avenue building, with its high ceilings and open space, will be renovated to hold flex and office space ideal for dry lab and shared workspaces. The project’s first residential building will provide over 250 multifamily apartment units, and beautiful greenspaces located throughout the district will provide additional areas to connect and relax.
Positioned along White River and Fall Creek with easy access to nature trails, 16 Tech offers a beautiful backdrop for both work and play. The new community is neighbored by the Nation’s largest medical school, research and university partners and over 60 percent of Central Indiana’s advanced industries. A newly constructed bridge will connect the community with the nearby research corridor and downtown Indianapolis, solidifying it as a true center of innovation.
“We are so privileged to take part in such a unique historic rehabilitation like the 16 Tech Innovation District,” said Rick Chukas, Managing Director of Federal Historic Tax Credits at Monarch Private Capital. “With every element of the project strategically designed to create valuable connections and drive innovation, the possibilities at 16 Tech are virtually endless.”
For more information on Monarch’s programs and services, please contact Rick Chukas by emailing rchukas@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.
About 16 Tech Community Corporation
16 Tech Community Corporation is a nonprofit organization governed by a Board of Directors dedicated to fostering economic growth and innovation in Central Indiana. The nonprofit engages industry, civic, philanthropic and community leaders in its mission to create a place that inspires and facilitates industries of all sectors, researchers, entrepreneurs and academic leaders to pursue innovation. The 16 Tech Community Corporation also seeks to extend the economic benefits of 16 Tech to neighboring communities and residents through its community investment fund and efforts to develop talent pathways to employment opportunities in the district.