TERRE HAUTE— Local and regional leaders in West Central Indiana are set to break ground on the region’s first READI 2.0 project this Thursday, Oct. 3. This will mark the beginning of development for Rose-Hulman Institute of Technology’s new entrepreneurial ecosystem, Innovation Grove.
Governor Eric J. Holcomb established the now $1.25 billion READI program in 2021, and it has since been nationally recognized for its success. READI 2.0, which was part of the governor’s 2023 Next Level Agenda and approved by the Indiana General Assembly, allocates another $500 million to regions across the state to accelerate shovel-ready projects and programs that are expected to transform Indiana communities, attract talent, and improve quality of life for Hoosiers in the short and long term. READI 2.0 funding allocations were awarded to 15 regions representing all 92 Indiana counties in April.
“Indiana’s READI initiative is helping drive long-term, visionary programming to build tomorrow’s global economy right here in our communities,” said Indiana Secretary of Commerce David Rosenberg. “In Terre Haute, this multi-partner effort to establish a new entrepreneurial-focused district will support advancements in industry innovation, small business, and talent development for years to come. This week’s groundbreaking for Rose-Hulman’s Innovation Grove is a testament to the power of regional collaboration and the importance of Indiana’s academic partners in cultivating modern and vibrant communities.”
The Innovation Grove district, which was announced in March, is a $102.3 million initiative that will expand Rose-Hulman Ventures, relocating the facility to a new 45,000-square-foot building on the northeast corner of Indiana State Roads 42 and 46 adjacent to the main Rose-Hulman campus. READI funding ($2.85 million READI 2.0 and $1.45 READI 1.0 allocation) will enable the expansion of Rose-Hulman Ventures’ new facility from the original construction plan by 10,000 square feet. The expanded footprint will enable Rose-Hulman Ventures to create a mixed-used event space and establish new business units to serve future-focused areas of industry, creating more opportunities for student experience and industry collaboration to fuel entrepreneurship, business ventures, and innovation.
Innovation Grove will also feature a transformative partnership between Rose-Hulman Institute of Technology (RHIT), Union Health, and the Indiana Joint Replacement Institute that will result in a state-of-the-art outpatient surgery center for orthopedic joint replacements, drive technological advancements in the healthcare industry, and provide a hands-on experience for students. Overall, the district is designed to foster an environment that provides students with unique experiences in innovation, discovery, and entrepreneurship; strengthen and support existing on-campus resources while providing services that expand the entrepreneurial ecosystem for external clients, the RHIT community, and beyond; and provide resources to foster local entrepreneurship through innovation.
“This investment is a monumental step forward for both Rose-Hulman and the broader Vigo County community,” said Robert A. Coons, President of Rose-Hulman Institute of Technology. “Innovation Grove will catalyze economic development, job creation, and talent retention. This project will not only bolster our capabilities in engineering and science. Still, it will also have a lasting impact on the local economy, providing new opportunities for residents and businesses and valuable hands-on experiences for Rose-Hulman students.”
READI 1.0 has awarded $487 million to 353 unique projects and programs across the state, yielding $12.6 billion invested (26:1 investment leverage ratio) in quality of life, quality of place, and quality of opportunity initiatives. READI 2.0, which secured additional funding awarded by the Lilly Endowment Inc., is allocating another $750 million to accelerate community development investments statewide. This funding is expected to attract a minimum 4:1 match of local public and private funding, yielding at least $3 billion invested to increase the vibrancy and prosperity of Hoosier communities.
“The Wabash River RDA chose Innovation Grove as a priority project due to its potential to significantly impact the local economy and foster innovation in the region,” said Jon Ford, Wabash Valley RDA Chair. “This project aligns perfectly with our goals of enhancing the Wabash Valley’s competitiveness and supporting initiatives that drive sustainable growth and development.”
Terre Haute is part of the West Central Indiana region – led by the Wabash River Regional Development Authority – awarded $30 million in READI 1.0 and 2.0 matching funds to accelerate the quality of place, quality of life, and quality of opportunity initiatives. The region is prioritizing increases in population growth and retention, per capita income, and educational attainment rates by investing in early childhood education, innovation, education, and workforce training, housing availability, and destination and recreational development.
Learn more at IndianaREADI.com.
