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By Tim Monger on December 15, 2016

Medical device maker Cook Group Inc. plans to invest $16.5 million to expand and equip its R&D facility in Indianapolis’ burgeoning 16 Tech development—a 60-acre innovation district less than a mile from downtown near IUPUI.

Cook is proposing to spend $12.5 million to add office and lab space to the Indiana Avenue facility its General BioTechnology and Regentec units have occupied since 2012. The city’s Metropolitan Development Commission is considering tax abatements for the real estate project and the planned $4 million in new equipment.

If its plans bear fruit, Cook will retain almost 70 jobs and add another 80 in the next five years.

The project also would help 16 Tech build momentum. Envisioned as “the ideal environment for talent to collaborate, share resources and knowledge and unleash creativity and innovation,” 16 Tech is expected to attract $450 million in private development within a decade. Indianapolis is spending $75 million on infrastructure improvements to jumpstart construction.

16 Tech’s 20-year master plan calls for a variety of uses, including:

  • Flexible research space for technology, advanced manufacturing, life sciences and other advanced industries
  • Retail and office space
  • Creative industries and the arts
  • Public space, including trails
  • Housing

It will be anchored by the Indiana Biosciences Research Institute, which received a $1 million donation from Cook Medical in June.