Story: Innovation Hub at 16 Tech

The Sponsor

16 Tech Community Corporation (16TCC) is a nonprofit organization that was organized in 2015 to enhance economic development in the City of Indianapolis, serve as a health and wellness hub, and support scientific research, among other charitable purposes.

The Project

Broadstreet committed $8 million of its LISC New Markets Tax Credit (NMTC) allocation, with US Bancorp CDC as the investor, to support the renovation of the former Citizens Energy Group headquarters building into The Innovation Hub, a 98,675 SF makerspace, co-working space, and culinary incubator at the edge of downtown Indianapolis. The Innovation Hub is part of a multi-phase effort to redevelop 60 acres in the historic Riverside neighborhood and the Indiana Avenue Cultural District, which the city designated as a technology park.

16 Tech’s innovation hub opened in 2021. The Machyne makerspace is a workshop and fabrication studio where members can access machines, tools, training, and coaching. In the co-working space, the firm 1776 offers an accelerator program, services to connect founders with entrepreneurs, and professional development and youth mentoring programs. The AMP, a food hall and artisan marketplace, features a culinary incubator for local restaurants, producers, and farmers.

Impact Statistics

  • $8 M Broadstreet NMTC Allocation
  • 16 Permanent Jobs Created

The Impact

16TCC offers discounted memberships to the Machyne makerspace and the office/incubator space for Near West, Near Northwest and Riverside residents. By offering memberships at discounted rates, 16TCC elevates access for residents of neighboring communities to utilize the tools, space and learning opportunities in the makerspace, as well as the space, educational programs, and entrepreneurial resources to promote their diverse contributions to innovation and their participation in innovation networks in the office/incubator space.

The AMP currently provides operating space for 26 restaurants/retailers – 50% represent new food concepts, and 65% are minority- and/or female-owned or led. The AMP is also home to Melon Kitchen, an incubator for where black and brown food entrepreneurs will soon be able to participate in programs that provide customized technical assistance to support start-up, access to capital, and/or scale-up for up for diverse food entrepreneurs.