by Adriana Pop, Associate Editor
Locally based pharmaceutical giant Eli Lilly and Co. is considering an additional $180 million investment in its Indianapolis-based insulin manufacturing operations.
Plans call for an 84,000-square-foot expansion of the company’s $140 million plant currently under construction in the southwest area of downtown Indianapolis. The new facility will increase the company’s insulin-active-ingredient manufacturing capacity and create a second insulin-cartridge-filling line. The production area is expected to become operational in March 2014, while construction on the insulin-cartridge-filling line would be complete by 2016.
Once it becomes fully operational, the new plant would employ about 175 full-time, high- skill workers. Lilly has also announced it would spend about $80 million on several ancillary projects in the city, including a product-inspection center.
“Lilly could have made this investment anywhere in the world, but the fact that it continues to expand in Indianapolis is a testament to the great business climate and workforce in our city,” said Mayor Greg Ballard. “I want to underscore that despite challenging economic times, in the past six months, Lilly has announced proposed plans to invest more than a quarter of a billion dollars in our city and create jobs for many highly skilled people. This is great news for Indianapolis.”
In multifamily development news, Pedcor Investments is planning a $13.1 million affordable housing complex for seniors on the west side of Indianapolis. According to the Indianapolis Business Journal, the project has recently been awarded $1.2 million in federal tax credits.
Called The Retreat on Washington, the new development will be located on the site of the former Central State Hospital campus, along West Washington Street. The project will consist of a three-story building with one- and two-bedroom units. The one-bedroom apartments are expected to rent from $300 to $625, while rents for the two-bedroom homes will range from $350 to $725. Construction could begin in August or September and last until next fall.
In December, Pedcor completed another affordable housing development at the 150-acre site of the former psychiatric hospital which closed in 1994. The $20 million Steeples on Washington complex offers 144 apartments to residents earning 60 percent or less of the area’s median income. The seven-building project has received $2 million in federal tax credits, the newspaper reports.
Photo credits: lilly.com/news/media-center