Local and regional leaders in Zionsville today announced the allocation of a $4 million READI 2.0 allocation to support the development of the town’s South Village, a 160-acre development area south of the heart of downtown Zionsville that will expand the town’s center and improve access to and through the town for residents, business owners and visitors.
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 in April to 15 regions representing all 92 Indiana counties.
“In Indiana, Hoosiers are investing in their communities in unprecedented ways thanks to collaborative planning and new initiatives like READI,” said Ann Lathrop, chief strategy officer at the Indiana Economic Development Corporation. “Zionsville’s South Village development will transform the town, increasing its culture and vitality while creating new opportunities to attract business, residents and visitors alike.”
Zionsville’s South Village public private partnerships have the potential to invest nearly $538 million in the area. The projects will bring new life to the area south of the Brick Street Business District with plans that include offices, green space and new trails for a pedestrian-friendly experience, connections to the Big 4 rail trail, public restrooms, new parking, restaurants and shops, as well as places for new neighbors to call Zionsville home. The initiative will support the cultural and economic vitality of the community by stabilizing an unused area of the town, creating land areas for future development, expanding the town’s destination assets and attracting new office and residential development, corporate citizens and visitors.
READI funds are being used to support the development, with a $1.9 million READI 1.0 award being allocated toward design and engineering for the planned infrastructure improvements and the $4 million READI 2.0 award will support infrastructure developments. in the South Village. Specifically, the community will build two new roundabouts and road connections at Main Street/1st Street and Main Street/Sycamore Street to fix traffic and safety problems, construct a new pedestrian path along the north side of Sycamore Street from 1st Street to Lions Park, and make pedestrian safety improvements to and through the South Village development.
“Our traffic grid was designed more than 150 years ago to accommodate railroad traffic in and around Zionsville, before automobiles were even invested,” said Zionsville Mayor John Stehr. “This funding will not only upgrade and modernize our traffic pattern, but will also set the stage for meaningful, responsible growth in our South Village area.”
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.
Zionsville is part of the central Indiana READI region – led by CIRDA – that was awarded $45 million in READI 2.0 matching funds to accelerate quality of place, quality of life and quality of opportunity initiatives across nine counties. The region is focused on promoting the development of walkable and connected living, innovation and recreational districts that serve as magnets for talent attraction and innovation and provide links to arts, culture and recreation.
