KOKOMO, Ind. — Indiana Gov. Eric Holcomb, along with other local and regional officials, were in Kokomo on Tuesday to help break ground on the first quality of place project supported by the recent expansion of the Indiana Regional Economic Acceleration and Development Initiative (READI 2.0).
According to a news release from Holcomb’s office, funds from the initiative are being used in Kokomo to expand University Park, a student housing complex on S. Lafountain Street. Officials said the two-phase, $32.8 million project is expected to establish the Villages at U Park which will create up to 280 multi-family units and 474 beds to meet increased demand for student housing at IU Kokomo.
The release said that adding student housing and amenities will help retain and attract “top talent” to support the “significant” job creation plans. This comes after officials with the U.S. Department of Energy provided nearly $250 million in grants to convert Kokomo’s Fiat-Chrysler Automotive facility to a facility that produces electric drive modules.
Holcomb’s office announced the expansion of the READI 2.0 program earlier this year. According to previous reports, READI funds “future-focused investment” in the state’s economy and communities. An additional $500 million was awarded to 15 regions throughout the state, growing the program’s funding to $1 billion.
“The expansion of the READI program was initiated in large part due to the enthusiasm and demand for continued quality of place investments from communities across the state,” Holcomb said in the release. “READI 2.0 will accelerate our collaborative efforts to cultivate vibrant, modern and sustainable regions that attract and retain future-focused businesses and residents. This is an incredible day for Kokomo, for North Central Indiana and for the state as a whole as we break ground on the first READI 2.0 investment that is poised to transform and support the city’s growing workforce.”
Along with the grant from the Department of Energy, Stellantis and Samsung SDI are establishing two StarPlus Energy gigafactories in Kokomo, creating 2.800 new jobs and generating $6.3 billion in investment.
“Today’s groundbreaking is the perfect example of how Indiana is tackling economic development on all fronts,” Secretary of Commerce David Rosenberg said in the release. “Kokomo is experiencing unprecedented business growth thanks to its skilled manufacturing talent and the commitment of future-focused mobility leaders. Here, in partnership with the North Central region, we’re leveraging READI 2.0 funds to meet the needs of today’s businesses, ensuring they have the talent needed to grow and succeed, while increasing housing and amenities tailored to residents and to growing the city’s population and workforce pipeline.”
Officials said in the release that the first phase of investment into the Kokomo housing facility is expected to be complete by the summer of 2026. Officials said they hope this paves the way for additional development to create community-centered and business-focused spaces, like trailways, gaming courts and commercial space.
“Projects like this show just how great it is to live and do business in Indiana,” Kokomo Mayor Tyler Moore said in the release. “The implementation of the State’s two READI programs, along with other investments in which Kokomo has partnered with IEDC, has changed the economic landscape of our community and has truly helped take Kokomo to the next level.”
