Provided by City of Marion
MARION — Regional leaders in East Central Indiana announced on Dec. 19 plans to award READI 2.0 funding to River Rock Lofts – a mixed-use development in the heart of Marion.
The award is designed to spark urban revitalization and enhance the local economy while improving quality of life for residents and fostering sustainable community growth.
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.
“Through READI, Indiana is investing in communities of all shapes and sizes, ensuring that urban, rural and suburban neighborhoods statewide are poised for growth,” said Indiana Secretary of Commerce David Rosenberg. “This mixed-use development in Marion is set to spark downtown growth and vibrancy against the backdrop of the Mississinewa River, creating a unique destination for residents and visitors while serving as a catalyst for continued urban revitalization.”
The $10.8 million development (including an $850,000 READI 2.0 award) in Grant County will bring new life to Marion’s downtown riverfront district. River Rock Lofts will create 44 one- and two-bedroom apartments, 3,300 square feet of commercial space and a public plaza for community use, accelerating urban housing, industry and community gathering spaces to foster quality of life and quality of place.
The development, which will add the city’s long-term vision of creating a dense and walkable downtown, will also feature modern amenities for today’s talent, including and indoor/outdoor courtyard, a work-from-home lounge, indoor bike storage and pet-friendly amenities. Construction of River Rock Lofts is expected to begin in early 2025 and be complete by the spring of 2026.
“We are deeply honored to receive funding for this transformative project in our city,” said Marion Mayor Ronald Morrell, Jr. “Marion is poised for growth, and the READI 2.0 initiative has positioned us to build a vibrant future in our downtown. It is truly inspiring to see our state government invest in communities like ours, and this development would not be possible without their invaluable partnership.”
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.
Marion is part of the READI East Central Indiana region – led by the East Central Indiana Regional Partnership (ECIRP) and supported by its local organizations, including the Grant County Economic Growth Council – that was awarded $50 million in READI 1.0 and READI 2.0 matching funds to support quality of life, quality of place and quality of opportunity projects across Blackford, Delaware, Fayette, Grant, Henry, Jay, Randolph and Wayne counties.
The region’s READI investments are designed to accelerate economic growth, regional prosperity and population growth through investments in quality of life, housing and infrastructure, childcare and family support, and education. ECIRP has been working diligently to gather information needed to advance READI 2.0 projects, and will continue to announce new READI 2.0 awards once finalized with the Indiana Economic Development Corporation.