Lilly Endowment Helps Fund First Wave of READI Blight Redevelopment Projects Across Indiana

One of the selected projects is taking place in Brookville.

Photo provided.

INDIANAPOLIS - The Indiana Economic Development Corporation (IEDC) board of directors approved 17 projects yesterday that represent the first $131 million investment from the $250 million Lilly Endowment Inc. award to support READI projects that will enhance efforts to improve quality of place and life in communities across Indiana. 

These projects will transform vacant and blighted properties into productive assets—housing, commercial districts, community hubs—while leveraging private and local investment through the state’s Regional Economic Acceleration and Development Initiative (READI 2.0). Together, they unlock more than $1.6 billion in total investment across 12 regions. 

Projects were selected based on their potential for economic impact, community benefit, local match, scale, and creativity. Future projects will continue to include diverse uses such as infill housing, brownfield redevelopment, office-to-residential conversions, and district creation for both rural and urban communities. 

Locally, S&W Homes LLC aims to revitalize Brookville's Historic Preservation District on Main St. by eradicating vacant/blighted buildings by 2028. A proposed $2 million award will go toward "Renovate to Eliminate" project. 

This involves acquiring real estate from absentee owners, renovating exteriors/interiors to create move-in-ready spaces to attract new businesses/residents. Properties will be prioritized based on their condition, historical value, and revitalization potential. READI/LEI funds will cover exterior renovations for all projects and interior work for select ones. Private funds/loans will handle property acquisition, planning, and design.

It will create approximately 32 commercial spaces and 29 residential units, renovating approximately 60,000 sq ft of underutilized/vacant structures and adding 8,000 sq ft of new residential construction. These units will be designed to attract workforce housing, addressing a significant regional housing gap

Governor Mike Braun said: 
“Indiana’s greatest strength is its people, and READI is proof that when communities lead, real transformation follows. These Lilly Endowment investments are not just cleaning up blight—they’re opening doors to new housing, jobs, and opportunities that will keep more Hoosiers living and thriving here at home. We’re building on what works: region-owned growth, supported by the state, to create lasting impact for every corner of Indiana.” 

A full listing of approved projects can be found at IndianaREADI.com.