How Eli Lilly’s $13 Billion LEAP Expansion Is Supercharging Central Indiana’s Real Estate Market

Jennifer Tesorero
Oct 4
3 min read

Central Indiana is quickly becoming one of the Midwest’s hottest growth corridors, thanks to major corporate investments reshaping the region’s economic landscape. One of the biggest examples is Eli Lilly’s ongoing expansion in the LEAP Research and Innovation District in Boone County. With billions of dollars committed and hundreds of new jobs on the way, this single project is already driving ripple effects that strengthen the real estate market across Central Indiana.

Eli Lilly’s Historic Investment in Central Indiana

In late 2024, Eli Lilly announced a $4.5 billion investment to build the Lilly Medicine Foundry, a 1.2 million-square-foot, multi-building facility in Lebanon. The Foundry is designed to support medicine research and clinical-trial manufacturing, with first production targeted in 2027.

Job projections vary slightly depending on the source: Lilly’s project materials note the Foundry is expected to add more than 500 full-time jobs, while earlier reports cited around 400 highly skilled positions. On top of that, the project is expected to generate thousands of construction jobs during development.

Combined with earlier announcements — including a $5.3 billion expansion earlier in 2024 — Lilly’s total investment in the LEAP District now exceeds $13 billion. Altogether, these projects are solidifying Boone County and Central Indiana as a hub for pharmaceutical innovation and high-value employment.

Why This Matters for Real Estate

1. Strong Job Growth = Higher Housing Demand

High-paying jobs attract talent, and talent needs housing. With Eli Lilly’s expansion, demand for both rentals and owner-occupied homes in Boone County and surrounding areas is set to rise.

2. Rising Property Values

When demand grows faster than supply, home values typically increase. For current homeowners, this means stronger equity. For investors, it’s a signal of long-term growth potential.

3. Infrastructure & Community Development

Major employers like Lilly bring more than jobs. Their presence encourages upgrades to roads, utilities, schools, and healthcare facilities. These improvements make neighborhoods more livable and attractive, driving further residential growth.

4. New Business & Commercial Growth

As Lilly expands, related businesses — from suppliers to restaurants and retail — will follow. This creates opportunities for mixed-use developments and boosts demand for commercial real estate alongside housing.

The Bigger Picture for Central Indiana

Central Indiana offers a unique advantage: affordability plus opportunity. Unlike larger metro areas where the cost of living is already high, Indiana remains accessible for both businesses and families. With Eli Lilly leading the way, more companies are likely to follow, which means continued momentum for the real estate market.

What This Means for You

Buyers: Entering the market now may allow you to secure property before prices rise further.
Sellers: A stronger economy and growing population mean more motivated buyers.
Investors: Rental demand will only increase as high-paying jobs attract talent to the region.

Final Thoughts

Eli Lilly’s expansion at the LEAP District is more than a corporate investment — it’s a catalyst for growth across Central Indiana. As jobs, infrastructure, and community amenities expand, the real estate market is positioned for long-term strength.

If you’re thinking about buying, selling, or investing in Central Indiana real estate, now is the time to take action. Our team is here to help you make the most of this exciting wave of opportunity.