Eli's Books, DePauw's brand new book store which features a Starbucks coffee shop, is currently under construction in downtown Greencastle and set to open with a ribbon-cutting ceremony Sept. 24.
Its namesake is Eli Lilly, a colonel in the Civil War who became the founder of an international pharmaceutical company.
Lilly was an Indiana Asbury graduate, and the first drugstore he opened in 1861 was in the downtown square of Greencastle. Although the global headquarters for Eli Lilly and Company are now in Indianapolis, it seems Lilly has in some way returned to his college town.
Lilly was an avid book collector, said Christopher Wells, vice president for communications and strategic initiatives. Wells said the name of the bookstore was decided over the summer is meant to be indicative of the collaboration between DePauw administrators and Greencastle leaders in creating the new store.
The 75,000 square feet space is the combination of two different properties on Washington Street. The space features a loft-type area meant for student and community members to relax or study and will have residential housing in the floors above.
DePauw partnered with Indianapolis-based Kite Realty Group in building the store. Brad Kelsheimer, vice president for finance and administration, said the decision to work with Kite was a financial one, as Kite is handling all construction costs and will ease some of burden from the university.
Retail operations of the store will be handled by Follett Higher Education Group, a national provider of educational supplies to schools. The company is replacing Barnes & Noble, who ran the previous bookstore underneath the Union Building.
The state of Indiana is also contributing to the bookstore. Kelsheimer said just over $1 million came from the Stellar Communities grant - which rewarded Greencastle with $19 million dollars for community renovations. Kelsheimer said the total cost of the store is estimated at around $2.5 million.
Kelsheimer is optimistic about what the book store will ultimately bring to the university and the community at large. He imagines a downtown area similar to other small college towns across the nation like Davidson College in North Carolina.
But even with the help from the Stellar Grant and Kite, Kelsheimer is not underplaying how important it is that the bookstore becomes a profitable investment.
"It's something that has to be a success for DePauw," Kelsheimer said. "We're putting a lot of energy, time and effort into the store."
He added: "We couldn't afford for this to be a black hole financially. You all need to a buy a lot of coffee to make that happen."
Carolyn Jones also has some investment in the store's future. Jones, 47, is the owner of Carolyn's Closet, a new and gently used clothing shop that opened last February. Her store is just off the downtown square and only a few doors down from the new bookstore on South Indiana Street. Right now, Jones' store is in the middle of a construction zone.
Jones said she is ready for the bookstore to open as the construction has slowed business down. Although she is optimistic about what the store will eventually bring.
"I think it will be good for the town and the community," Jones said.
Eli's Books will have its grand opening on parents' weekend from Sept. 28 through the 30. Until then, students can still find books and other DePauw merchandise at the current bookstore location in the basement of the Union Building.