City Council Okays TIF Support for New mHub Headquarters on Near West Side
The mHub advanced manufacturing incubator will create a new $46-million headquarters on the Near West Side through Tax Increment Financing (TIF) assistance approved by the Chicago City Council Wednesday.
mHub will use up to $17.55 million in TIF for eligible renovation costs involving a 96-year-old, 79,000-square-foot building at 240 N. Ashland Ave., where it will relocate from the Near North Side. The assistance will be provided through the Kinzie Industrial Corridor TIF district.
The project is anticipated to retain 30 permanent jobs and create 200 temporary construction jobs, according to the Lightfoot administration.
Founded in 2016, mHUB is a nonprofit incubator that provides opportunities for start-ups and entrepreneurs in technology and manufacturing. The organization is relocating from a Chicago Avenue location because it could not renew an expiring lease.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!