Chicago & Midwest + Downtown + Industrial | April 27, 2023

Hardtech incubator mHub will relocate its operations to the Kinzie Industrial Corridor on Chicago's Near West Side

Hardtech Incubator mHub Will Relocate to Kinzie Industrial Corridor

Manufacturing and hardtech innovation center mHUB, said Thursday it had secured $50 million in funding for the acquisition and build-out of a historic manufacturing facility within Chicago’s Kinzie Industrial Corridor on the city’s Near West Side. The building is located at 240 N. Ashland Ave., within a designated Opportunity Zone and planned manufacturing district on a two-acre site.

“This historic investment will help drive Illinois and the nation’s global leadership in hardtech, and particularly around the commercialization of clean and sustainable technologies,” said Haven Allen, CEO and co-founder of mHUB.

The financing package includes $17.55 million in TIF funding from the City of Chicago; a $15.52-million tax exempt bond issued by the Illinois Finance Authority, organized by Cabrera Investments, and purchased by Nuveen Investments; $9.4 million in new market tax credits; $9.57 million from other local sources; and a $1.1-million contribution from mHUB.

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About Paul Bubny

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).

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