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.