mHUB, a manufacturing and hardtech innovation center, announced Thursday that 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 two-acre site at 240 N. Ashland Ave., located within an Opportunity Zone and planned manufacturing district, will be home to mHUB’s new location.
CEO Haven Allen expressed excitement about this “historic investment” which is expected to drive Illinois’ global leadership in hardtech industries such as clean energy technology commercialization: “This historic investment will help drive Illinois and the nation’s global leadership in hardtech, particularly around the commercialization of clean and sustainable technologies,” said Allen.
The financing package included TIF funding from Chicago ($17.55 million), tax exempt bond issued by IFA organized by Cabrera Investments ($15.52 million) purchased by Nuveen Investments; $9 .4 million from new market tax credits; other local sources ($9 .57million); plus a contribution from mHUB itself (1 .1$million).
