mHub, a manufacturing and innovation center, has acquired a historic manufacturing facility in Chicago’s Kinzie Industrial Corridor. The building is located within a planned manufacturing district called the Opportunity Zone. The company will invest $50 million to purchase and upgrade the plant, which will allow mHUB to increase its prototyping and testing operations, as well as offer additional office and conveying spaces. The project is supported by public financing, including $17.55M in TIF funding from the City of Chicago; a $15.52M tax exempt bond issued by the Illinois Finance Authority, organized by Cabrera Investments and purchased by Nuveen Investments; $9.4M in new market tax credits; $9.57M from other local sources; and a $1.1M contribution from mHUB. According to the company, this expansion will speed up the commercialization of innovative technologies and better position Illinois to take advantage of federal funding opportunities.
In a recent quote, Haven Allen, chief executive officer and co-founder of mHUB, said, “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. It will create an anchor institution in Chicago to execute on its commitments leading the nation's reemergence and manufacturing legacy. It’s made possible through broad collaboration of the private sector, strong leadership at the city and state, and ongoing engagement with the federal government.”
Investing in American Manufacturing - 2023
This map shows where manufacturers are choosing to invest their resources, whether they are building new production facilities or expanding existing plants.
