mHub plans to begin the build-out of its new Chicago facility quickly. Picture courtesy of Gensler
mHUB, a Chicago-based manufacturing innovation middle, has acquired an historic property that it plans to redevelop into its new facility. The agency is investing $50 million within the acquisition and build-out.
mHUB’s present lease at 965 W. Chicago Ave. will expire on the finish of August, Blomquist stated. The brand new facility will increase mHUB’s practical house by 50 p.c. Construct-out on the new facility will begin within the subsequent week or two, Kim Blomquist, director of selling and communications at mHUB, instructed Industrial Property Govt.
mHUB’s collaborators for the undertaking embrace JLL, Gensler and Syska Hennessy Group. The undertaking additionally landed funding from a number of sources, together with greater than $17.5 million in TIF funding from the town of Chicago; a $15.5 million tax-exempt bond from the Illinois Finance Authority; $9.4 million in new market tax credit, and greater than $9.5 million from different native sources.
Greater footprint
The 2-acre web site can be transformed right into a facility for mHUB’s prototyping and testing amenities, in addition to workplace and convening areas. Blomquist stated that the build-out course of features a full inside renovation of the ability that mHUB can be conducting alongside Govt Development Inc. When accomplished, the ability will supply three flooring of workplace house, prototyping and testing labs, occasion house, and coaching and collaboration house, Blomquist stated.
The ability is designed to assist startups and producers with their processes. In response to mHUB, the constructing plan and capital investments included suggestions from focus teams that included greater than 20 hardtech startups, producers and key business companions.
mHUB was launched in 2017 as a strategy to help startups and producers by offering them with assets like prototyping labs, micro-factories, entry to a community of business specialists and extra. The corporate works with startups to assist speed up them right into a sustainable mannequin, but additionally has ties with universities within the Midwestern U.S. and contract producers.
