Looking to become the largest independent manufacturing center in the U.S., mHUB, a hardtech and manufacturing innovation center, is set to acquire a $50 million building inside Chicago’s Kinzie Industrial Corridor.
The building is located inside a designated Opportunity Zone and planned manufacturing district on a 2-acre site that will increase mHUB’s prototyping and testing facilities. Additionally, the building will open office spaces making the center the largest manufacturing innovation hub in the country.
“It will create an anchor institution in Chicago to execute on its commitments leading the nation’s reemergence and manufacturing legacy,” said Haven Allen, CEO and co-founder of mHUB. “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.”
The package
The acquisition and renovation of the historic manufacturing building in the Kinzie Industrial Corridor is part of public financing organized by mHUB to advance manufacturing and cleantech innovation in Illinois.
The funding includes $17.55 million in TIF funding from Chicago; a $15.52 million tax exempt bond issued by the Illinois Finance Authority; $9.4 million in new market tax credits; $9.57 million from other local sources; and a $1.1 million contribution from mHUB.
Over the next five years, mHUB forecasts the new building will help support more than 450 new startups and existing manufacturers, create 4,500 direct jobs, generate $2.1 billion in revenue, secure 550 patents and attract $1.98 billion in investment.
Additionally, the location will help expand mHUB’s venture capital strategy through venture funds, direct investing and opportunity zone real estate and equity investing.
An artist rendering of how the mHUB manufacturing facility will look like once it is renovated. Source: mHUB
Accelerating tech
The mHUB expansion will help to accelerate the commercialization of new tech globally as well as create an institute of economic development in Illinois. It will also position the state for federal funding through efforts such as:
- CHIPS and Science Act
- Inflation Reduction Act
- Bipartisan Infrastructure Law
This follows Illinois own policies it has created over the last few years to advance technology like the Clean Equitable Jobs Act, REV Act and a $400 million tax incentive package for cleantech manufacturing.
Who is mHUB?
The innovation center was launched in 2017 and has supported more than 500 startups and 200 manufacturers globally. It has helped to create over 5,000 jobs and generated more than $2.6 billion in economy activity.
mHUB works with startups, industry and investors on early-stage technology such as advanced and sustainable manufacturing, climate and energy tech, medical devices and more. It also works with Midwest universities and research institutions as well as contract manufacturers.
