Initial details have been revealed for a new large-scale development centered around local incubator mHUB in the Near West Side. The non-profit incubator recently completed its move to the iconic clock-tower building at 240 North Ashland Avenue in the West Loop, significantly increasing its footprint and reach within an existing industrial zone.
Current view of 240 N Ashland Avenue via Chicago Sun Times
View of mHUB’s current building 240 North Ashland Avenue via Gensler
The roughly 16-block campus would be known as the M+ District, per Crain’s. It would be bound by the existing rail tracks to the north, Ashland Avenue to the east, West Lake Street to the south, and as far as North Damen Avenue to the west. However, it is worth noting that mHUB, at the moment, does not own any of the necessary property aside from its own building.
Rough site map of M+ via Google Maps
To kick things off, the non-profit is working with others to purchase the entirety of the block to the south of its building to launch phase one. Per a preliminary campus rendering, this would include a new four-story building along Ashland while preserving many of the existing one-story industrial buildings, which are highly leased. This phase would cost roughly $250 million.
Initial rendering of M+ via mHUB
The rest of the campus will hold a mix of existing buildings and new-construction spaces aimed at early-stage manufacturers and potentially some housing, with small green spaces added in between. Plans are slowly developing, and the non-profit plans to work with the city to receive TIF funds for parts of the project. At the moment, no timeline has been revealed.
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That seems very ambitious. Should add a makerspace.
The disconnect between how they are marketing this expansion versus the actual ambition of the plan is jarring. Some of the articles talk about a mega development “larger than the 78”, but those that show actual renderings & discuss numbers reveal a plan that seems to be only ~12.5 acres of new construction, & this is likely the entirety of the MHub specific investment that is projected at “more than $1b”. Since the first 2 acres of redevelopment are expected to cost $250m.
It’s still ambitious, but they are talking about fostering an ecosystem & branding a district that is 70 plus acres (& in reality will likely bleed north of the tracks, east of Ashland, and west of Damen based on what properties advanced manufacturing companies end up being able to acquire), not transforming a 50 acre site with entirely new construction & access roads.
I’ve never understood press releases about buildings you don’t own
I’ve long felt there could be more midrise housing in this area as well. Not high density like Fulton market but some gentle density to support some of the businesses and retail in the area.
Wait, so if so many of the industrial buildings in this area are “highly leased”, then how exactly are you going to acquire them all and create an “industry hub”
There ALREADY IS an industry hub here. Help me understand!