Chicago is transforming an old factor that previously made electronic products for Zenith Corp. into a innovative source of new food products.
The development of the 117,000 square foot facility received the final financing it needed with a $4 million loan from JPMorgan Chase, Crain's reports. The facility will offer dozens of kitchens, refrigeration, storage and similar resources to Chicago entrepreneurs that aim to reach the commercialization stage.
The facility is the third for Amped Kitchen, and has seen major success within its walls. Beyond Meat perfected its Beyond Burger there and is now one of the hottest alternative-meats companies on the market.
The kitchens provide food markers with already-permitted facilities that often hold back many companies from selling their products commercially. Companies can lease the space and immediately generate revenue from their products. As they grow, they can move to their own facilities and others will take their place, Crain's reports. Food entrepreneurs from all over the greater Chicago area will have access to the kitchen.
The facility will create more than 200 jobs and will offer the neighborhood greater access to fresh foods as it will have a ground-floor retail component.