$18M New Markets Transaction
FINANCED |
|---|
August 2022 |
LOCATION |
Madison, WI |
SQUARE FOOTAGE |
74,000 |
TOTAL PROJECT COST |
$25.5M |
CENSUS TRACT |
55025001401 |
INVESTOR |
Old National Bank, Johnson Bank |
NMTC ALLOCATEE |
Old National CDE Forward Community Investments National Community Investment Fund |
The Black Business Hub will be the Madison region’s premiere enterprise center devoted to incubating, accelerating, and networking Black and other BIPOC entrepreneurs. The Hub is a 4-story, state-of-the-art center of commerce and entrepreneurism led by Black business owners and entrepreneurs.
The Hub will be home to retail and other businesses owned by Black and other entrepreneurs of color ranging from start-ups to established business looking to expand and/or take on storefront locations for the first time. The Hub will also integrate mission-based commercial and retail uses including a wide variety of innovative economic and entrepreneurship activities including food, personal care, financial services, entertainment, technology, co-working space, a rentable commercial kitchen, and much more. The Black Business Hub Accelerator will offer a place-based system of entrepreneurial supports including loans, grants, technical assistance, networking, and more.
The following Guiding Principles for The Hub were developed by a team of nearly two dozen community advisors and collaborators to ensure that the Hub will embody, in all aspects, the following:
- Local Economy
- Mixed-Use
- Non-Profit Ownership & Management
- Attractive & Agile Design
- Sustainability
South Madison Renaissance
South Madison, also known as the southern gateway to downtown, is home to a handful of affordable neighborhoods. While significant development creeps along the South Park St. corridor, Black leaders fight to halt an influx of higher-income properties and keep longtime residents off the eviction cliff.
Over the next few years, it is estimated that the Hub will support a minimum of 100 Black-owned businesses and entrepreneurs, create or relocate over 150 jobs, create at least 250 temporary construction jobs, train Black real estate developers, and much more.
