The Hatchery, a business incubator, will be located in the city's Garfield Park neighborhood. The $30 million facility will provide support and kitchen space for start-ups.
The Hatchery is a joint venture between Accion Chicago and the Industrial Council of Near West Chicago.
"We constantly see smart entrepreneurs with very good products who are ready and able to rent a location and grow their business. But they can't afford the tens of thousands of dollars that it costs to turn a small industrial space into a kitchen. Well, now they don't have to," said Steve DeBretto, executive director of the Industrial Council of Near West Chicago.
The business incubator is scheduled to open in 2018 and is expected to create up to 900 jobs in five years.