BlueHub Capital provided over $16 million in financing, including $3 million in New Markets Tax Credits, to Community Solutions, Inc. to transform an abandoned factory in the Northeast neighborhood of Hartford, CT into a facility that houses local businesses, generates jobs and increases local prosperity. With a poverty rate three times that of the state, the Northeast neighborhood is ripe for investment. Conceptualized in partnership with Northeast neighborhood community groups, the Swift Factory addresses these challenges by bringing in new investment and creating economic opportunity for residents.
Construction of the 82,000-square-foot development was completed in October 2020.
The Swift Factory offers office space, incubator space for small businesses and commercial kitchens, with the various tenants creating more than 150 full-time, permanent jobs. Just a few months after opening, most available spaces had been leased, with tenant demographics mirroring those of the Hartford neighborhood, which is 38% Black and 44% Latino.
Tarek Raslan, real estate project manager for the Swift Factory, said the mission is to serve the neighborhood.