Mayor Ed Murray today celebrates National Manufacturing Day with an announcement that Industry Space Seattle, LLC will receive a $100,000 award to create an incubator to benefit multiple emerging manufacturing businesses.
Industry Space Seattle owns 47,500 square feet of industrial space to be used as an incubator to develop startups and emerging industrial businesses within Seattle’s industrial core. They plan to use the funds to rehabilitate industrial property into shared space where emerging manufacturers will have access to heavy equipment and common office space. The Industry Space building is located in South Park at 8009 7th Ave. S.
“Seattle has a proven history of making things that change the world,” said Murray. “I’m proud to support Industry Space Seattle, a project that shows Seattle’s innovative and entrepreneurial spirit. Maritime and manufacturing businesses are vital to our economy, and this repurposed industrial facility will help the next generation of businesses thrive.”
The city of Seattle sought a proposal to promote networking, information sharing, and mentoring among co-located, early-stage manufacturers.
Johnny Bianchi, owner of Industry Space Seattle, LLC called the project “a win for Seattle’s manufacturing community,” saying that “the funds will help spur innovation and allow companies to emerge that may not have been able to manage the initial costs of space and equipment on their own.”
Business owners are already benefitting. Hans Hofstee, owner of HGH Metalworks, a small metal fabricator, moved his business into the Industry Space building in April 2015. “Thanks to the building’s heavy lifting capacity, compressed air, and access to heavy power, I was able to spend money on the machines I need, rather than improving a new space,” he said. “I look forward to a long future at Industry Space where I can be part of building a community and building Seattle.”
The award is funded by fees generated by the city’s New Markets Tax Credit (“NMTC”) program, a federal tax credit financing tool. NMTCs attract private investment to important development and business projects benefitting low-income neighborhoods.
“It’s smart for Seattle to invest in emerging local businesses that grow our economy,” said Seattle City Councilmember John Okamoto, Investment Committee member of Seattle Investment Fund LLC, the city’s NMTC entity. “The fees collected from NMTCs are an innovative way to support these businesses.”
Seattle’s manufacturing sector represents a wide range of subsectors, including maritime, industrial machinery and fabricated metal, aerospace, printing and publishing, stone, clay, glass and concrete products, home and office furnishings, food and beverage production, construction, transportation, and wholesale distribution.