A rendering of the Bloomington Trades District Technology Center. Photo courtesy Axis Architecture/Rundell Ernstberger Associates
City leaders hope a new $5 million, 22,000-square-foot building in Bloomington will spur tens of millions of dollars in private investment, bolster the region’s technology sector and diversify the local economy.
Local officials said the Trades District Technology Center, at Maker Way and North Madison Street, will provide resources and expertise to early-stage companies to help them reach their next level of development and to set them up for growth.
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In a sense, the tech center would serve as a next step for businesses in The Mill, the city’s coworking space and business accelerator, which provides services for remote workers, freelancers and startups.
The U.S. Economic Development Administration recently awarded the city a $3.5 million CARES Act Recovery Assistance grant to support the tech center’s construction. The city’s redevelopment commission has pledged $1.6 million toward the project. The EDA projects its grant will create 530 jobs and spur private investment of $51 million.
“This is actually a pretty big deal,” said Alex Crowley, director of the city’s Economic and Sustainable Development department.
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