City officials approved over $24 million in federal funding to develop a new industrial makerspace and coworking facility in Houston’s East End.
Houston City Council on Nov. 13 approved a measure for the city to borrow $22.7 million from the U.S. Department of Housing and Urban Development. An additional $1.39 million in funding will come from a Community Development Block Grant. The HUD and CDBG funding will go toward acquiring and rehabilitating a 307,000-square-foot warehouse at 6501 Navigation Blvd. — which costs about $12.4 million, the measure states.
The total cost of the project is expected to be nearly $31.67 million, with net New Market Tax Credits and other contributions covering the remainder, according to the measure.
The goal of the new facility, dubbed the East End Innovation Maker Hub, is to foster economic development in the neighborhood by providing below-market rental space for light industrial businesses. In conjunction with Houston-based TX/RX Labs, an existing nonprofit makerspace, the Maker Hub will provide 250,000 square feet of shared collaborative space for new startups, according to the measure.