An initiative that promises to reignite the tech sector in L.A. recently received the go-ahead as financing for the project is finally in place. Thanks to U.S. Bank, the La Kretz Innovation Campus is now closer to reality as the last piece of the financial puzzle has been locked in. The banking giant has secured $14 million in New Markets Tax Credit for the La Kretz development project, which when completed will consist of a total investment of around $46 million. The project has received wide support from local officials, especially Los Angeles Mayor, Eric Garcetti.
The cleantech industry hub will take shape in L.A.’s established Cleantech Corridor, namely at 5th and Hewitt Streets. The facility aims at attracting young professionals in the field with a look at aiding the community as it becomes a hub for green industries in the city. The project is being financed in partnership with the Los Angeles Department of Water and Power, Clearinghouse CDFI, Consortium America, Los Angeles Development Fund, and Urban Research Park CDE, as well as a sizable donation from Mort La Kretz, after whom the project was named.
When completed, in early 2015, the cleantech incubator will hold up to 40 clean tech companies, and it will create around 600 new jobs in one of the fastest growing sectors. The campus will include a 30,000 square foot facility, as well as demonstration centers, R&D labs, conference facilities, work force training facilities and additional space for companies that will be part of the cleantech hub.
The local support of the innovation campus comes as a result of its central role in the city’s current strategy for economic growth, the development of the Cleantech Corridor being one of the priorities of the local administration. Projects such as the La Kretz campus will attract new, high-paying jobs to an L.A. submarket where the focus is shifting to solving environmental problems and contributing to research going on around the globe.
Rendering courtesy of laincubator.org