A former Zenith Electronics factory in the Belmont Cragin neighborhood is going through a transformation and will soon re-emerge as an industrial kitchen space for both fledgling entrepreneurs as well as established food-production businesses.
It will be the third and newest location for Los Angeles-based Amped Kitchens, which purchased the 117,000-square-foot facility at 5801 W. Dickens Ave. with a $4 million loan from JPMorgan Chase.
Those funds were directed to the project through LISC (Local Initiatives Support Corporation) Chicago and the Chicago Community Loan Fund.
Bob Tucker, a former Oak Park village trustee and chief operating officer of Chicago Community Loan Fund (CCLF), said LISC first identified the project and brought in CCLF on the deal.
Banks contribute financing and loans earn credits through the federal Community Reinvestment Act, Tucker explained, which aims to help develop low- and moderate-income neighborhoods.
JPMorgan Chase invested $10 million in CCLF, and $4 million was sent to the Amped Kitchens project, while the remaining funds will be used for other projects around the city, Tucker said.
The goal is to “bring jobs and amenities to communities that have been lacking them for dozens and dozens of years,” he added.
