Today 1871 CEO Howard Tullman and Illinois Governor Pat Quinn announced a 25,000-square foot expansion project for the Chicago co-working space, slated to begin this month. The $2.5 million expansion will grow 1871’s size by 50 percent.
The expansion project will provide more room to house companies that have outgrown their current space within 1871 as well as space to support new startup incubator projects and venture capital firms.
“In just two short years, 1871, its member companies and alumni have created more than 1,000 jobs,” said Governor Quinn in a press statement. “1871 has become a true entrepreneurial hub for our state and its expansion means more career opportunities for the hardworking residents of Illinois.”
Nearly three dozen companies have “graduated” from the 1871 space, creating close to 400 jobs and raising nearly $40 million in venture capital funding
“The jobs of tomorrow will come from the types of small businesses growing at 1871 today, and this expansion will allow even more entrepreneurs and businesses to locate here, bringing new jobs with them and supporting the city’s economic growth,” said Mayor Rahm Emanuel.
The expansion is planned for mid-October completion this year.