AltonWorks Hosts Ribbon Cutting for the Wedge

A group of people stand in front of a building and cut a large blue ribbon

HRIF provided $8 million in new markets tax credits for Alton, Ill., project

On April 1, AltonWorks, a development company focused on the revitalization of Downtown Alton, Ill., hosted a ribbon cutting ceremony for the Wedge Innovation Center. The 55,000-square-foot, state-of-the-art facility received $8 million in new markets tax credits in 2023 from Heartland Regional Investment Fund (HRIF), a Certified Development Entity (CDE) managed by the St. Louis Economic Development Partnership (STL Partnership).

During the ceremony, community and regional leaders toured the new facility that is designed to improve innovation and economic growth in Alton as well as the St. Louis region. Estimates have shown this project will generate 250 full-time jobs across multiple industries.

The project transformed two buildings in the 600 block of East Broadway in Alton into a hub to support both startups and established companies, providing mentorship, education and finance opportunities.

The Wedge’s amenities include glass-walled conference and training rooms, a fitness center, event space and a workspace on the rooftop. There will also be restaurant space there in the future. The formal name of the space will be The Wedge Powered by SIUE as Southern Illinois University Edwardsville will be an anchor for the facility.

HRIF, which consists of managing members the City of St. Charles, Southwest Illinois Development Authority and STL Partnership, provides financing to projects in distressed communities. Eligible areas HRIF serves are St. Louis and St. Charles Counties in Missouri, plus Bond, Clinton, Madison and St. Clair Counties in Illinois.