Velocity Center, San Antonio

February 21, 2019 Comments Off on Incentives Approved for VelocityTX Innovation Hub Development Views: 1263 San Antonio, Texas News

Incentives Approved for VelocityTX Innovation Hub Development

Texas Research and Technology Foundation (TRTF) received a package of economic development incentives totaling $5.7 million from the San Antonio City Council. The incentives will be used to renovate the former Merchants Ice and Cold Storage Co. buildings at 1305 E. Houston St. Also included will be construction of TRTFs new Velocity Center within the complex. The center will, in turn, house the VelocityTX biomedical sciences innovation center.

A portion of the package will be paid over five years to construct lab and life science incubator spaces, and to develop space that will house emerging life-science and technology startups. TRTF estimates that the total investment for the four-phase redevelopment project will cost $227 million, over a 10-year period. The organization acquired the four-acre Merchants Ice complex site in 2017.

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