The Texas Research & Technology Foundation will use its recent purchase of the historic Merchants Ice complex just east of downtown to start an innovation center focused on bioscience, cybersecurity and emerging technologies.
Part of the plan for Merchants Ice complex includes using a portion of the 4.8-acre property to house the foundation’s new subsidiary VelocityTX, “which will serve as the facilitator and catalyst for companies throughout their development and early phases,” according to an announcement this week.
Randy Harig, the foundation’s president and CEO, confirmed last week that the nonprofit had purchased the Merchants Ice complex, a former industrial site just east of downtown. The nonprofit purchased Merchants Ice through its subsidiary Merchants Ice LLC for an undisclosed sum.
“Merchants Ice is one of the iconic buildings in San Antonio and an East Side landmark,” Harig said Wednesday in a release announcing the plans for the complex. “With more than 110,000 square feet in five structures on almost 5 acres, it gives us the perfect place to establish a new innovation hub for small and start-up companies in San Antonio while also modernizing those facilities and contributing to the economic development on the East Side. We are here for the long run.”
It’s been vacant for most of a decade, but East Side residents long have seen potential for a major redevelopment project at the Merchants Ice complex, in the fast-growing neighborhood of Dignowity Hill. Merchants Ice is listed on the National Register of Historic Places and is at the northwest corner of Houston and Cherry streets. A vacant lot across the street was part of the purchase, too.
It was also revealed in the announcement that the foundation had shaken up its leadership recently: Harig stepped down as chairman to serve as president and CEO in a paid position. Steve Dufilho has moved into the board chairman role.
The new subsidiary VelocityTX is going to provide “mentors and coaching, start-up facilities for entrepreneurs and — for those who qualify — pre-seed and seed stage funding,” Dufilho said in the announcement.
Details on exactly how the subsidiary and building are going to operate were scarce, but Harig said Wednesday in a phone interview that VelocityTX is still finalizing its plans and will announce more later.
“Velocity is much greater encompassing than just an incubator,” Harig said. “But right now they are finalizing their mission and all those aspects of what they’re going to do.”
On their website, VelocityTX says it is at its core “an innovation superhub.”
“Whether it is an idea, a startup, or an early stage growth company, VelocityTX is here,” the site says. “Whether funding your company or expansions into new markets (especially international companies coming to the USA) or an investor looking for great deal flow, VelocityTX is here.”
VelocityTX is planning a formal launch for fall of this year, according to its website.
Jorge Varela will run VelocityTX, and Harig is its chair, Harig said. Valera served for several years as director of emerging technology startup incubator TECH Fort Worth, according to his LinkedIn profile.
For now, Harig said the focus is on developing a master plan for the foundation’s new land, where he anticipates they would “have companies that we gestate and fund on our own, and we’ll also be a location for others to come and rent space to take advantage of our service.”
There are six buildings now on the property, Harig said.
“I think what’s going to happen is Velocity will be housed in a couple of the buildings actually, and we’re undergoing a master plan right now to see what’s the highest and best use of the others, and also of the open land that we’ve got to potentially build a new building,” Harig said.
The Texas Research & Technology Foundation was formed in 1983, and original mission was around “economic development through investments in the life sciences,” Harig said.
It was charged with developing the Texas Research Park, west of Loop 1604.The Tom Pawel family, through its Concord Oil Co., donated 1,500 acres in 1986 to establish the park, according to the announcement.
“What we found over a 30-year period, or a 35-year period, was it was just too far out, nobody wanted to be out there,” Harig said.
The foundation began selling off its land in 2006, according to the announcement.
Asked about what areas of technology might be a focus with the new innovation center, Harig mentioned technology for banks and financial services.
“We have a large financial technology center here, so I would say fintech would be an area of focus,” he said. “And that’s more along the lines of security with technology.”
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