ST. LOUIS (KMOX) – Fast-growing tech start-up incubator T-REx isn’t just moving to a larger space; it’s buying an entire building on downtown’s hottest street.
U.S. Bank is providing $1.7 million in financing for T-REx’s purchase of the Lammert Building at 911 Washington Ave.
Over/Under Bar & Grill occupies some of the building’s ground floor space.
T-REx opened in September, 2011 in the massive Railway Exchange building, occupying some former May Department Stores offices and receiving discounted rent and utilities. Since then, the Macy’s store has closed and the remaining corporate employees have left, leaving T-REx as the only tenant. Redevelopment plans are now being pondered for the building.
The co-working space currently houses more than 70 fledgling companies and the move will open space for 50 more. The space also includes Cultivation Capital, Capital Innovators and Arch Grants, which provide start-up funding. A release by U.S. Bank and T-REx estimated the move could create 240 new full-time jobs over the next five years.
“We at Arch Grants are excited about the closing of financing for T-REx,” Jerry Schlichter, president of Arch Grants, said in a news release. “The synergy created among entrepreneurs, funders, universities and others makes it easy for funders to visit several companies within an hour and literally provide the opportunity for entrepreneurs to make an elevator pitch. Arch Grants is happy to be in the T-REx space.”
U.S. Bancorp Community Development Corporation CEO Zack Boyers added: “With access to New Markets Tax Credit financing and a permanent home, T-REx will continue to attract talent, companies and capital and create a lasting legacy for St. Louis.”
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