Rice Management, which oversees the university’s endowment, is leading and financing the first phase of what will eventually become an entire innovation district spanning 16 acres. Friday’s launch kicked off renovations on a 270,000-square-foot building that once housed a Sears department store, and which will serve as a hub of the district.
The Ion center, slated for a late 2020 opening, will house startups, venture capitalists, accelerator programs, research facilities and industry partners. “We wanted to create a building that would be a beehive of activity,” Allison Thacker, president and chief investment officer of Rice Management, told the Chronicle.
Additionally, Rice is working closely with a coalition of students from Rice, Texas Southern University, University of Houston, Houston Community College and several high schools to ensure the innovation district serves the city’s entire population. The students have reportedly proposed projects for the hub addressing employment programs and affordable housing, and have requested a racial impact study.
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