North County startup incubator finalizes expansion.
Monday July 9th, 2018
The St. Louis Economic Development Partnership held a successful press conference and ribbon-cutting to celebrate the expansion of the STL Partnership Business Center at Wellston. After a year of construction, the Center has doubled in size. The majority of funding came from the U.S. Economic Development Administration (EDA), which awarded a $2 million grant towards Phase 2 of the building.
“This expansion is the latest example of the Partnership’s ongoing efforts to revitalize Wellston,” St. Louis County Executive Steve Stenger said. “The business center will be an important catalyst for continued economic growth in North County and its success will benefit our entire region.”
The expanded center now has more than 18,500 square feet of office and warehouse space providing flexible options for businesses. Industries represented within the Business Center include construction services, home healthcare, security services, industrial design, and community-focused entities. Occupancy is already at 75% and growing. Additionally, the meeting space is also used frequently to convene local Wellston community groups.
“We’re happy to announce this major investment in small businesses infrastructure to support economic growth right here in Wellston and throughout the St. Louis region,” said Congressman William “Lacy” Clay. “A total federal investment of $2 million made this project possible. I was pleased to support St. Louis County’s successful grant application to the Department of Commerce.”
To encourage additional investment in the Wellston Business Center, the Missouri Department of Economic Development awarded the facility $90,000 in Small Business Incubator Tax Credits. Any Missouri taxpayer can reduce their tax liability by making a gift of cash, credit or appreciated securities to support ongoing improvements to the Wellston Business Center facility.
“The STL Partnership Business Center at Wellston is an important part of the entrepreneurial ecosystem in the St. Louis region and EDA is pleased to be a partner in its expansion,” noted Angela Belden Martinez, EDA Denver Regional Office Director. “Entrepreneurs are the foundation of business growth and by doubling the size of the business center, even more small business owners will have a chance to get their start, grow their businesses and strengthen the regional economy. We look forward to seeing how this expansion will positively impact the City of Wellston.”
The Wellston Metro Station, Early Explorers Child Development Academy, and Metropolitan Education and Training Center are all adjacent to the Wellston Business Center. Additional STL Partnership Business Centers are in South County (Lemay) and Creve Coeur (the Helix Center at 39N).
“The growth of the Business Center at Wellston supports investing in growing and diverse businesses in the St. Louis region,” CEO of the St. Louis Economic Development Partnership, Sheila Sweeney said. “We are very thankful to the EDA for their support in making this project a priority. The ability to help small businesses grow and hire quickly, has a lasting impact on the economic climate of the St. Louis region.”
To learn more about the STL Partnership startup incubators, please visit: https://stlpartnership.com/who-we-are/our-teams/innovation-entrepreneurship/