Spokane Entrepreneurial Center and Limelyte Technology Group Announce Accelerator Agreement, Proposed Purchase of Buchanan Building
The Spokane Entrepreneurial Center and Limelyte Technology Group announced today an innovative project which includes the purchase and rehabilitation of the vacant Buchanan Building at 28 W. 3rd Ave. in downtown Spokane.
Limelyte Technology Group is a fast growing software development company, that specializes in custom web and mobile applications in the areas of e-commerce, pre-employment & pre-tenancy, on-line learning, inventory, asset tracking, and other custom enterprise applications. Limelyte is currently based in the Spokane Entrepreneurial Center, however they were facing a lack of space for continued expansion. Rob Martinson, Founder and CEO of Limelyte Technology Group says: “Limelyte focuses on providing significant cost savings for our clients through flexible retainer agreements in which we become a direct extension of our clients’ team. We add value by using our large library of proprietary, re-usable modules of production ready code along with our expertise with various web and platform specific tools to solve real world business problems for which a boxed product may not exist.” Limelyte has grown from two employees to six in the past 12 months, and anticipates continued expansion in the future.
The Spokane Entrepreneurial Center has been providing low cost office space for early stage companies since 2007. Over 40 small businesses are currently in residence and nearly 200 have called the SEC home over the past five years. The SEC has two locations, 308 W. 1st Ave. and 608 W. 2nd Ave. Both locations are 100 year old historic buildings that have been re-purposed to bring increased economic vitality to downtown by providing small individual offices, modern conference rooms, free parking, broadband internet, utilities, and high profile downtown venues at a low cost with no deposit or lease requirements. Steve Salvatori, Founder & CEO of Spokane Entrepreneurial Center explains: “The SEC provides space for start up companies. Throughout the great recession our two buildings have stayed largely full, and for much of that time had a waiting list. The drawback however, is that we lose many of our most successful businesses because we don’t have additional room for them to grow. This makes for a great alumni list, but we thought it would be wonderful if we could expand our role from being solely an incubator, and play a greater role as an accelerator.”
Under the terms of the agreement, SEC has entered into a contract to purchase the historic Buchanan Building at 28 W. 3rd Ave from Wells Fargo Bank, who acquired it through foreclosure. Although vacant for several years, both Martinson and Salvatori see potential in the rehabilitation of the Buchanan building, which offers over 10,000 square feet of developable space. “It will take a new roof and significant investment on the interior, but the building seems to have good bones and may help play a role in the revitalization of that part of downtown” says Salvatori. Limelyte will be the marquis tenant, with plenty of room to grow and increase its visibility with its main floor exposure. One of the innovative aspects of the agreement stipulates Limelyte and the SEC will share equally in future appreciation of the building as its intrinsic value grows through successful rehabilitation and occupancy. Martinson says “Limelyte has the chance to build equity without compromising the cash flow we need to invest back into our business, and with this agreement we will actually recognize part of the real estate value our tenancy brings to what had been a vacant building, in danger of being torn down”.
The purchase is expected to be completed by the end of March, rehabilitation immediately after, and Limelyte’s relocation targeted for June 1.