The Cannon Houston, a startup incubator and coworking space, and Houston-based Amegy Bank announced a partnership to create a 17,000-square-foot innovation space in downtown.

The Downtown Launch Pad is expected to open on a few floors of the Amegy Bank building at 1801 Main St. in the spring. Along with coworking space, the new hub will house MassChallenge Texas, which had its inaugural cohort earlier this year, and gener8tor, an early acceleration program announced in last month.

Mayor Sylvester Turner announced the project at Central Houston Inc.'s annual meeting on October 24. Both the accelerators that will be in the new hub received a combined combined $4 million in economic development grants from the Downtown Redevelopment Authority to be distributed over the next five years.

"Central Houston and the Downtown Redevelopment Authority are committed to establishing Downtown Houston as a nexus for innovation and a leader in urban entrepreneurship," says Bob Eury, president of both entities, in a news release. "We've found strong, strategic partners in Amegy Bank and The Cannon, both of which are committed to fostering and sustaining a vibrant innovation culture in Houston, from startup to production."

Amegy Bank has tapped Gensler for the redesign. The 13th floor of the building will house the coworking space powered by The Cannon. This space is expected to open before the end of the year.

"We originally created The Cannon to be the missing piece in Houston's startup ecosystem," says Lawson Gow, founder and CEO of The Cannon and Cannon Ventures. Gow is the son of David Gow, owner of InnovationMap's parent company, Gow Media. "Through the Cannon Tower and The Downtown Launch Pad, we are excited to join up with Central Houston, the Downtown Redevelopment Authority and Amegy Bank to create an entire 'vertical village' of innovation—a system of floors at Amegy on Main that will provide Houston's entrepreneurs with all the programs and resources they need to thrive."

The building's 10th and 11th floors will also be a part of the Downtown Launch Pad. The 10th floor will house the two accelerators, and the 11th floor will be a dedicated event space. The lobby of the building will be a common space for all members of the Cannon Tower and will have meeting rooms, a game room, work stations, a coffee bar, and a deli.

"Amegy Bank has a long history of reinvesting in the local community and supporting Texas families and businesses," says Kelly Foreman, senior vice president and corporate real estate and facilities manager for Amegy. "Now, through our partnerships with The Cannon and The Launch Pad, we are taking our commitment to small businesses to the next level by converting a part of Amegy on Main into a hub for emerging technology and start-up companies that aligns all the players across the entrepreneurial spectrum—corporations, mentors, investors, service providers and the startups themselves. This combination of offerings and capabilities will unlock significant value for Downtown, helping to attract and retain companies from not only Houston, but from around the country."