CEG Economic Development Week in Review December 8 – December 12, 2025
Stay up-to-date on business and economic development happenings in the Capital Region with the CEG Economic Development Week in Review. Don’t miss out on the developments that are transforming the region by following us on:
REGIONAL ECONOMIC DEVELOPMENT NEWS
Hochul celebrates EUV center ‘topping off’ at Albany NanoTech
“Gov. Kathy Hochul celebrated the “topping off” of the last piece of steel on the $614 million NanoFab Reflection building at Albany NanoTech on Monday morning.
And it appears that the $825 million in federal funding awarded to the facility a year ago through the CHIPS and Science Act may still be available despite the money being “clawed back” by U.S. Commerce Secretary Howard Lutnick over the summer.”
Redburn plans 87 more apartments in downtown Albany
“Redburn Development Partners wants to bolster its large portfolio of apartments in Albany by adding 87 units in two very different downtown buildings just a minute walk from each other.
Fifty of the units would be inside the historic former train station at 575 Broadway that’s been known for nearly four decades as Peter D. Kiernan Plaza but would be rechristened Union Station for the proposed redevelopment.”
Richbell Capital gets approval for First Prize redevelopment
“A large mixed-use development on the site of the former Tobin’s First Prize Center meatpacking plant received final site plan approval Tuesday night — nine years after the concept was first unveiled.
The Albany-Colonie Consolidated Planning Board voted 5-0 to approve the plans of real estate developer Richbell Capital on 32 acres off Exchange Street near Exit 5 of Interstate 90.”
Reconstruction of Shepard Park Amphitheater Underway
“On October 22, slightly more than a year after Lake George Village’s Shepard Park bandstand was destroyed by a June 30, 2024 fire, a groundbreaking ceremony was held for a $5.5 million amphitheater that will include a new, state-of-the-art bandshell.
The administration of Governor Kathy Hochul, which contributed $1.5 million toward the project, using funds derived from the $9.7 million grant which the state awarded Lake George as part of a Downtown Revitalization Initiative, was represented by Secretary of State Walter T. Mosley, a former Assemblyman from Brooklyn.”
Gov. Hochul announces $43M in FAST NY grants to boost upstate development projects
“Governor Hochul announced that more than $43 million has been awarded to support five development projects across Albany, Erie, Fulton, Herkimer, and Orange counties through the Focused Attraction of Shovel-Ready Tracts New York (FAST NY) grant program.
According to the release, the funding will help prepare sites across Upstate New York for high-growth industries by upgrading infrastructure and accelerating shovel-ready development. FAST NY, administered by Empire State Development, is designed to attract large employers and high-tech manufacturing companies while supporting job creation and economic growth.”
