February 9 2024

CEG Economic Development Week in Review February 5 – February 9, 2024

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:



Kiernan Plaza sold to Redburn, changes ahead at former Albany train station

“Redburn Development Partners closed on the purchase of Kiernan Plaza in downtown Albany, setting the stage for big changes at the historic former train station-turned-office building.

An LLC controlled by Redburn paid $1 million to Fuller Road Management Corp. for the property at 575 Broadway, according to a deed filed in the county clerk’s office.”

IBM installing new AI chips at UAlbany center

“Gov. Kathy Hochul has made semiconductors and artificial intelligence a major focus of her economic development policies, especially during the ongoing state budget process this year when she announced the creation of the Empire AI Consortium.

So when the University at Albany and IBM announce Tuesday that they will be installing the first-ever IBM Artificial Intelligence Unit, or AIU, at UAlbany’s Center for Emerging Artificial Intelligence Systems, it’s a big deal. It has the potential to transform the school into one of the biggest test beds for AI in the country.”

Schenectady to allocate ARPA funds to Mohawk Habror arena

“The Schenectady City Council will allocate $2.5 million in American Rescue Plan Act (ARPA) funding to the proposed arena at Mohawk Harbor as the Union College hockey rink moves closer to reality.

In August, the City Council voted to rescind $2.5 million in ARPA funding originally allocated to the Capital Region Aquatic Center in 2022 after the project moved from its proposed location at Mohawk Harbor to the ViaPort shopping mall in Rotterdam.”

Albany Inno – Albany startup wants to shorten the hiring process by allowing companies and applicants to swipe ‘right’

“University at Albany master’s student Sam Hogan is preparing to launch his software startup this spring, and it’s caught the attention of some large companies.

Hogan is the founder of Hirebird, software that using a dating app format to match job candidates — predominantly students and new graduates — with companies seeking employees. The software is powered by an artificial intelligence program that can compare resumes and job descriptions and generate a compatibility score.”

Albany Inno – Startups to watch 2024

“The startups to watch this year all have founders who looked at the status quo and thought, “What if we could find a way to do this better?”

That theme connects a team developing a new medical invention, a logistics company building inland ports nationwide, the developer of an AI-powered voice tone analyzer, an attorney offering payroll software as a service, and a startup with new helmet technology. All are based in the Capital Region.”


Funding Partners