CEG Economic Development Week in Review May 19 – May 23, 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:
CEG IN THE NEWS
Times Union: Biotechnology company Regeneron buying 23andMe for $256 million
Albany Business Review: CEG opens new startup program with $16M Launch NY fund access
Saratogian: CEG Names A Seasoned Professional As Its Chief Economic Development Officer
REGIONAL ECONOMIC DEVELOPMENT NEWS
Roddy Valente plans six-story apartment complex in downtown Troy
“Roddy Valente will be submitting an application in the next couple of weeks to build a six-story apartment complex in downtown Troy that would fill what is now a big empty lot.
The 1.2-acre parcel between River, Fulton and Fourth streets is where the Uncle Sam Garage stood for nearly 50 years before the decaying structure was closed for safety reasons and then demolished three years ago.”
Albany’s Nani’s Iced Tea to expand with new canned product line
“The Albany company Nani’s Iced Tea has gotten new financing that founder Maria Gallo says opens the way for significant growth.
Gallo made a deal with WPS Ventures, a local fund run by Todd Kletter that’s starting to invest in small businesses. Nani’s got a $100,000 loan that will allow it to start canning the brand’s signature iced tea. The funding comes with additional business advisory services.”
Fort Orange Press in Albany acquires Alchar Printing in Troy
“One of the region’s oldest commercial printers has acquired a competitor.
Fort Orange Press in Albany acquired Alchar Printing of Troy earlier this month. Terms of the deal were not disclosed.”
Biotechnology company Regeneron buying 23andMe for $256 million
“Biotechnology company Regeneron Pharmaceuticals is buying 23andMe for $256 million, two months after the genetic testing company filed for Chapter 11 bankruptcy protection.
In March 23andMe said that it was looking to sell “substantially all of its assets” through a court-approved reorganization plan. Its co-founder and CEO Anne Wojcicki also resigned from the top post, but remained as a board member.”
Trump administration lifts pause on Empire Wind with ties to Coeymans
“The Trump administration is allowing work to resume on an offshore wind project that was using the Port of Coeymans as a staging area.
Norwegian energy company Equinor, said Monday it was told by the federal Bureau of Ocean Energy Management that a stop-work order has been lifted for the Empire Wind project, allowing construction to resume.”
N.Y. backs efforts to link fiber producers to bigger markets
“Just as the farm-to-table movement took off two decades ago to supply restaurants with produce from local farms, a newer “farm-to-fashion” movement has begun to open new markets for area farms that raise sheep, alpacas and other animals for their fiber.
The new, multi-pronged effort is connecting local fiber raisers and regional processers with New York City designers and garment manufacturers, increasing the demand for local fiber while manufacturers promote the importance of domestic fiber.”
3 Capital Region villages awarded revitalization project funding
“Three Capital Region municipalities were awarded Downtown Revitalization Initiative (DRI) and NY Forward funding for 30 projects on Tuesday. Governor Kathy Hochul announced that Lake George, Schuylerville, and Hoosick Falls were all recipients of the economic development programs.”
Lake George Downtown Revitalization Initiative projects include Village Mall upgrades
“Sean and Melissa Quirk have been talking for years about enclosing the Lake George Village Mall along Canada Street and making it more of a year-round destination.
Their vision to remake 204 Canada St. is now able to move forward thanks to a $1.252 million state grant that was announced Tuesday.”
Hoosick Falls projects gets NY Forward and Restore NY grants
“For Jasen VonGuinness, the dilapidated warehouse at 1 Center St. in Hoosick Falls represents opportunity not just for him but for others.
“I am the owner of the property but more of a steward,” he said. ‘I want to put it back together for people to use it.’”
St. Clare’s Hospital redevelopment Schenectady gets $1.5 million Restore NY grant
“A $1.5 million state grant will go toward converting the former St. Clare’s Hospital in Schenectady into an apartment complex with about 236 units and a day care.
The office of Gov. Kathy Hochul announced the funding Thursday through the Restore NY program, which helps municipalities deal with blighted properties by offsetting redevelopment costs.”
