May 24 2024

CEG Economic Development Week in Review May 20 – May 24, 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:



Times Union: Capital Region Business Hall of Fame induction 2024



Columbia County gets $200K to establish Hudson-to-Chatham bus

“Columbia County received $200,000 in the state budget to help establish a bus route between two of its population centers, state and local leaders said Friday.

County leaders said they hope the route will better connect the rural county, which has no state transportation authority and very limited public transportation options, especially since Hudson’s bus service was shuttered in 2010 after declining ridership.”

Nvidia co-founder who funded quantum computer at RPI wants to turn Hudson Valley into tech

“A co-founder of chip maker Nvidia is bankrolling a futuristic quantum computer system at Rensselaer Polytechnic Institute – and wants to turn New York’s Hudson Valley into a tech powerhouse.

Curtis Priem, 64, donated more than $75 million so that the Albany-area college could obtain the IBM-made computer — the first such device on a university campus anywhere in the world, the Wall Street Journal reported.”

State highlights Schenectady downtown efforts at forum

“The state put a spotlight on Schenectady’s downtown revitalization efforts during a forum in the city on Monday afternoon that gathered state officials with local leaders to exchange ideas about building up downtown areas statewide.

New York State Deputy Secretary of State Kisha Santiago hosted the event at GE Theatre inside Proctors on Monday. It was her fifth stop on a statewide tour promoting the state’s Downtown Revitalization Initiative (DRI) and NY Forward programs, which fund the renovation of downtown areas in New York communities.”

Albany Inno – Capital Region tech startup acquires local company

“Capital Region startup Markets EQ is acquiring Helios Life Enterprises, another area startup.

The two artificial intelligence startups already shared a CEO, Sean Austin. He said it was decided to combine the two companies to strengthen Market EQ’s offerings by housing their respective products under one name.”

Cohoes apartment developments get Downtown Revitalization Initiative funding

“Real estate development partners Jake Dumesnil and Bryce Cutler of Pine Hill Properties have been planning for more than a year to do something with the one-story, pre-fabricated metal building they own next to the historic Cohoes Music Hall.

At a minimum, they wanted to redo the facade because the 1960s-era building doesn’t fit in with the surrounding structures, including an adjacent brownstone they also own.”

Capitalize Albany seeks to buy Greyhound bus station for $1.7M

“The city’s economic development arm is seeking to buy the Greyhound bus station at 34 Hamilton St. for $1.7 million.

Capitalize Albany’s board approved a resolution Tuesday morning for a subsidiary company to purchase the property from Twenty Lake Holdings, a Stamford, Conn.-based real estate company that snapped up the decrepit bus station in January 2023 for $590,000.”

Villages get approval for NY Forward projects

“Two Twin County villages had downtown restoration projects approved by Gov. Kathy Hochul on Monday as part of the state’s NY Forward grant program.

The program provides funding for the revitalization of the downtown areas of smaller villages and towns in the state.”

Time to buy in ‘Quantum Valley’? Upstate New York home prices are set to skyrocket as Big Tech moves in

“The sleepy, bucolic area north of New York City, known for its farmhouses, rural ambiance, and spectacular views of the Hudson River, is poised to become the next big tech area if Nvidia co-founder Curtis Priem has his way.

‘We’ve renamed Hudson Valley as Quantum Valley,’ the multimillionaire told the Wall Street Journal.’“It’s up to New York whether they want to become Silicon State—not just a valley.’”

Erbessd Instruments Utilizes Cutting-Edge Technology To Help Analyze Machine Health

“Erbessd Instruments has become a global leader in a highly specialized field: machine health monitoring. The company develops and manufactures a prescriptive analytics platform that uses artificial intelligence, machine learning, and wireless sensor technology to help customers understand their machines’ health.”

Funding Partners