April 21 2017

CEG Economic Development Week in Review – April 15 – April 21, 2017

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: CEG creates “87/90” summit on chip industry


New name for redeveloped Record building to pay homage to its history

“The $23 million redevelopment of the former home of The Record will have a name that recognizes the building’s heritage.

The Rosenblum Companies announced in a news release Tuesday that the mixed-use loft-apartment project on Broadway will be named The News Apartments. The name and accompanying logo are meant to celebrate the property’s original and only other use.”

Why this Troy startup that kills bacteria with light is partnering with a national manufacturer

“Vital Vio, the Troy, New York, startup that designs lights meant to kill bacteria and germs such as MRSA, E. coli and salmonella, is partnering with a national lighting company out of Indiana to develop and market its products.

The partnership is with VidaShield, which develops an active air purification system that uses UV-C to reduce bacteria and fungi in treated air.”

First Prize Center redevelopment moves forward with approval of joint board

“Plans advanced last night to redevelop the former Tobin First Prize Center meatpacking plant in downtown Albany, New York, into mixed-use housing, commercial space and an entertainment center, according to the Times Union.

Albany City Common Council members voted to approve the creation of a joint board with the town of Colonie to oversee a special district created for the project. The 32-acre plot falls into both municipalities.”

Fab 8 success fuels GlobalFoundries’ improved finances

“The success of next-generation chip manufacturing at Fab 8 in Saratoga County is fueling optimism for the future at GlobalFoundries, even amid a $500 million cost-cutting program.

New financial data recently released by GlobalFoundries’ parent company shows that the computer chip manufacturer increased sales by nearly $500 million in 2016 to reach a record $5.494 billion in revenue.”

Why this 28-year-old is opening a general store in downtown Albany

“Schuyler Bull sold his home last spring near the Harriman state office campus in Albany, New York, and moved into an apartment downtown — the latest millennial to settle into a part of the city slowly shedding its reputation as residential ghost town after 5 p.m.

Now, Bull, 28, wants to capitalize on the growing number of people living in the central business district by opening a store that sells the kind of items people need when furnishing a home: handmade soaps and lotions, candles, kitchen utensils, jewelry and more.”

Movie complex plan advances in Troy

“The City Council gave preliminary approval Wednesday in an 8-1 vote to a land development agreement for the 1 Monument Square site where the construction of eight to 10 movie theaters has been proposed.

Council members expressed concerns about parking for the 10,000 movie goers that Bow Tie Cinemas forecasts will visit the nine theaters weekly and whether the proposed cinema complex will fit into the Victorian-era  downtown.”

Fresh ADK looking to follow Dizzy Chicken to Spa City expansion

 “South Street is becoming a hub for incubating food-related businesses, even before the Downtown Revitalization Initiative formally gets under way.

Melissa Brennan, owner of Fresh ADK, which opened earlier this year at Empire Theatre Plaza on South Street, said she is exploring real estate options to open a second location in Saratoga Springs.”

Albany added 4,000 jobs in past year, setting March record

“The Capital Region added 4,000 jobs in the past year to March, the state Labor Department reported Thursday, pushing the the job total in the five-county metropolitan area to 462,200, an all-time high for the month.

Gains came in retail trade, up 1,100 jobs over the year; health care and social assistance, up 1,000 jobs; leisure and hospitality, up 700 jobs, and government, up 1,500 jobs.”

 Glens Falls region leads way in new jobs

“The Glens Falls Metropolitan Statistical Area saw the highest increase in jobs with a net gain of 1,100 or 2.6 percent since March 2016, according to the New York Department of Labor.

Statewide, the unemployment rate dropped to its lowest level of 4.3 percent in the month of March. It is the lowest rate since February 2007. The number of unemployed also decreased to 409,100, according to the news release.” 

Agribusiness plans for expansion

“A certified organic, fermented foods operation will soon join the Hudson community as Hawthorne Valley Association relocates its fermentation business from the Ghent-based farm.

The project application for a warehouse on 124 N. Second St. was approved by members of the Hudson Planning Board on March 9.”

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