CEG Economic Development Week in Review – August 28 – September 1, 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:
CEG IN THE NEWS
REGIONAL ECONOMIC DEVELOPMENT NEWS
“General Electric researchers are testing a new system designed to enable electric power plants to self-react to computer hacks that get past traditional cybersecurity barriers.
The idea was inspired by the way the human immune system identifies and fights harmful micro-organisms.”
“Plans to turn a former firehouse in West Glenville into a craft distillery are moving forward, after a protracted dispute that ended up in court and left another suitor for the property unhappy.
The former Rectors fire station on state Route 5, owned by the Beukendaal Fire District, is under contract to be sold to Guardian Preservation LLC. That company was formed last year by Scotia attorney Kenneth Gibbons with the goal of turning the building into a craft distillery. The deal could close as soon as this week.”
“The Watervliet Arsenal’s efforts to leverage a newly tested manufacturing process that will improve military readiness has led to the award of two contracts valued at more than $28 million.
A U.S. Army contract valued at nearly $15 million will require the arsenal to manufacture more than 100 M776 full-bore chrome tubes for the lightweight 155-millimeter towed-howitzer system, the M777A2. A contract with the U.S. Marine Corps, valued at more than $13 million, is very similar to the Army order in that the arsenal will manufacture more than 100 M776 full-bore chrome tubes for the same howitzer system.”
“United Express carrier CommutAir will double the size of its Washington-Dulles Flight Training Center and expand its maintenance hangar campus. in Albany, New York.
According to company officials, the new Flight Training Center will include state-of-the-art technology, software, and training equipment. The facility is expected to open in January 2018. Through 2019, CommutAir is expected to triple in size to over 60 aircraft and actively hire in all areas.”
“American Ginseng Pharm Regional Center is expanding its ginseng and Reishi mushroom production into the Albany, New York, region with the purchase of 37 acres in Coeymans.
President Eva Tsai now owns 600 acres of wooded and farm land from the Catskill Mountains to Oneonta and to southern Albany County.”
“The former General Electric locomotive turbocharger refurbishing plant in Latham, New York, is drawing interest from manufacturers and wholesalers.
Craig Darby of CBRE-Albany said close to 20 potential buyers have inquired about the 4.4-acre site since the list price on the property was reduced by $600,000 to $2.9 million six weeks ago.”
“The Eastern New York Angels made two investments this summer of more than $350,000 total in the Schenectady County startups Dumbstruck and Ener-G-Rotors.
It comes as the angel investment group is raising a third fund of more than $2.5 million to invest more money in startups in and around Albany, New York.”
“Lost & Found, a craft-beer bar and restaurant, is opening in Albany’s warehouse district this week.
The restaurant, at 942 Broadway, is replacing the Barrel Saloon, a barbecue restaurant and country bar, that restaurateur Chris Pratt sold earlier this year. Lost & Found comes from four bartenders at the Lionheart Pub on Madison Avenue.”
“Some Greene County businesses have lost out on large parties and events because of the absence of a hotel by the New York State Thruway approach in Leeds.
.…A brand-name hotel on the former Quality Inn site will also be beneficial as Lumberyard Contemporary Performing Arts is in the first phase of renovating its Water Street building. A large part of the interest in Lumberyard will come from visitors from downstate, VanSchaack said.”