December 15 2017

CEG Economic Development Week in Review – December 11 – December 15, 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:



GE startup designs a less painful blood test

“Getting blood drawn for medical testing may become quicker, less painful and more informal with new technology being developed by a General Electric startup.

The device developed by Drawbridge Health is usable by untrained personnel, takes a tiny amount of blood from a skin prick and stabilizes it so it will keep for days at room temperature until it can reach the testing lab. It’s a technology that could one day be available for in-home use by patients.”

Capital Region awarded $85 million for development projects

“The Capital Region will receive $85 million in grants and tax credits for dozens of projects in the seventh round of the state’s Regional Economic Development Council awards, announced Wednesday at the Albany Capital Center.

Ten regions across the state compete for money — $800 million this year — through a process launched by Gov. Andrew Cuomo in 2011. Local government and business officials from across New York gathered at the center at 11 a.m. on Wednesday for the announcement of funding recipients, hosted by Howard Zemsky, head of Empire State Development.”


Entrepreneur plans to bring beer and coffee to Hudson Falls

“Drake Hewitt is getting involved in the revitalization efforts in the village in hopes of offering residents more options — on tap.

Hewitt, 46, of Hudson Falls plans to open a brewery and coffee/tea shop in the former Sandy Hill Bank at 171 Main St.”

State awards money for local economic projects

“The local area made out well in the latest round of the governor’s Regional Economic Development Council Awards, with money awarded to expand Flomatic, build a new facility for Stored Technology Solutions and make improvements at West Mountain.

The Capital Region received about $85 million in the governor’s awards announced Wednesday at the Albany Capital Center.”

Twin Counties receive $3.2M for economic development

“The Twin Counties received a combined $3.2 million award Wednesday at the seventh annual Regional Economic Development Council Awards ceremony to drive regional economic growth.

The Capital Region received a total $85 million as a Top Performer at the ceremony, which was led by Gov. Andrew Cuomo at the Albany Capitol Center on Eagle Street. The award will support 110 projects.”

Capital Region economic development grants: sewer systems, The Palace, Cohoes Canal Square Park, Capital Roots, and more

“The Capital Region scored $85 million in the state’s annual Region Economic Development Council awards/game show porktacular on Wednesday. The region was a “top performer” for the second year in a row, and again landed the second-highest total of grants.

Here are details on the specific projects getting funding in the Capital Region are below, along with a bunch of that caught our eye. There are also region-by-region totals for the awards.”

Study: Riverfront parcels in Halfmoon ripe for development

“Saratoga County’s designated economic development agency Tuesday released a feasibility study of a section of town showing it has everything needed to attract commercial development while remaining in harmony with its residential neighbors.

The Area 3 Halfmoon Industrial Complex Feasibility Study was produced by Saratoga Springs’ LA Group for a private-public partnership that includes Saratoga County Prosperity Partnership, the Southern Saratoga County Chamber, the town, National Grid and the owners of the land’s parcels.”

AlbanyCanCode getting grant from KeyBank

“AlbanyCanCode, a Troy-based software coding workforce development nonprofit, is getting a $75,000 grant from KeyBank.

The money will help fund AlbanyCanCode’s employer engagement program. The grant will be awarded Thursday at Hudson Valley Community College, which is going to offer a new course designed in partnership with the nonprofit.”

Albany’s apartment boom matches up with some national trends

“The city of Albany is currently experiencing a mini-boom in new apartment projects, as both old buildings are being redeveloped and new buildings are being constructed.

The agenda for the planning board meeting this month (Thursday night) alone includes five large projects that include residential. Those projects represent more than 700 new apartment units.”

Troy, Cohoes projects cash in at state awards

“Officials in Troy and Cohoes will see nearly $12.5 million invested in their communities thanks to funding from the latest round of state economic development grants.

When Gov. Andrew Cuomo announced Wednesday the results of the annual Regional Economic Development Council awards, the Capital Region was again listed as a top performer and awarded a total of more than $85 million. Of that funding, more than $10.3 million will be dedicated to projects in Troy, while projects in Cohoes were awarded more than $2.1 million.

Funding Partners