February 9 2018

CEG Economic Development Week in Review – January 22 – January 26, 2018


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:


Upstate Magazine: HVCC, CEG help to build strong manufacturing worker base 


A big step forward for the Quackenbush Center mixed-use project, and other exciting tales of the Albany Planning Board

“That big mixed-use project proposed for just north of Quackenbush Square in downtown Albany took an important step forward this week when the city planning board approved its site plan.

The project includes residential, commercial space, and a hotel. And it holds the potential to dramatically change the feel of that section of town.”

SUNY Poly prof gets $2.4 million NIH grant

“SUNY Polytechnic Institute professor Scott Tenenbaum has won a $2.4 million grant from the National Institutes of Health.

Tenenbaum and his research team will use the funds to study the ways that RNA, or ribonucleic acid, can determine “a cell’s fate” in the body.”

Marketing agency invests in Saratoga Springs

“Nearly two months after purchasing a 5,200-square-foot building on Division Street, Fingerpaint has purchased its two-story Broadway headquarters. 

The marketing agency has been located at 395 Broadway for more than five years. The building was previously a Borders Books and Music store, until that closed in April 2011.”

The Port of Albany: Giving GE a reason to stay

“General Electric Co. imported enough generators, transformers and turbine parts through the Port of Albany last year to load 100 rail cars with parts so heavy, welding was the only safe way to secure them. Chains and straps just wouldn’t do.

Even during a year when General Electric exports were down, the port stayed busy as GE shipped machines from China, Vietnam and Brazil into Albany to rebuild power plants throughout the United States”.

Albany convention center exceeds forecast for first-year events

“The Albany Capital Center hosted 139 events during its first year, exceeding the official projection for the $78 million convention center, though the vast majority were events previously held elsewhere in the area.

In other words, the 82,000-square-foot convention center at Eagle and Howard streets largely took business away from other local venues rather than drawing in new trade shows, meetings and conventions.”

Committee meets for update on Hudson’s Downtown Revitalization Initiative projects

“After being awarded $10 million last year as part of Gov. Andrew Cuomo’s Downtown Revitalization Initiative, Hudson business leaders and officials met Tuesday night for an update on the projects and allotment of funds as part of its successful DRI proposal.

The fifth local planning committee meeting focused on the total project costs and amount of DRI funding requested for each project.

“The goal here — and I really need to emphasize this — it’s about strengthening as many of these projects as we can and that’s our job, so that when it comes time for the state to review and approve the plan, we’ve got as many strong projects and information that we need,” Stantec Senior Associate Steve Kearney told the committee.”

Local film institution Youth FX finds new South End home

“When Ejanaii Clayton was in her early teens, she knew she wanted to be an actress. The trouble was finding a place to do it. In the Albany area, there didn’t seem to be an inclusive place for her to explore theater with her peers. Instead, community groups she encountered were populated by much older, predominantly white casts. She couldn’t picture herself in the community until she came across Youth FX.”

Vital Vio closes on new round of funding

“Vital Vio, which makes LED lights that kill harmful bacteria, has closed on a new round of funding from investors.

One of the investors is the New York Innovation Venture Capital Fund, which committed up to $1 million to Vital Vio in the fall based on the Vital Vio raising a total of $3 million in new capital. Vital Vio is located at the Rensselaer Technology Campus in North Greenbush.”

3 large commercial greenhouses may sprout on SUNY Cobleskill land

“SUNY Cobleskill plans to lease a parcel of land on the north side of I-88 to host a massive commercial greenhouse operation, which after three years could provide as many as 100 new jobs.

The college has signed a preliminary agreement with Chobe Advisers, a New York City-based consultancy that oversees development projects, to lease space for Chobe to construct three indoor growing facilities.”

Kitware to move from Halfmoon to Clifton Park

“Kitware, a local software research company, is in the process of moving its corporate headquarters from Halfmoon to Clifton Park.

Construction of the new headquarters is underway on Route 9, according to a prepared statement from Gov. Andrew Cuomo.” 

Funding Partners