September 4 2018

Economic Development Month in Review: August 2018

For the Top Economic Development News of the Month, CEG selects news articles about projects or developments that promise to improve and/or transform the Capital Region’s economy, particularly those that related to manufacturing and initiatives outlined in Capital 20.20, a five-year, multi-pronged plan for bringing economic prosperity to the entire region.

To learn about more the Capital Region’s economic development news from the past month, see CEG’s Economic Development Week in Review posts:


Albany Med opens $52 million children’s emergency center

“Albany Medical Center on Tuesday opened its children’s emergency center in downtown Albany.

The $52 million center has 17 treatment rooms, including two trauma bays, four intake rooms, seven beds for minor emergencies and six observation rooms.”

Etain plans to build manufacturing facility in Tech Meadows industrial park

“Etain plans to build a 15,000-square-foot facility in the Tech Meadows industrial park to accommodate its growing medical marijuana operation.

Joe Stevens, chief compliance officer for the company, told the Greater Glens Falls Local Development Corp. on Tuesday that the company is looking to hire 20 employees.”

Wood shavings company eyes expansion in bicounty industrial park

“A wood shavings company in Kingsbury is looking at options to purchase additional property in the Warren-Washington Counties Industrial Park.

Hampton Supervisor David O’Brien said Equustock, which was formerly the RWS Manufacturing plant, is looking to expand.”

Vicarious Visions adding 115 jobs, investing $7.3 million in Albany

“Vicarious Visions, the Albany video game studio that has been working hard on the latest iteration of the “Destiny” franchise, is expanding with a new office and planning to hire more than 100 employees.

The company is investing more than $7.3 million to move and fit up a new 44,000-square-foot office in Colonie, according to a press release from Gov. Andrew Cuomo’s office. As part of this expansion, Vicarious Visions plans to add 115 employees. The release did not say where in Colonie the office will be based.”

Project expected to transform Starbuck Island

“Schenectady, with its General Electric and American Locomotive plants, may have lighted and hauled the world. But for a while in the 1800s, Green Island and Troy could claim to have heated it.

The Starbuck Foundry, located on what today is called Center Island, part of the village of Green Island, produced a wide range of products out of molten iron, everything from columns, window caps and building facades, to plows, mills for processing tree bark, and cast iron stoves for heating and cooking.”

Plug Power will create 97 jobs at new Clifton Park

“Plug Power’s previously revealed plan to open a second fuel cell production facility will create 97 jobs, Gov. Andrew Cuomo revealed Thursday ahead of a Friday ribbon-cutting ceremony.

Cuomo also revealed additional details about the second facility, which will supplement Plug Power’s longtime headquarters and factory in Latham.”

Ground broken in Colonie for new Ayco headquarters

“Officials broke ground Monday for a $23.6 million building that will house the headquarters operation for financial services firm Ayco Corp., allowing it to centralize its operations, now at three locations in the Capital Region.

Larry Restieri, president and CEO of Ayco and a managing partner at Goldman Sachs, its parent company, said the first employees are expected to move in during the first quarter of 2020.”

$92M slated for Albany International Airport upgrades, Northway exit changes

“Albany County’s airport is getting a $92 million makeover that will upgrade the facilities, increase parking and reshape the way commuters arrive at the Albany International Airport.

State officials on Tuesday announced that $72 million in state grants are slated to assist with the multi-million-project, with an additional $18.25 million coming from the Albany County Airport Authority and $1.8 million from federal funding.”

Tech firm expanding in downtown Albany

“[s]Cube, a downtown Schenectady  software company offering e-licensing and permitting solutions, said it will relocate from NYBizLab space on State Street to a larger space at 40 Beaver St. in downtown Albany.

The firm said it recently won major contractors from the states of Alabama and Florida and the move ‘supports the company’s growth strategy.’”

This entrepreneur moved his software company from Connecticut to downtown Troy

“DeFacto Global, a Troy tech company focused on providing financial forecasting software to Fortune 500 companies, is expanding in downtown Troy.

The growth comes as DeFacto Global is building out its core product to have more machine learning and artificial intelligence, and is partnering with Rensselaer Polytechnic Institute in the process. It’s a trend that CEO and owner Bob Bedard said will set DeFacto Global apart from its competition, which includes massive companies like Oracle and IBM.”

$80 million investment targets five buildings, two parking garages in downtown Albany

“The principals of Redburn Development Partners LLC have big plans for the buildings they have under contract in downtown Albany — spending about $80 million to convert them into roughly 370 apartments and nearly 75,000 square feet of commercial space.

One idea they’re exploring is growing vegetables in one of the buildings with a small aquaponic system, which uses nutrient-rich water from fish tanks as a natural fertilizer.”

South Street mixed-use project moving ahead

“The developer behind the renovation of the building at 193 Glen St. that now houses Mean Max Brew Works, Samantha’s Cafe and residential units is planning to transform an underused building on South Street into a restaurant, retail shops and apartments.

Chad Nims recently received architectural design and site plan approval from the Planning Board for his renovation of the 46-56 South St. building.”

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 signing up for our e-news following us on:

Funding Partners