July 16 2018

Economic Development Week in Review: July 9 – July 13, 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:



Capital Region scores 11 money deals in Q2

“The Upstate Capital Association of New York says that there were 11 investment banking deals in the Capital Region during the second quarter of 2018 out of a total of 58 across upstate.

Located outside of Rochester, the Upstate Capital Association compiles the transaction data in cooperation with PitchBook, although they do not break down the transactions individually. The deals range from mergers to venture capital investing to leveraged buyouts.”

Darn Good Yarn is expanding to new warehouse, office space in Halfmoon

“Darn Good Yarn will significantly expand its operations when it moves from a shared space in Schenectady to its own 12,000-square-foot building in Halfmoon, New York, in two weeks.

‘It was really everything we needed and wanted,’ said Nicole Snow, founder and CEO. ‘Being a standalone location, it allows us to really have our own home.’”

Co-working space near Stacks now open

“Co-working and events across the hall from Stacks Espresso Bar’s coffee shop at 488 Broadway in Albany is now open.

CoLab opened its doors Friday and is free to the public this month while they “sort out some odds and ends,” they announced in an Instagram post. Manager Katie Mckenna told the Times Union “there is definitely a need for modern and exciting workspace options” in a February interview.”

Tax breaks, building plans approved for new $55.9 million Ayco headquarters in Latham

“Ground clearing is expected to start this month on a $55.9 million, 149,000-square-foot corporate headquarters for financial services firm Ayco Co. now that the town of Colonie has approved the site plan and tax breaks for the developer.

“I’m very pleased,” said David Buicko, CEO of The Galesi Group, after the Colonie Industrial Development Agency voted unanimously Wednesday afternoon to award tax exemptions for the building on land that has been vacant for 20 years.”

Zeem Solutions opens in Schenectady

“A ribbon-cutting celebration was held at Zeem Solutions on Wednesday.

Zeem is a service-provider that offers validated commercial electric vehicles for fleet operators in the U.S.”

How the Albany metro area compares favorably to places such as Boston, DC, and Austin

“We were having a conversation the other day with someone about some of the things people who don’t live here — especially people from larger metros — might not understand or appreciate about the quality of life here.

And one thing that immediately sprang to mind: There are (relatively) good job opportunities in the Albany metro area, and the (relatively) low cost of living means you can live here (relatively) comfortably without having to scrape like you would in a lot of big/coastal metros.*”

Plug Power would supply Amazon facility in Schodack

“Latham-based Plug Power is one of the companies that would benefit greatly if Amazon moves forward with plans to build a massive distribution center in Schodack.

Plans for the $100 million project show that the facility will utilize forklift trucks that use Plug Power’s hydrogen-powered fuel cells.”

Hudson announces 13 projects to receive funding from state

“The city of Hudson will spend $10 million from New York state on 13 projects to rejuvenate its downtown.

Gov. Andrew Cuomo announced the projects this week. The city of 6,400 people was the one chosen in the Capital Region, which had six downtowns competing for the state money from the 2017 Downtown Revitalization Initiative.”

CDTA cuts ribbon on Albany transit improvements

“City and transportation officials cut the ribbon Thursday morning on the Capital District Transportation Authority’s newest bus rapid transit station, a $1.6 million project serving 10 routes on Albany’s Washington Avenue.

One of those routes is CDTA’s BusPlus Red Line, as it’s called, the first of three bus rapid transit lines that feature limited stops, faster service and queue-jumping technology to give them priority over other traffic.”

Albany scrap metal processor to install massive shredder

“scrap metal processor will be upgrading its Port of Albany facility with a 3,000-horsepower shredder that can reduce up to 80 tons of metal to tatters per hour.

The multimillion-dollar project will require Upstate Shredding-Ben Weitsman to expand its workforce by 15 people and allow it to process more scrap on site.”


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