September 28 2018

Economic Development Week in Review: September 24 – September 28, 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:


Times Union: Convention center lands e-sports competition

Worth Magazine: Destination 2018: Albany

Trade Show Executive: SMG’s Albany Center to Launch College Esports Conference

Upstate Magazine: Innovation a true export for the Capital Region

Saratogian: CTO at GlobalFoundries to deliver opening address at summit in Spa City


Merck subsidiary plans $48M investment, 115 jobs in Albany area over five years

“ILÚM Health Solutions, a wholly-owned subsidiary of pharmaceutical company Merck & Co. (NYSE: MRK), plans to invest $48 million and create 115 jobs in the Albany area over five years, Gov. Andrew Cuomo announced Friday.

According to a statement from Cuomo’s office, ILÚM will partner with health care company OpGen Inc., the New York Department of Health and the Wadsworth Center on a new ‘research program to detect, track and manage antimicrobial-resistant infections at healthcare institutions statewide.’”

Bountiful Bread to add State Street location

“An artisan-style bakery will occupy a prominent space in the new Mill Artisan District, with a retail counter and dining room facing onto lower State Street.

Bountiful Bread was introduced Tuesday as the first such tenant of the $30 million project. More will be announced, including wood-fired pizza and barbecue restaurants. Next door, at the corner of State and South Ferry streets, the Frog Alley brewery is nearing completion and expected to start production in October.”

Ribbon cutting to be held for SUNY Adirondack Culinary Arts Center

“SUNY Adirondack will hold a ribbon-cutting ceremony for its new Culinary Arts Center at 4:30 p.m. Wednesday at its downtown location at 14 Hudson.

The college is leasing about 8,000 square feet of space on the ground floor of the mixed-use building for its program which is relocating the culinary arts program from Bay Road.”

Photos: Inside the construction of Frog Alley Brewing

“A brewery and the budding neighborhood surrounding it were on full display Tuesday.

A beer company called Frog Alley Brewing is being developed to open late this year as a brewery and taproom in the newly designated Mill Artisan District in downtown Schenectady.”

Filling vacant space at SUNY Poly among top priorities of new economic development leader

“Doug Grose, the former CEO of GlobalFoundries, was chosen to shepherd SUNY Polytechnic Institute’s economic development projects into a new era after Alain Kaloyeros’ conviction on corruption charges.

Grose plans to get a lot done in the next three to six months. He anticipates signing new cleanroom tenants at SUNY Poly and creating a new organization to oversee economic development projects statewide.”

Hank Hudson Brewery opens in Halfmoon

“What started as a small hobby of brewing beer has, for two local entrepreneurs, become the large-scale operation of Hank Hudson Brewing Co. at the Fairways of Halfmoon Golf Course.

Darren Van Heusen and Chris Crounse, co-owners of the company, recently opened up shop in a new 1,600-square-foot space at the golf course.”

Regeneron buys Autotask headquarters for $13.6 million  

“Regeneron Pharmaceuticals has purchased the Autotask Corp. headquarters as the drug maker prepares to construct a second manufacturing complex in Rensselaer County, New York.

The maker of medications that combat skin disorders, eye disease and high cholesterol acquired the 87,000-square-foot office building in the East Greenbush Technology Park for $13.6 million. The transaction closed Aug. 24. Details became public Wednesday after a deed was filed with the county.”

Battery project at Luther Forest in Malta kicks off 

“A groundbreaking ceremony was held Wednesday at the Luther Forest Technology Campus for one of the most cutting-edge energy facilities being built in the Capital Region — a 20-megawatt energy storage battery.

The facility, owned by a company called Key Capture Energy, will be the largest lithium-ion battery project in New York state and will require nine employees and support 25 construction jobs.”

Downtown Albany wins $10 million state grant

“Lt. Gov. Kathy Hochul announced today the city of Albany won a $10 million state grant to redevelop an area downtown near the Palace Theater.

Hochul made the announcement at Capital Rep at 111 N. Pearl St.”

Video game developer expanding in Troy

“Velan Studios is expanding in Troy and adding 49 jobs to its current workforce of 40, Empire State Development announced Friday.

Velan will expand into 7,600 square feet of space on Third Street downtown, investing $630,000. Empire State Development will provide a performance-based grant of up to $200,000.”

Funding Partners