Week in Review: December 5, 2022-December 9, 2022
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:
CEG IN THE NEWS
REGIONAL ECONOMIC DEVELOPMENT NEWS
“Jason Smith is about to invest $750,000 to purchase equipment that will position his 160-year-old Watervliet company to expand its reach into the mid-Atlantic and deeper into the northeastern United States.
The president of Troy Industrial Solutions is entering the market for repairing medium-voltage, 5,000-horsepower motors, creating a new line of work that could increase annual revenue by $5 million, and likely will force the company to expand its factory floor in Watervliet.”
“Economic development leaders in Albany and Saratoga counties are among those intending to seek grants under a new program that Gov. Kathy Hochul just rolled out to create and certify “shovel-ready” development sites in the state.
‘This is a big deal,” said Kevin O’Connor, CEO of Advance Albany County Alliance. “This is a whole new chapter of economic development in New York.’”
“A $100 million expansion of the Albany International Airport terminal is expected to break ground in late spring 2023 and be finished by late 2024.
The Albany County Airport Authority on Monday formally accepted a $60 million state grant as part of the construction budget. Federal infrastructure and airport improvement funds will cover the remainder, according to spokesman Doug Myers.”
“In March, Gov. Kathy Hochul visited an already busy construction site at the Vista Technology Park in Slingerlands to help Plug Power break ground on its $55 million fuel cell manufacturing campus.
Nine months later, the 470,000-square-foot site, tucked behind the ShopRite supermarket at the Vista tech park, is now operational with dozens of employees working there alongside contractors still putting the finishing touches on what the company calls its “landmark” facility.”
“Empire State Development announced last week that nearly $15 million has been allocated to a trove of projects that it says contribute to the state’s tourism and hospitality sector.
The funding has been awarded to 69 projects across New York through the Regional Economic Development Councils and is part of the Market New York program, which directs funding to tourism facility capital improvements and marketing projects that promote regional travel destinations, attractions and special events.”
“Albany County wants to hire a consultant to determine how nearly 38 acres of land across from Albany International Airport can be redeveloped.
The site near Albany Shaker Road was occupied for many years by the county-owned Ann Lee Home and the Heritage Park baseball field, but has been vacant more than two decades.”
“Arnoff Global Logistics wants to build a 110,000-square-foot warehouse at its Malta campus amid steady demand for storage and shipping services at the 40-acre campus acquired six years ago from the founders of floor mat manufacturer Racemark International.
President Mike Arnoff filed preliminary plans with Malta planners for its next expansion weeks before the fifth-generation company completes construction of a 120,000-square-foot warehouse on the Stonebreak Road campus just east of Route 9.”
“California-based startup Bleximo is entering into a research and development partnership at the Albany NanoTech Complex.
Bleximo was founded in 2017 and is a quantum computing system integration firm that specializes in chip design, chip fabrication and packaging technologies. It also can rapidly test chips using its cryogenic platform, among other capabilities.”
“Prior to buying his first house, Brian Seitz had never made a piece of furniture. At the time, his dog was his roommate, he had a steady career, and he was unimpressed with the selection and quality of the pieces he shopped for at local, big box retailers.
Rather than eat and sleep on the floor, he bought a couple of saws, collected wood from a lumber mill and got to work in his one-car garage, starting in 2016. With no woodworking experience and a little inspiration from online, in time he created what’s now known as Urban Industrial Design, a custom furniture company and wood supplier in Albany.”