February 18 2022

Week in Review: February 14 – February 18, 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:


Sports Destination Management: Winning Strategy

Albany Business Review: Albany Inno – These companies spent $160M on semiconductor R&D in the Capital Region

NYSERDA: Governor Hochul Announces $25 Million Proposal to Transition Existing Workers and Train Individuals from Disadvantaged Communities for Clean Energy Jobs



Former Kaz site in Hudson under contract for $3 million

“The former Kaz Inc. manufacturing site next to the Amtrak station in Hudson is under contract to be sold for $3 million to a limited liability company in Catskill.

The purchase contract was signed by Ben Fain on behalf of South Front Street Holdings LLC, according to a court filing.”

Windham’s new vision: Housing, recreation, growth

“Town officials laid out a detailed plan for improving and sustaining the municipality as they finalize its first comprehensive plan since 2002.

The Windham Town Board held a public hearing for the proposed plan at its meeting on Thursday and the document will next be in front of the Greene County Planning Board on Feb. 16 for review.”

Spencertown Academy awarded major grant by New York State Council on the Arts | Local Announcements

“Spencertown Academy Arts Center announced a grant award totaling $49,500 from the New York State Council on the Arts (NYSCA) to support the recovery of the nonprofit arts and culture sector. Following New York State’s $105 million investment in the arts for FY2022, NYSCA has awarded more than $80 million since June 2021.

“NYSCA applauds Governor Kathy Hochul and the New York State Legislature for their responsive investment of $105 million for the nonprofit arts and culture sector. 2022 will continue to bring change and Spencertown Academy Arts Center will play a vital role in the renewal of our state’s economy and creative ecosystem,” said Mara Manus, Executive Director, NYSCA. “On behalf of the entire NYSCA Team, we wish to extend our sincere congratulations on your award.”

Glens Falls to construct prototype farm in downtown building

“The city’s sustainability committee has teamed up with several local partners to transform the third floor of a vacant building downtown into a vertical farm.

Glens Falls was awarded just over $96,000 in grant money from the Empire State Development Corp. to take emerging technologies and integrate them into public services.”

Albany Inno – 3 new digital health services move Capital Region toward next-gen care

“The future of telemedicine became a reality out of necessity when the pandemic hit. That’s led the health care industry in the Capital Region down an accelerated path toward the permanent adoption of telemedicine and – more significantly – digital-enabled care. 

Dr. John Bennett, president and CEO of health insurer CDPHP, has been saying for some time that the future of care will be enhanced with digital capabilities beyond simple video calls. Digital health can also play a part in the shift away from a fee-for-service model and toward a compensation model that incentivizes health outcomes of the overall population, a common goal of health plans and providers in the Capital Region.”

Albany College of Pharmacy and Health Sciences raises $14.4 million in first fundraising campaign

“The Albany College of Pharmacy and Health Sciences raised $14.4 million in its first fundraising campaign, exceeding its $11 million goal.

Roughly $3.3 million will go toward scholarships, about $5 million will be used for campus renovations and over $6 million will be directed to the bridges to industry initiative through the Stack Family Center for Biopharmaceutical Education and Training (CBET),” a news release said.

Albany Inno – Semiconductor startup takes space at Albany NanoTech to prep for commercialization

“The startup Lux Semiconductors is taking space inside the Albany NanoTech Complex as it continues development and moves closer toward commercialization.

The 521-square-foot lab space is inside the 70,000-square-foot NanoFab 200, also known as CESTM. Lux has the option to expand into office space there when needed.”

Group To Unveil A New Craft Brewery, Speckled Pig Brewing Co., In Ballston Spa

“A brand new company is tapping into the market for locally crafted beer at 11-13 Washington St. in Ballston Spa, a building owned by the Elliott Family, who are business owners and long-time residents of the community.

Speckled Pig Brewing Co. will be the first in the village to not only serve their own beer on tap, but also to craft their products on site, according to R.J. Elliott, who is managing the project for the brewery’s five owners.”

Schumer urges Microsoft to invest in Capital Region gaming industry

“U.S. Senate Majority Leader Charles E. Schumer, D-N.Y., recently met with Brad Smith, the president of Microsoft, to urge the software giant to invest in the Capital Region’s video game industry after the company announced it was acquiring Activision Blizzard, which employs 200 people locally.

The Capital Region is home to 23 video game companies that have 600 employees. Activision’s Vicarious Visions subsidiary, which is located in Colonie, is the largest local video game publisher and the first of many that have been grown from scratch here.”

Funding Partners