During this week, the Chamber is highlighting local municipalities in an effort to increase awareness of initiatives that create jobs, promote economic development advancement and improve the quality of life. Learn more about regional economic development news below.
“Economic growth is vital to all communities as it creates the jobs our residents seek and grows the local economy and tax base thus improving the quality of life of all residents and the economic environment for our businesses. Economic development is a priority of my administration and I feel strongly that the efforts we have put forth in partnership with our municipalities and our Rensselaer County Regional Chamber of Commerce have paid tremendous dividends,” stated Rensselaer County Executive Kathleen M. Jimino.
All totaled, the Rensselaer County Industrial Development Agency (IDA) induced and/or closed nearly $250 million worth of projects while creating and/or retaining close to 250 jobs. From 2006 thru 2016, the IDA induced and or closed more than $3.6 billion in projects while creating and retaining more than 4,200 jobs. In 2016, the IDA provided support to 70 projects with a combined total project investment of $1.43 billion. A total of 9,541 full time equivalent jobs were supported by these businesses. An additional 607 construction jobs were also supported in 2016.
Town of East Greenbush
The Town of East Greenbush will soon see a face-lift to a local shopping plaza. Nigro Companies purchased the 137,000-square-foot Columbia Plaza off Columbia Turnpike in March 2017. The company will spend more than $21 million on renovations, including converting the Price Chopper supermarket into the Market 32 brand. Renovations to the 66,000-square-foot grocery store will start in the spring, and the remainder of the shopping plaza will also be upgraded with new facades, landscaping and parking lots
“This is exciting news for Rensselaer County and the town of East Greenbush,” said Kate Ollier, president of the Rensselaer County Regional Chamber of Commerce. “When respected, longstanding local businesses like Nigro Companies make these types of investments, the economic impact of the project is only part of the equation. Investments like this spur optimism on neighboring businesses and the community, inevitably leading to additional economic growth for the area.”
Village of Hoosick Falls
Hoosick business is rising! The Village of Hoosick Falls has elected Rob Allen as its new mayor and recently hired Brighid Buzzell to over see economic development for the town and village. With the help of Hoosick Local Development Corporation, the area is seeing a boom in new business development. The Hoosick LDC works to promote, to assist, to develop, to plan, to attract new business and industries to the Town of Hoosick; to encourage the development of, or retention of, existing businesses and industry; to revitalize the business community; and to promote and assist the growth and development of business concerns, including small businesses. New businesses include:
- Iron Coffee Company - Coffee Roaster/ Espresso Bar - OPEN
- Hoosac Package Store - Wine and Liquor Store (Coming soon)
- BYTE - Woodfire Pizza (Coming soon)
- UNIHOG - Ethically sourced BBQ joint (Coming this Fall)
- s.ewing - Seamstress - OPEN
- Sip & Swirl - (paint/draw and adult beverages) (Coming soon)
Additionally, the Town and Village were recently awarded three DASNY (Dormitory Authority of the State of New York) grants as part of the State and Municipal Facilities Program. The first grant, totaling $1,100,000 is designated for the construction of a new Highway Garage. The second grant, $350,000, is for the replacement of a water main on Snow Street. The third grant, $975,000, is for upgrades and expansion of the Reynolds/Gilchrest Skating Rink.
Hoosick Rising is the Village's economic development initiative. The next open meeting: 6 p.m May 17, 2017 at Iron Coffee, Corner of John and Main Streets, Hoosick Falls, NY.
Hoosick Rising is not just a name, but an inner feeling that brings the communities of the Village of Hoosick Falls and the Town of Hoosick together—to become one strong entity for the betterment of the entire region. Hoosick's demonstrated ability to come together when crisis strikes or when our sports teams do well is common. Hoosick Rising aims to take those admirable traits and transfer them into actions toward making the Hoosick community the best it can be. To recruit new businesses and families, to build upon the foundations of established Hoosick enterprises and ideals, and to develop and execute plans for a positive future.
City of Troy
The City of Troy is committed to creating a thriving business environment. The Spring 2017 Economic Development Update provides information about Troy's economy, with special highlight to recent investments, growth in hospitality, tourism and the business sector.
Capitalizing on its rich history and beautiful 19th century architecture, the City of Troy is one of the Capital Region's fastest growing areas for business and commerce. With enthusiastic financial backing from the State of New York, the City has made significant financial investments in the infrastructure of the downtown and surrounding areas. The City’s most important attributes are a robust mix of consumers, a diverse college and university population providing an educated workforce. The City’s downtown contains numerous office facilities available to support any influx of private sector or governmental office workers.
Private sector collaborations such as Historic Troy 2020, and the Troy Redevelopment Foundation, have been formed to bring together the talents and expertise of business leaders, local and state government, academia, the arts, and the non-profit sector to chart a course for Troy and to infuse financial and human resource investment into the revitalization of the City.
Visit the City of Troy's Economic Development website to learn more about its growth and revitalization.
City of Rensselaer
The City of Rensselaer is undergoing two economic development projects that will be transformative for city residents, visitors and businesses.
Rensselaer received $3.1 million in grants from New York State to support plans to design and build a riverfront esplanade along de Laet's Landing and is pursuing funding to continue it north to the city boat launch off of Forbes Avenue. The new 1.5 acre park and 1,000 linear ft. riverfront park will offer greenspace, a bike path and the potential to hold outdoor summer concerts while offering sweeping views of Albany across the Hudson River. The project is expected to be completed in summer of 2017.
De Laet’s Landing, a 24 acre mixed use planned development site located at 575 Broadway in Rensselaer, former site of the Rensselaer High School. The $21 million, 96-unit apartment building will be the start of the mixed-use development. Plans for De Laet’s Landing include a mix of residential and commercial space tied together with expansive public green space, riverfront walkways and breathtaking views of the Albany skyline. This development will add vibrancy, activity and new local tax dollars to support further public investments in infrastructure and parks and enhance all local services. Construction of the first apartment building is happening simultaneously with the recently announced $3 Million Rensselaer Esplanade project. Plans call for the first apartments to be available April 2018.
Rensselaer breaks ground on riverfront esplanade (Times Union)
11 years later, construction starting on Rensselaer riverfront development (Albany Business Review)