Empire State Development Blog
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Press Release
Thursday, July 27, 2023 - 1:39pm
The program is designed to train East Buffalo residents and building owners in commercial real estate development
See picture of graduation class here
Empire State Development (ESD) and East Side Avenues today announced the 2023 graduates of the East Side Community-Based Real Estate Development Training (CBREDT) program. This year’s class, the program’s fourth cohort, graduated in a ceremony on July 26 at the Northland Workforce Training Center in Buffalo. The 19 graduates, all East Buffalo residents, include business and building owners who are interested in taking an active role in revitalizing their community’s commercial corridors. To support their success, program graduates are eligible to apply for ESD’s $5 million Community Based Real Estate Development Training Program Fund (CBREDTP Fund), which offers access to much-needed start-up capital for the program participants’ mixed-use and commercial projects.
“Empire State Development is pleased to support this unique, innovative model that empowers and invests in East Buffalo residents and business owners and provides them with the tools they need to revitalize and rebuild their own community,” said ESD President, CEO & Commissioner Hope Knight, who gave the graduation keynote. “Through this and other economic development programs, Governor Hochul and East Side Avenues are building paths to prosperity for the residents of East Buffalo.”
The Community-Based Real Estate Development Training program is designed to build a pipeline of citizen developers in East Buffalo by providing community members with the skills and knowledge they need to successfully complete a commercial development project. It is part of New York State’s $65 million East Side Corridor Economic Development Fund, and funded in collaboration with private and philanthropic organizations who created a pooled, $8 million East Side Collaborative Fund to support capacity building and to develop and implement programs like this.
The intensive 23-week adult training class, offered annually, provides an overview of the commercial real estate development process, including pre-development, construction management, property management, and financing the project from private and public sources. Participants are selected through a competitive application process and the program is facilitated by the University at Buffalo Regional Institute in collaboration with the University at Buffalo School of Architecture and Planning.
In addition, ESD’s $5 million CBREDTP Fund has three subprograms available only to CBREDT graduates:
Pre-Development Fund: provides grants of up to $50,000 to property owners for work to make their projects more feasible such as, but not limited to, consultant costs to prepare business plans and architectural drawings.
Small Project Fund: provides grants of up to $150,000 per property for smaller-scale building improvements that may serve to stabilize a property to allow it to be put into productive use or as an initial phase of a redevelopment that can later be scaled up.
Real Estate Development Fund: for projects that are larger in size and scope, a program graduate can receive a grant of up to $500,000 to support either a stand-alone, single-site, “shovel ready” renovation/rehabilitation project; or an infill development project on a vacant lot.
Hear the visions of previous CBREDT graduates in this award-winning storytelling video series, or read their stories here.
See picture of the graduating class here. Photo caption: 2023 CBREDT graduates. Pictured: (Back row from left to right) David Petty, Eldred Woodard, Roslyn McLin, LaMont Singletary, Taurean Davis, Da'Von McCune, Erica Huffnagle, Ramona Edwards Griffin, Shawn Hargrove, Hakeem Hicks. (Front row from left to right) Tyrone Goodson, Adamaah Grayse, Dock Mack, Jerrica DeLaney, Hope Knight (President, CEO and Commissioner of Empire State Development), Rosalyn Cheatom, Nikita (Nick) Burt, DaShaun Baldwin, Jomo Akono, Murad Howlader.
About East Side Avenues
East Side Avenues is a capacity building initiative developed to fund, plan and coordinate revitalization strategies and initiatives aimed at improving economic conditions in four main commercial corridors on Buffalo’s East Side. It is backed by a unique partnership of private and philanthropic organizations that created the pooled, $8 million East Side Collaborative Fund administered by the Community Foundation for Greater Buffalo. The grants and supports are being provided to complement capital funding that is being awarded by ESD as part of its $65 million ESCEDF.
East Side Avenues stemmed from UB Regional Institute’s (UBRI) partnership with ESD and the City of Buffalo to reach out to community members, to listen, analyze past investments and create a comprehensive plan focused on what key stakeholders said they’d like to see happen and what projects they believe are important for promoting economic activity. East Side Avenues is led by a Project Implementation Team (PIT) from UBRI that will work to build organizational capacity by ensuring appropriate supports such as infrastructure, staff and funding are in place; assisting with strategic planning, program design and problem solving; reporting on progress and ensuring responsible use of resources. UBRI is the research enterprise of the University at Buffalo School of Architecture and Planning. Learn more about East Side Avenues at www.eastsideavenues.org.
About Empire State Development
ESD is New York’s chief economic development agency. The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing the New York State Regional Economic Development Councils and the marketing of “I LOVE NY,” the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, please visit www.regionalcouncils.ny.gov and www.esd.ny.gov.
Contact:
Pamm Lent | [email protected] | (716) 846-8309 | (716) 560-8815
Laura Magee | [email protected] | (716) 846-8239 | (716) 374-4246
Press Release
Thursday, July 27, 2023 - 12:30pm
After Months of Stalled Negotiations, Governor and Local Elected Leaders Reached Agreement to Bring 1,200 Housing Units To 5 WTC Site
One-Third of Units to be Permanently Affordable to Low- and Moderate-Income Families; Portion of Affordable Units to Be Offered to Those Living and Working in Lower Manhattan During 9/11 Attacks
Project Will Also Include Commercial Space, Non-Profit Community Space, Connections to Liberty Park
Complements Governor’s Agenda to Increase New York’s Housing Supply
Project Renderings Available Here
Traducción al español
Governor Kathy Hochul today announced the Public Authorities Control Board’s approval of a major, mixed-use development at 5 World Trade Center in Lower Manhattan that will include approximately 1,200 units of housing — one-third of which will be permanently affordable and a portion of which will be offered for New Yorkers impacted by 9/11. When completed, the development will be one of the largest affordable housing developments in Lower Manhattan and the only residential site at the World Trade Center. It will also include approximately 10,000 square-feet of non-profit community space to be occupied by the Educational Alliance, more than 190,000 square-feet of commercial retail and office space, and a connection to the nearby Liberty Park. Governor Hochul made the announcement alongside elected officials, including New York State Senator Brian Kavanagh, Mayor Eric Adams, Manhattan Borough President Mark Levine and New York City Councilmember Chris Marte.
“The resurgence of lower Manhattan after the 9/11 attacks is an only-in-America comeback story,” Governor Hochul said. “With this project, we’re about to transform an old parking lot into new homes for thousands of New Yorkers — bringing new affordable housing and community spaces to this iconic neighborhood. It wasn’t easy to get to this point, but I’m committed to doing everything in my power to build more housing across New York.”
One-third of the development’s approximately 1,200 housing units will be made permanently affordable with affordability levels ranging from 40 percent of the area median income to 120 percent of the area median income. In addition, 20 percent of the affordable housing units will be offered to individuals living and working in Lower Manhattan during the 9/11 attacks and the immediate aftermath.
This project is made possible through a variety of local and state funding sources. Through an agreement between the Executive, Senate and Assembly, the State will contribute $60 million while an additional $5 million will be provided from the Battery Park City Authority’s Joint Purpose Fund. In addition, the Port Authority is seeking approval from the Board of Commissioners on a short-term rent deferral to enable the transaction to proceed.
5 World Trade Center is the location of the former Deutsche Bank building, 130 Liberty Street, which was severely damaged on 9/11. In 2019, the Port Authority of New York and New Jersey and the Lower Manhattan Development Corporation issued a request for proposals to redevelop 5 World Trade Center. In February 2021, a contract was awarded to a development team comprised of Silverstein Properties, Omni NY, Dabar Development and Brookfield Properties.
Read the full press release here.
Press Release
Wednesday, July 26, 2023 - 3:06pm
Total Funding for the Programs Hits $1 Billion Mark with 93 Communities Throughout New York State Having Already Received Awards
Programs Continue to Support Regional Economic Development Goals by Making New York Attractive to Businesses, Families and Visitors
Furthers Governor's Commitment to Expanding Housing Supply and Increasing Affordability by Spurring the Creation of Over 3,000 New Housing Units
First-Ever Forum on Future of the State's Downtown Revitalization Initiative and NY Forward Communities Held in Syracuse
Governor Kathy Hochul today announced that $200 million in funding is available through the State's two signature downtown revitalization and economic development programs — $100 million each for Round 7 of the Downtown Revitalization Initiative and Round 2 of the NY Forward program, which focuses on revitalizing smaller and rural downtowns. This year's funding brings the total amount of State investment across all rounds of the programs to $1 billion since 2016. Together, the two programs have awarded $800 million in funding to 93 communities across every region of the state. Applications are available on the Downtown Revitalization Initiative and NY Forward websites. The deadline to apply is September 29 at 4 p.m.
"These two programs have created a wave of revitalization that is sweeping across the state with no signs of slowing," Governor Hochul said. "The programs are not only reinvigorating downtowns, but they are also making our regions and the state as a whole a world-class destination for businesses, families and tourists. The programs are fulfilling the original vision for the DRI of creating a critical mass of vibrant downtowns of all shapes, sizes and characters in each region to entice businesses to invest and locate in New York State."
Governor Hochul also hosted the state's first-ever forum in Syracuse on the past, present and future of the Downtown Revitalization Initiative (DRI) and NY Forward programs. The forum, entitled "A Retrospective for the Future of the State's DRI and NY Forward Communities," featured mayors from communities selected in the first five rounds of the DRI, as well as private stakeholders engaged and invested in the DRIs, who will provide advice, insights, lessons-learned and recommendations to inform the future of the two programs and educate prospective applicants on the benefits of participating.
Read the full press release here.
Board Meeting
Wednesday, July 26, 2023 - 3:00pm
Postponed – To Be Rescheduled
Press Release
Wednesday, July 26, 2023 - 1:52pm
Governor and Senator's Intervention Ensures Continued Operations at Storied Factory and Creation and Retention of 245 Majority Union Jobs
$7 Million Investment by New York State Complements "Finger Lakes Forward" - The Region's Comprehensive Strategy to Revitalize Communities and Grow the Economy
Governor Kathy Hochul and U.S. Senate Majority Leader Charles E. Schumer today announced the completion of renowned clothier Tom James Company's acquisition of the 112-year-old former Hickey Freeman manufacturing facility which will proudly be recognized and branded as Rochester Tailored Clothing. Tom James will utilize the highly skilled workforce to produce tailored suits for other brands as well as its own clothing line at the North Clinton Avenue facility in the City of Rochester. As part of the acquisition, Tom James will retain 200 jobs previously at risk had the factory closed and has committed to growing employment on site to 245 net jobs over the next five years.
"This agreement with the Tom James Company marks the start of a new chapter at the historic Hickey Freeman Building and will ensure that its legacy as an economic driver endures in Rochester," Governor Hochul said. "For more than a century, this facility has been Rochester's gateway to the world of fashion and an important source of stable, union jobs. Now, thanks to State investment and the support of the Majority Leader and partners at every level of government, Tom James will continue to make quality products and employ hundreds of workers in the heart of Rochester."
Senate Majority Leader Charles Schumer said "It's official Rochester will continue its long tradition of making high quality suits, powered by our top notch union tailor workforce! This 112-year old factory is a Rochester institution - woven into the very fabric of the community - and that is why I've fought time and again to keep it in business whenever it faced challenges. Last month, after I had personally called the CEO to urge him to look at Rochester, I announced Tom James Company's plans to acquire this iconic factory, and today, I'm thrilled to announce that Tom James has officially closed on its purchase of this Rochester institution - not only providing stability for its 200 world-class union employees, but also adding additional jobs in the coming years. When I visited this Rochester facility a few years ago and walked the floor alongside the factory's hardworking employees, many of whom have worked there for decades, I committed to making sure their future was secure for years to come. Tom James Company, fueled by its own Workers United union workforce, has become an industry leader and is tailor-made to sew success now for Rochester's future. Now that the deal is officially closed, I'm excited to see what the future holds for this beloved Rochester factory and its hundreds of skilled Rochester union workers."
Senator Kirsten Gillibrand said, "Rochester has long been home to a skilled workforce in the garment industry, and the storied history of the Hickey Freeman company inspires many with nearly 125 years of operations in the city. With the purchase of this factory by the Tom James Company, Rochester's days of Made-in-America suit manufacturing will live on. I'm grateful for the investment by Tom James to ensure that the region maintains quality, union jobs for nearly 200 workers at the North Clinton Ave. factory, and that the company intends to grow this workforce. This was a collective effort at all levels of government and local industry, and I am thankful for the efforts of Senator Schumer and Empire State Development to make this acquisition a reality."
Schumer and Hochul announced Tom James's plans to acquire the Rochester factory earlier this summer. This official closing comes after a personal appeal to Tom James CEO Todd Browne from the Majority Leader after the factory was put up for sale earlier this year. Schumer called on the company to move forward with plans to take over the factory and provide stability and growth for this long-time Rochester facility. Governor Hochul also directed Empire State Development to engage Tom James in discussions around State funding sources available to support the acquisition.
Read the full press release here.
Press Release
Wednesday, July 26, 2023 - 12:15pm
Ribbon-Cutting Ceremony for ‘Splash’ Indoor Water Park Resort Marks Completion of Oswego’s Final DRI Project; Makes Oswego First DRI Community in the State to Complete All of its Projects
New Water Park Will Create Jobs and Attract Visitors to Oswego’s Downtown, Adding to the Vibrancy and Revitalization Created by the DRI
Completed DRI Includes Increased Housing in Downtown Oswego, Furthering Governor’s Ongoing Commitment to Making New York More Affordable
See Before and After Photos of Oswego’s DRI Projects Here
Governor Kathy Hochul today announced the completion of Oswego’s final Downtown Revitalization Initiative project at a ribbon-cutting ceremony for the “Splash” Indoor Water Park Resort. The completion of this project makes Oswego the first DRI community in the state to complete all of its DRI projects.
“With this ribbon cutting ceremony for the Splash Indoor Water Park Resort, Oswego has completed a total of 10 projects to improve its downtown and become a model DRI community,” Governor Hochul said. “Oswego’s experience showcases the critical public and private partnerships needed to ensure the success of the program and spur economic development throughout the region. This success story can serve as an example for other communities as we look to the future of our DRI and NY Forward programs and continue working to build a better future for all New Yorkers.”
New York Secretary of State Robert J. Rodriguez said, “You can feel the energy, vibrancy and excitement created by the Downtown Revitalization Initiative projects when you visit Oswego. The city has masterfully chosen and integrated a variety of projects that exemplify the vision and goals of the DRI, laying the groundwork for much more investment to come as the revitalization process continues to unfold and serving as a shining example for other communities participating in this program. Congratulations to the City of Oswego on this significant accomplishment.”
The Splash Indoor Water Park Resort is a four-season family destination that is connected to the Clarion Hotel and Conference Center overlooking the Oswego River/Canal, linking the project to the city’s cherished riverfront and its rich maritime history as the Port City. Splash builds on existing anchor developments and attractions in the downtown—many of which were funded by the DRI and other State programs—to strengthen the appeal of the downtown as a fun, family-friendly destination.
The DRI provided $500,000 for the project, which was implemented by Shane Broadwell of the Broadwell Hospitality Group. Broadwell estimates that Splash will create 60-70 jobs in peak season. The water park will also support surrounding businesses by attracting more visitors to the area.
Oswego received a $10 million DRI award in the first round of the program in 2016. The City’s Strategic Investment Plan focused on increasing downtown housing, expanding small businesses, and providing entertainment and dining options for all ages, while maximizing access to its treasured waterfront. To date, Oswego’s projects have created over 200 units of housing for households of all income levels, 12 commercial spaces and over 150 new full-time and part-time jobs.
Read the full press release here.
Board Meeting
Tuesday, July 25, 2023 - 3:30pm
This meeting is open to the public.
The public may listen to the meeting via webcast by clicking the link below.
Due to 633 Third Avenue building procedures, those attending should please RSVP by 5:00 p.m. on Monday, July 24, 2023.
RSVP press line (800) 260-7313; RSVP public line (212) 803-3240.
Members of the public may submit comments on the Agenda items in writing to [email protected] by 5:00 pm on Monday, July 24, 2023.
Public Notice
Friday, July 21, 2023 - 2:00pm
View all grants to be presented at the batch virtual public hearing.
Board Meeting
Friday, July 21, 2023 - 11:00am
The meeting is open to the public.
The public may also view and listen to the meeting via webcast clicking the link below.
Members of the public may submit comments on the Agenda items in writing to [email protected] by 4:30 PM on Thursday, July 20, 2023.
All comments received by the deadline will be distributed to the Directors prior to the meeting and posted online.
Press Release
Thursday, July 20, 2023 - 1:57pm
Partnership With Mission-Driven Community Lenders Will Strengthen Small Businesses and Non-Profits Through Access to Capital and Support Services
Expanded Eligibility Will Allow More Small Businesses to Qualify for Loans
Interested Businesses Can Pre-Apply Here
Traducción al español
Governor Kathy Hochul today announced the New York Forward Loan Fund 2 program for qualifying small businesses and nonprofits. After expanding criteria for qualifications and with even greater resources allocated for the program, the enhanced fund represents an even bolder commitment to New York State’s small businesses. Qualified recipients with fewer than 100 employees and less than $5 million in gross annual revenue can apply for loans up to $150,000 with affordable, fixed-rate interest rates. Part of New York’s broader State Small Business Credit Initiative efforts led by Empire State Development, the fund will be in place for the next eight years and will focus on helping small businesses and nonprofits, particularly those in low-income and historically underbanked communities and rural areas access flexible working capital to cover a wide range of expenses, from payroll and marketing to facility renovations. Additionally, free support services from experts will work with businesses throughout the life of the loan.
“New York’s small businesses are the lifeblood of our state’s economy and vital to growing and strengthening New York State,” Governor Kathy Hochul said. “With expanded eligibility, this new and improved New York Forward Loan Fund will build on the success that the first fund achieved supporting small businesses during the pandemic and continue to help even more small businesses grow and thrive across the state."
Empire State Development President, CEO and Commissioner Hope Knight said, “The New York Forward Loan Fund 2 was designed to be a stable, flexible resource for New York’s small business community across the state to access capital when they need it. This innovative program will match small businesses to strong, statewide CDFI lenders who can provide individualized service and technical assistance, especially for business owners who have credit needs that are too small for most banks.”
The New York Forward Loan Fund was initially designed to provide hands on support and access to flexible, affordable credit to the smallest businesses across New York who lacked access to affordable credit options in response to COVID-19. New York State needed to create its own program to address inequities in distribution of funds and because smaller loans were not widely available in the market at affordable rates. The original fund processed over 1,700 loans and distributed $97 million in pandemic relief to small businesses and served as a life-line, especially for women and minority-owned companies. More than 50 percent of loan recipients had never applied for a business loan prior to the New York Forward Loan Fund.
Read the full press release here.