Empire State Development (ESD) today announced the groundbreaking of The Collar Factory Lofts at 701 River Street in Troy, Rensselaer County. The historic rehabilitation project will transform a vacant historic property into nearly 80 apartments, and street-level commercial and retail space, supporting regional downtown revitalization efforts through adaptive reuse. ESD President, CEO and Commissioner Howard Zemsky said, "New York State’s strategic investments and public-private partnerships are breathing new life and energy into long-vacant historic buildings like the transformed Collar Factory Lofts, which will support Troy’s continued renaissance with new opportunities for people to live, work and shop." Built in 1899 as the Searle, Gardner and Company Cuff and Collar Factory, this building was crucial to the City’s collar manufacturing past. It was used in collar making and the garment industry through the 1960s and was added to the National Register of Historic Places in 2014. The former factory has been vacant and in failing condition for more than 15 years. The developers will invest more than $16 million into the adaptive reuse of the 90.000 square foot building. Empire State Development has agreed to support the project with $1.8 million, awarded the City of Troy during Round 5 of the Restore NY Communities Initiative. Tom Rossi, Principal at Redburn Development Partners, said, “We are excited to get started on this latest investment into the North Central Neighborhood in the City of Troy. Without the incredible assistance of Empire State Development and the State of New York this investment could not happen. It is a long-awaited advancement of the downtown development that receives all the headlines. The Collar Factory Lofts projects fulfills two of Redburn’s main mission goals – saving historic structures in urban areas and building with environmentally sustainable practices." The developers expect construction to take 12 months. The 77 apartments will feature refinished historic hardwood floors, high ceilings and large windows, combined with modern fixtures and finishes. The pet friendly building will include community amenities like a dog washing station and a large gym. The 15,000 square feet of retail space can be configured to the needs of the tenant and features riverfront views, outdoor seating and on-site parking. The building will be powered using Redburn’s proprietary green energy system with an on-site power generation plant, which reduces both utility costs and the property's carbon footprint. Senator Neil Breslin said, "The addition of the Collar Factory Lofts is yet another example of the rebirth that is taking place in Troy. Rehabbing this vacant historic property will not only support Troy's downtown revitalization efforts, it will maintain the connection to its rich history. I applaud both Governor Cuomo and Empire State Development for their commitment to Troy through the Restore NY Communities Initiative." Assemblymember John T. McDonald III said, "The groundbreaking for the Collar Factory Lofts is a tremendous start for this exciting project. The adaptive reuse of the factory turns one of Troy’s historical buildings into a space that preserves the history yet serves the current needs of the region. Thank you to Empire State Development for providing the resources through Restore NY to make this project possible." Troy Mayor Patrick Madden said, "The start of construction on the Collar Factory Lofts is another exciting step forward in the continued revitalization of our City and the North Central neighborhood. With support of Governor Cuomo and Empire State Development, another vacant property will be restored to productive use, providing valuable market-rate housing and commercial space while honoring Troy’s rich manufacturing history. When complete, the Collar Factory Lofts will be strongly positioned to benefit from the many recreational amenities North Central has to offer, including the Uncle Sam Bike Trail and recently-announced Ingalls Avenue Boat Launch. Redburn Development remains a valued partner in our efforts to ensure the North Central neighborhood remains a place where families can live, work and play, and we applaud their ongoing commitment to our City." About Empire State Development Empire State Development (ESD) is New York’s chief economic development agency (www.esd.ny.gov). 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 Governor Cuomo’s 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, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.   Contacts: Adam Ostrowski (ESD) | adam.ostrowski@esd.ny.gov | (518) 292-5148 | (800) 260-7313 Elizabeth Young Jojo (Redburn) | eyoung@redburndev.com | (518) 727-9786

Investment Complements “Central NY Rising” – The Region’s Comprehensive Strategy to Revitalize Communities and Grow the Economy Empire State Development (ESD) today announces the official grand opening for the Crescent Commons mixed-use development project on Main Street Cortland, Cortland County. The joint project, between developer David Yaman Reality Services and Housing Vision Consultants of Syracuse, saw the transformation of the historic Crescent Corset factory building on Main Street. The project includes residential and commercial space. The rehabilitation of the long-vacant industrial building in the heart of downtown Cortland included the construction of 47 high-end loft-style luxury units as well as a cafe, lounge and exercise room. The building also offers 100,000 square feet of commercial space.  So far, 13 residential lofts have been leased; 3 tenants- including David Yaman Reality, Family and Children’s services and Franciscan Heath Support- are occupying some of the available commercial space. The transformative project was supported, in part, through a CNY Rising Upstate Revitalization Initiative Grant. Empire State Development President, CEO & Commissioner Howard Zemsky said, “Taking the abandoned, former Crescent Corset factory warehouse and giving it new life and use for residents and businesses in downtown Cortland is just one of the many ways we are repurposing historic buildings and re-energizing city centers and economies around New York State.” The former Crescent Corset factory is on the State and National Register of Historic Places. As a result, part of the restoration efforts included efforts to maintain the original integrity of the building which has stood on the site since 1923. The factory used to manufacture “Lady Luke” corsets for JC Penny’s. Ben Lockwood, President and CEO of Housing Visions said, “Housing Visions is excited to strengthen its commitment to the City of Cortland with the opening of Crescent Commons.  This adaptive reuse of this historic structure on Cortland’s Main Street is the first of its kind for commercial and residential tenants. Together with our local, experienced partner David Yaman, we have provided a quality, convenient, and luxurious commercial and residential experience for the City of Cortland.” Empire State Development aided the transformative project through a $250,000 CNY Rising Upstate Revitalization Grant, as well as $750,000 Capital Grant. The total project cost was $16 million. In October of 2017, the City of Cortland was named as the Round Two winner of Governor Cuomo’s Transformative Downtown Revitalization Initiative. Cortland's downtown is the core of the Central Business district and is within walking distance to SUNY Cortland and Tompkins Cortland Community College Extension. In July 2018, the Governor announced funding for  the 10 transformational projects chosen to  reimagine the city's infrastructure and main street while harnessing technology and talent to improve the city's quality of life. Senator James L. Seward said, “Cortland has so much to offer and a number of steps have been taken in recent years to develop and enhance the Main Street/downtown area – creating jobs, expanding housing, and encouraging community growth.  Many additional projects are on the horizon and Crescent Commons will play a key role in the continued transformation.  Cortland has a storied history and projects like this will help lead the way toward a prosperous future.” State Assemblywoman Barbara Lifton said, “The adaptive reuse of the former Cortland Crescent factory is a wonderful addition to downtown Cortland. Not only will it provide much-needed commercial space and housing, but it will preserve and restore a historic building that is a part of Cortland’s rich history. I’m very proud to be a long-time supporter of the critical Historic Tax Credit program that allows wonderful projects like this one to come to fruition. I want to thank the Yaman family and everyone else who was involved in making this project a reality, as well as the Governor for his continued commitment to the revitalization of downtowns across upstate New York.” Cortland Mayor Brian Tobin said, “Dilapidated old factories are a drain not only on local economies but also on the psyche, as they are reminders of days gone past.  These large structures are difficult to occupy, so typically sit vacant and abandoned for years, until they are either knocked down or fall down.  A project of this magnitude takes a lot of vision and effort, and I commend Dave Yaman for his efforts. With the support of New York State and Housing Visions, we are stabilizing a neighborhood that has struggled for years with vacant properties. Thank you to all parties involved, Cortland will continue to be a great place to raise a family!” For additional information about Crescent Commons, click here. Accelerating Central NY Rising Today's announcement complements “Central NY Rising,” the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $4.7 billion in the region since 2012 to lay the groundwork for the plan – capitalizing on global market opportunities, strengthening entrepreneurship and creating an inclusive economy. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Syracuse, Oswego and Auburn as a destination to grow and invest in. Now, the region is accelerating Central NY Rising with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State’s $500 million investment will incentivize private business to invest well over $2.5 billion – and the region’s plan, as submitted, projects up to 5,900 new jobs. More information is available here.​     Contact: Shari Vincent | Shari.Vincent@esd.ny.gov| (585)399-7055 | (800) 260-7313 Press Office | PressOffice@esd.ny.gov | (800) 260-7313

Photos Available Here Empire State Development (ESD) and the New York State Department of State (DOS) today announced the grand opening of SUNY Adirondack's new Culinary Arts Center on Hudson Avenue in downtown Glens Falls, Warren County. This is one of eight projects in the city supported by the Downtown Revitalization Initiative (DRI). Glens Falls was the Capital Region's Round I winner of the $10 million DRI competition. ESD President, CEO and Commissioner Howard Zemsky said, "Workforce development is vital to economic growth in Upstate New York, and the Culinary Arts Center will engage the greater Glens Falls community by providing opportunities for education and training, while welcoming residents and visitors downtown with a great place to eat." New York State Secretary of State Rossana Rosado said, "Governor Cuomo’s Downtown Revitalization Initiative has paid dividends in delivering results for communities across the state. SUNY Adirondack’s Culinary Arts Center is a beautiful facility that embodies the spirit of the DRI – helping neighborhoods transform into places where young people want to live and work. We are proud to be a part of this debut and look forward to seeing the next generation of culinary masters in Glens Falls." The new 8,100 square foot facility represents a nearly $1.9 million investment that will allow the college to double its program enrollment, encouraging regional economic development through workforce training. The project was supported by $600,000 from the city’s Downtown Revitalization Initiative funding, and a $500,000 capital grant from ESD. Dr. Kristine Duffy, SUNY Adirondack President, said, "We are very excited to expand our program offerings and join the vibrancy of downtown Glens Falls. We will be training the region’s hospitality workforce and partnering with downtown businesses for internships, and local farmers and food purveyors to source our food and beverages. Having a downtown site will also allow us to offer unique food and beverage related events and other continuing education experiences for the community. Many thanks to the Governor, Empire State Development, and our donors for providing a significant portion of the needed funding to make this happen." The Center will educate students in all aspects of culinary arts. A teaching kitchen, complete with new equipment including gas stoves, a warming box and a walk-in cooler, will enable hands-on demonstrations. Seasoned, a 100-seat student-run restaurant, is scheduled to open in October and will provide firsthand experience in all facets of kitchen and dining management. A bake shop will offer breads, bagels, cakes, pies and cookies, and a gluten-free kitchen will be available to support a growing need for alternative baked goods. Warren County Economic Development Corporation President Edward Bartholomew said, "The relocation of SUNY Adirondack's Culinary School to downtown Glens Falls is the beginning of a new chapter of connectivity between the college, its students and the City. We are very grateful for the continued support and commitment by Governor Cuomo, Empire State Development, the Department of State and Senator Little for funding this project through the Glens Falls Downtown Revitalization Initiative." In August of 2016, New York State announced that the city of Glens Falls was selected as the region's first round winner of the $10 million Downtown Revitalization Initiative. Other projects selected to reinvigorate the city's downtown area include $5 million to build the Market on South Street, which will include space for a Farmers' Market, retail space and an incubator/test kitchen; $1.5 million for streetscape and infrastructure improvements; and $1.2 million to redevelop four land parcels in a key city intersection into mixed-use buildings, a pocket park and surface parking. Senator Betty Little said, "SUNY Adirondack's new Culinary Arts Center brings a vibrant presence to downtown. The students add an energetic dynamic and I think a lot of people, including me, will enjoy being part of a dining experience that is also a learning experience." Assemblyman Dan Stec said, "Educational opportunities are a key to achieving success. There’s no better way to learn than through hands on experience and this facility will provide more students at SUNY Adirondack with exactly that opportunity." Ronald F. Conover, Warren County Board of Supervisors Chair, said, "The new SUNY Adirondack Culinary Arts school is a welcome addition to downtown Glens Falls. The new facility will not only train the next generation of chefs and restauranteurs, but it provides another great dining option for our community. I congratulate the college's faculty and staff and thank New York State for supporting this project." Glens Falls Mayor Daniel L. Hall said, "Thanks to the DRI award and help from Empire State Development, we're able to bring SUNY Adirondack's Culinary Arts Center downtown to a beautiful new building at 14 Hudson. Bringing the students from the college downtown helps with our vision of revitalization. Thank you to Governor Cuomo and Senator Little for their help with this exciting venture."   Contacts: Adam Ostrowski (ESD) | adam.ostrowski@esd.ny.gov | (518) 292-5148 | (800) 260-7313 Lee Park (DOS) | lee.park@dos.ny.gov | (518) 486-9846

Investments Will Be Funded through "Southern Tier Soaring" - The Region's Comprehensive Strategy to Revitalize Communities and Grow the Economy Governor Andrew M. Cuomo today announced that 32 projects have been awarded funding through the $20 million Greater Binghamton Fund. The initiative, first announced by the Governor in August of 2017, will facilitate key economic development projects in Binghamton, Johnson City and Endicott as outlined in the Southern Tier Soaring Upstate Revitalization Initiative plan. The Greater Binghamton Fund aims to transform targeted urban centers, or "iDistricts," into communities where the next generation of workers want to live, work, and play. The fund will support innovative and creative projects, including mixed-use and mixed-income developments, private retail and commercial development, and smart growth technologies will be implemented through infrastructure and streetscape improvements. "The Greater Binghamton Fund is a game changer for the entire region, providing opportunities for development and revitalization," Governor Cuomo said. "It will help create an environment for businesses to expand and grow and attract top notch employees, supporting the vitality of the Southern Tier as it continues to soar." "The Greater Binghamton Fund is leveraging significant private investment to fund transformative projects in Binghamton, Endicott, and Johnson City," said Lieutenant Governor Kathy Hochul, who made today's announcement. "Upstate New York is moving forward like never before because of our unprecedented focus on economic development and job creation. This fund supports new jobs, new affordable housing, and streetscape improvements to continue the revitalization of the Southern Tier." Read the full press release here.