Rensselaer may have missed out on the casino sweepstakes and the chance to revitalize its waterfront. But now, SUNY Polytechnic Institute is eying a site downtown where it hopes to build a tech hub and employee housing.
It could be one of the biggest projects to come to Rensselaer since the renovation of the train station. Mayor Dan Dwyer toured the vacant lot at de Laet’s landing, just across the Hudson from the Albany skyline, with SUNY Polytechnic Institute President Alain Kaloyeros on Thursday morning.
They announced a partnership to encourage two prospective corporations from outside of New York to invest in the project. Kaloyeros summarized the plan:
"In a nutshell I would call it an innovation and commercialization hub," Kaloyeros said. "Much like all the other hubs we are building across the state, it would have a combination of high-tech corporations coming here when they move from outside New York..."
Kaloyeros wouldn’t specify which two companies they were in talks with for the hub but said that it wouldn’t have happened without New York Governor Andrew Cuomo’s goal of bringing “long-term and sustainable economies” to upstate cites. Cuomo had a hand in the partnership, guiding SUNY Poly to meet with the mayor on finding a use for the undeveloped site. Kaloyeros…
"This is more one of the governor's initiatives like we are doing in Buffalo, Rochester and Syracuse to create an innovation hub here to drive economic development but also to help the city with the taxes," said Kaloyeros.
In December, Rensselaer was hoping for the New York gaming commission to site a Hard Rock casino at de Laet’s landing. But instead, the board chose to locate the lone Capital Region casino in Schenectady. It was a blow for Rensselaer, and Mayor Dwyer was publicly upset at the decision.
Kaloyeros said the project is a go but didn’t reveal more details about the companies involved. In a press release, the college says it will include space for manufacturing, research and development, and academics.
He said the project is not part of StartUP-NY, a program funded by the state for businesses to receive tax breaks and reserved space in order to bring their companies to state university land. Kaloyeros said there would be housing on the 25-acre property for an estimated starting number of 500 employees.
"First and foremost is us pushing the companies in our conversations about the level of investment they are going to put in," said Kaloyeros. "That pushes everything else."
Many different projects have been slated for the waterfront property, but with little to no progress for years, it has been a focus of the mayor’s office. Mayor Dwyer says he wants to get the vacant property to be more than just that.
"I've had plans sitting on my desk for years," said Dwyer. "I want to develop along the river. To what they call de Laet's landing up there."
Asked about a timeframe for the project, Kaloyeros said, “The timetable is yesterday.”
With no money promised from the state for the project, Kaloyeros says it depends on how much the two companies looking to work with SUNY Poly are looking to invest. There are still many details to be worked out.
"One of the next steps is gonna be the two candidate companies visiting here and touring and starting the conversation with them about what the hub is gonna look like," Kaloyeros said.
The next steps would include the empanelling of a high level working group with senior officials from the city and SUNY Poly to identify potential uses of property within the city.
