Saratoga Economic Development Corp. (SEDC) is working with Precision Valve & Automation (PVA) of Latham and its founder, Tony Hynes, to obtain Mechanicville-Stillwater IDA incentives to re-purpose the recently closed DiSiena Furniture headquarters and warehouse in Mechanicville.

PVA’s investment would re-purpose the building as an entrepreneur space, providing prototyping machinery, software, professional technical support, as well as health and child-care benefits for accepted early stage companies, according to SEDC.

SEDC said it is focused on local business innovation and acceleration by fostering professional mentors and resources supporting product research, market analysis, and access to potential capital. Site acquisition is expected in 2018 with a total initial investment of $3.9 million. Three early stage companies expected to locate at the facility in Mechanicville will initially provide 12 jobs.

SEDC is asking the Mechanicville-Stillwater IDA for incentives valued at $600,000 in the form of a 10-year PILOT (payment in lieu of taxes) and sales tax abatements.

KeyBank’s Capital Region Business Banking team was recently presented with the 2017 Large Commercial Lender of the Year Award by Bernard J. Paprocki, director of the Syracuse Small Business Association District.

In fiscal year 2017, KeyBank approved 32 loans at a Capital Region, leading value of $19.9 million, according to the SBA.

“SBA lending is critical to helping communities thrive, because it ensures that creditworthy businesses have access to the capital they need to start, expand and ultimately bolster the local economy and workforce,” said Greg Novitsky, senior SBA relationship manager, Capital Region, KeyBank. “We’re a proud SBA lending partner and excited the 2017 rankings reflect our commitment to help local businesses.”

In addition to leading in the Capital Region, KeyBank topped all banks in the SBA’s Syracuse District, representing 15.8 percent of the district’s total dollars approved, the organization said.

By Jennifer Farnsworth

The growth of G&G LED Lighting was reflected this year through their move from Albany to Halfmoon.

The company, which makes special LED lighting systems, moved into a 12,000-square-foot space. Cory Baright, vice president of operations, said the new location has served them well over the past two months, allowing them to continue to grow their lighting business.

Baright said the property at 10 Corporate Drive is double the size of their prior Albany location. It was purchased in September for $1 million, an investment the company made after undergoing a year of what he called substantial growth. He said the property was a perfect match for what they were looking for.

By Jill Nagy

The former Turf Spa and Motel in Saratoga Springs Plans has a new owner, but plans are still in flux for its redevelopment, according to Mike Sheeran, vice president for operations and the lead project manager for the new owner of the property, John Larkin Inc., a hospitality and real estate development company in South Burlington, Vt.

The Vermont company purchased the property at 176 Broadway for $2.6 million in November. It consists of a 43-room motel and a mineral spa.

Larkin Hospitality, an affiliate of John Larkin, Inc., currently operates 10 hotels in Vermont and Massachusetts under the Comfort Inn, Fairfield Inn, Holiday Inn and Homewood Suites brands.

By Jennifer Farnsworth

Bonacio Construction has developed more than 1 million square feet of real estate in downtown Saratoga Springs, the newest being Spencer Condominiums at 55 Phila St.

The construction that started in 2016 is complete.

The Spencer property is attached to the Caffé Lena building and has room for retail space on the ground floor. Mandie Kozlowski, marketing and design coordinator for Bonacio Construction said they do not have any definite tenants for that space, but the company expects it will be filled soon, due to its prime downtown location.

“The condos at 55 Phila are all sold out, except for one. There were eight originally for sale,” said Kozlowski. They went on the market in the summer of 2017.

Capital Bank, a division of Chemung Canal Trust Co., will open a new, full-service branch in the Saratoga Springs/Wilton area.

According to Anders M. Tomson, president and CEO of Chemung Canal Trust Co. and division president of Capital Bank, “expanding deeper into Saratoga County has been a desire of ours for some time, but it was a matter of identifying the right facility with the right site. We are confident that this location is the perfect match.”

Capital Bank currently operates a branch in Clifton Park.

Located at 3057 Route 50, Capital Bank will lease a former First Niagara office, just on the northern edge of Wilton Plaza. The building has approximately 3,400 square feet of space and features a drive-in teller and a drive-up ATM.

Some $3.3 million in economic and community development funding was awarded to projects in Saratoga County through Round VII of the New York state’s Regional Economic Development Council initiative.

The funds include $300,000 for the Z-HUB project, which involves construction of a grain hub in the town of Moreau to grow, harvest, process, package and ship grains to in-state craft brewers and distillers in eastern New York state, providing greater access to state-produced grains for craft beverage producers and increased market opportunities for grain farmers.

The largest award, $1.7 million, went to Pike Companies, to acquire land and construct and equip a building to establish a Manufacturing Technology Education Center (MTEC), a public-private partnership between GlobalFoundries, SUNY and other institutions and businesses that will provide training for 21st century manufacturing careers.

The Regional Economic Development Council initiative doled out a total of $75 million statewide. The Regional Councils were established in 2011 to replace the state’s old top-down approach to economic development, with one that is community-based and performance-driven. The initiative empowers community, business, and academic leaders, as well as members of the public in each region of the state, to develop strategic plans specifically tailored to their region’s unique strengths and resources in order to create jobs, improve quality of life and grow the economy.