Latest news with #EmpireStateDevelopment
Yahoo
5 days ago
- Business
- Yahoo
NYS launches tourism campaign targeted at Canada
ALBANY, N.Y. (WWTI) – New York State has announced a pair of tourism campaigns, including one targeted towards Canada, to help drive up sagging tourism numbers. Governor Kathy Hochul's office announced on Wednesday the launch of I Love NY's new integrated summer tourism and travel campaign. This is highlighted by two new ads running through August across New York State, and in traditional drive markets including Canada. Check out great tourism locations across the state with Destination NY This features advertising across broadcast, streaming and social platforms, and showcases some of the attractions and activities available. The summer campaign also includes I Love NY's largest mobile marketing tour ever, and additional complementary travel industry efforts to promote visitation to the State's 11 different vacation regions. The multi-layered summer tourism campaign begins with two new ads featuring a new tagline – 'New York State: Everything You Love.' – reflecting the depth and breadth of the world-class attractions and memory-making activities available in communities throughout the state. The new ads can be viewed here and here. More information about planning a summer getaway in the state is available at Tourism is crucial to New York State, supporting jobs and local economies, and we have so many incredible attractions ready to welcome visitors, from Niagara Falls to Montauk Point. This summer, New York wants to extend a special invitation to travelers from across America and all around the world: this is the perfect opportunity to plan a trip to celebrate history, explore our incredible landscapes, and enjoy all that our incredible state has to offer. Empire State Development President, CEO and Commissioner Hope Knight This news comes on the heels of a recent report from United States Senator Charles Schumer's office about a decrease of border crossings from Canada. A recent survey from North Country Chamber of Commerce survey, 66% of businesses are already experiencing a dip in Canadian bookings. Canada is the top source for international tourism in the United States. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
23-05-2025
- Business
- Yahoo
New York announces approval to convert 5 Times Square into mixed-use development
The New York state government has revealed that the Empire State Development (ESD) Board of Directors has voted to approve a significant office-to-housing conversion project at 5 Times Square in New York City. This development will transform underused office space into a mixed-use complex, providing up to 1,250 new homes, including 313 permanently affordable units. The project's approval follows last year's government action to amend 60-year-old state laws, removing the 12 Floor Area Ratio (FAR) cap that had hindered residential development in the city since 1961. The 313 affordable homes are a direct result of the local governor's Affordable Housing from Commercial Conversions Tax Incentive programme ($467m). Since the legislative changes last April, approximately 10,000 new apartments have been completed or started construction through similar conversions in New York City. The governor's financial year 2026 budget further supports housing development, allocating $1bn to facilitate up to 120 million square feet of conversion space and the creation of up to 18,000 new homes. The amendment to the 42nd Street Development Project General Project Plan, approved by the ESD Board, will allow nearly one million square feet of office space at 5 Times Square to be repurposed, while preserving over 37,000ft² of retail space. The new homes will consist of 1,050 studios and 200 one-bedroom units, with all residents having equal access to building amenities. The project aims to address the building's 77% office vacancy rate by creating valuable housing and is anticipated to begin in the third quarter of 2025. The first phase is expected to be completed by 2027. The building's design supports a mixed-use approach, accommodating both residential and commercial uses. The conversion is projected to generate approximately 1,400 construction jobs and 830 permanent jobs, adhering to State MWBE and SDVOB policies with a 30% MWBE participation goal. Located between 41st and 42nd Streets on Seventh Avenue, the project is stated to benefit from transit connections, fostering sustainable urban living. This initiative represents a significant step in addressing New York's housing shortage. The original construction of 5 Times Square was at 33.35 FAR, nearly three times the previous residential cap. The lifting of the FAR cap, combined with the tax incentives, makes it possible to convert high-density office properties into residential spaces, increasing affordable housing in central locations, the government stated. New York governor Kathy Hochul said: 'We took bold action to unlock major office-to-housing conversions in New York City, and transforming 5 Times Square from underused offices into 1,250 new homes - including over 300 permanently affordable apartments - is a prime example of how we're getting it done.' New York City deputy mayor for Housing, Economic Development, and Workforce Adolfo Carrión Jr said: '5 Times Square is a game-changer for Times Square and Midtown, paving the way for the future of urban growth. By converting underutilised office space into over a thousand new homes, including hundreds of affordable units, we're reimagining central business districts as vibrant, mixed-use communities that foster both residential life and economic opportunity.' "New York announces approval to convert 5 Times Square into mixed-use development" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
Area municipalities receive grants to rehabilitate downtowns
The villages of Cooperstown, Franklin and Richfield Springs and the city of Norwich will receive state funding to help restore their downtowns. Gov. Kathy Hochul announced in a news release Thursday, May 22 that more than $50 million has been awarded to 50 projects through the state's Restore New York Communities Initiative. The program, administered by Empire State Development, is designed to help local governments encourage new commercial investments through community revitalization, growing local housing and putting properties back on the tax rolls to increase the local tax base. The village of Cooperstown will receive $1 million for its project to demolish 217 Main St., the site of a former cheese factory, furniture store and baseball bat factory that has sat vacant for years. After demolition, a 50-unit, three-story apartment building will be constructed with accessible and affordable housing units, featuring energy efficiency and green building practices, with on-site parking and amenities. The village of Richfield Springs will receive $469,593 for its project to rehabilitate and renovate 241 Main St. into an inn with guest rooms, an event center and re-establishing the historic mineral spas. Outside renovations include securing the building's envelope by replacing the roof, repairing the chimney and steps, installing gutters, and updating the fire escape. Inside renovations include transforming the fourth floor into an apartment, renovating the third-floor bathrooms and laundry room, upgrading electrical and HVAC and repairing the plumbing. The village of Franklin will receive $1 million. Funds will support the rehabilitation of three adjoining, vacant, commercial/mixed-use properties at 438-444 Main St. in the heart of the village's historic district totaling 13,500 square feet. The vacant space will be redevelopment into five new commercial businesses and a new apartment. The businesses include a restaurant, café/art studio, arcade and lounge, retail shop and commercial office space. The city of Norwich will receive $1 million. This two-story, 12,400-square-foot former office building at 23 E. Main St. will be repurposed to meet community needs. The first floor will become a child care center for 46 children. The second floor will house Commerce Chenango offices with a reception area, boardroom and conference space. The site's emergency generator and location also position it for FEMA shelter designation. 'Revitalizing and rehabilitating vacant and blighted areas of our communities for housing or development is vital to make downtowns thrive,' Hochul said in the release. 'Restore New York helps our municipalities plan for the future by catalyzing economic growth and supporting housing, businesses and cultural spaces. We are further unlocking the potential of these sites and communities across New York."
Yahoo
22-05-2025
- Business
- Yahoo
Restore New York Initiative funds over 50 projects across State
WATERTOWN, N.Y. (WWTI) – A number of north country municipalities received funding via the State's Restore New York Communities Initiative. In an announcement from Governor Kathy Hochul's office, more than $50 million will be awarded to over 50 projects throughout the state. Sackets Harbor finishes $3.3 million flood resilience project The Restore New York program 'supports municipal revitalization efforts with funds to help remove and reduce blight, reinvigorate communities and generate new residential and economic opportunities statewide.' Empire State Development administers the program that's designed to help local governments encourage new commercial investments through community revitalization, growing local housing, and putting properties back on the tax rolls to increase the local tax base. Revitalizing and rehabilitating vacant and blighted areas of our communities for housing or development is vital to make downtowns thrive. Restore New York helps our municipalities plan for the future by catalyzing economic growth and supporting housing, businesses and cultural spaces. We are further unlocking the potential of these sites and communities across New York. New York Governor Kathy Hochul The City of Ogdensburg was given a Special Project designation and awarded $3.5 million to rehabilitate several historic mill buildings on the St. Lawrence River waterfront into a mixed-use complex. Here's a breakdown of the north country projects that will be getting funding: City of Ogdensburg – $3.5 Million – Special Project: This project includes the adaptive reuse of 119 W. River Street, a long-abandoned former waterfront hotel property situated along the St. Lawrence River. This transformative downtown initiative focuses on restoring two historic stone mill buildings to create a vibrant mixed-use destination, including 10 residential apartments. The redevelopment will breathe new life into a blighted area, enhance the local economy, and provide unique retail, residential, recreational, and dining opportunities for residents and visitors alike. Village of Canton – $749,997: This project will demolish 6,400 square feet of vacant buildings and reconstruct 4,500 square feet of commercial and event space at 15 Gouverneur Street. The objective is to create a welcoming, functional mixed-use space that restores the beauty and history of Canton's downtown waterfront and increases economic activity and opportunities. Town of Lowville – $560,000: The project will redevelop approximately 6,500 square-feet of vacant space at 7623 North State Street, a historic brick block building in Downtown. Funding will assist with the costs for the installation of electrical and plumbing throughout the building, the construction of an ADA-compliant elevator, a stairwell, masonry repairs, and the construction of eight market-rate housing units and amenities. Town of Martinsburg – $1 million: The General Martin Apartments project repurposes the former Glenfield Elementary School at 5960 Main Street into 63 affordable housing units. This adaptive reuse will include 55 one-bedroom, six two-bedroom, and two studio apartments. The building will undergo substantial renovations, incorporating community amenities like a fitness center, laundry facilities, a community room and an outdoor garden. City of Ogdensburg – $914,355: Small City Brewing Company will transform a vacant building at 110 Lake Street into a craft brewery, advancing the development of Ogdensburg's Marina District – a Brownfield Opportunity Area. The project will include a manufacturing facility with a commercial grade five-barrel brewing system and the addition of a 400 square foot grain room. SCBC plans to wholesale to restaurants and bars and open a retail tasting room on-site with a commercial kitchen and event space. Village of Waddington – $1 million: The former St. Paul's Episcopal Church at 129 Lincoln Avenue is a 5,120-square-foot stone Georgian structure built in 1818. The now-vacant structure faces severe decay, threatening its place within the historic district. The Village plans to stabilize and rehabilitate the site, comprising the church, the adjoining brick rectory, and a rear wooden garage, to create a multi-use, non-sectarian recreational hub. This transformation will preserve its architectural heritage while drawing new residents, fostering community engagement and providing entertainment options. According to the state, the awards complement the governor's economic development vision by making strategic investments in communities across the state which revitalize the economy and create more opportunities for New Yorkers. This fiscal year's budget invests $100 million for the Downtown Revitalization Initiative and $100 million for NY Forward. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
14-05-2025
- Business
- Yahoo
QED Technologies expansion in Rochester to create up to 72 jobs
ROCHESTER, N.Y. (WROC) — QED Technologies International will be expanding operations in Monroe County. According to Empire State Development, the manufacturer of optics fabrication and metrology will be provided up to $1.5 million. The total cost of the project was placed at $18.7 million and is expected to create up to 72 jobs. QED will be adding up to 20,000 square feet to the University Avenue facility, establishing a new R&D center, and expanding its precision optics fabrication capabilities. The new center will aim to create tools and processes to support QED's products. QED CEO Michael Mohammadi released a statement saying he is grateful for ESD's support: 'We are incredibly grateful for the support of Empire State Development and the State of New York in helping us establish our new, world-class precision optics manufacturing and customer experience center. As a proud Rochester-based optics manufacturer, we are committed to advancing innovation and strengthening the global optics industry while driving growth that creates new jobs in our region. We also recognize the importance of collaboration within our local optics and academic ecosystem to ensure that Rochester remains a leader on the world stage in optics and photonics.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
