FOR IMMEDIATE RELEASE
February 12, 2018
Dennis Brobston, President
Saratoga Economic Development Corporation
(518) 587-0945, email@example.com
SEDC PROMOTES MORE NEW COMMERCIAL SPACE FOR BUSINESS IN MALTA
$2.5 Million Private Investment Will Deliver 25,000 SF of
Saratoga Springs, NY — 7 Stonebreak Road in Malta, New York will be the site of 25,000 square feet (SF) of new commercial space, in part to be occupied by a new craft brewer as of this July. The project will be developed with $2.5 million of private investment by area commercial developer, MJ Properties of Clifton Park, Inc. The initial tenant, Unified Beerworks, will occupy over 6,000 SF of space supporting seven full-time jobs in its first year. The project will grow to support 15 full-time jobs by year three. Groundbreaking is scheduled for March with construction to be completed this July supporting 50 construction jobs. Saratoga Economic Development Corporation (SEDC) is leading the effort to promote more “spec” building inventory to help promote and retain new and growing businesses in Saratoga County. Recent analysis of the Capital Region’s commercial real estate markets shows very low available inventory.
“Since announcing our five-year Advance Saratoga strategy to grow more jobs and wages, we have been touting development of ready to use inventory of building space and sites” said Dennis Brobston. “We are pleased to see proven market developers and our partners in key communities respond to keep Saratoga County at the forefront of economic opportunity. Today, economic development needs to be ready to respond to the needs of the marketplace in real-time to keep promoting our County and to attract and retain employers. We are excited about the initial use of this site by a new craft brewer and the potential to attract other employers to these strategic sites in Malta.”
The 2.82 acres near Luther Forest Technology Campus and Exits 11 and 12 off the I-87 Northway matches previous investment in an identical 25,000 SF building by MJ Properties at 9 Stonebreak Road. SEDC is collaborating with the Saratoga County Industrial Development Agency (SCIDA) to provide tax incentives allowing the developer to move ahead with fitting out 25 percent of the space for a new craft brewer at competitive lease rates. Today SEDC and the SCIDA began the application process for a standard 10-year PILOT agreement providing local property tax abatement of nearly $230,000, as well as project sales and mortgage recording tax waivers totaling just shy of $100,000. Net project savings of $298,000 over ten-years are anticipated. The public hearing, scheduled for March 12th at 8am will take place at Malta Town Hall.
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About Saratoga Economic Development Corporation (SEDC) – 40 Years of Community-led Success
SEDC is a fully private investor led, non-profit consulting firm established in 1978 that works to retain existing businesses, while stimulating new investment to create more jobs in Saratoga County and the Capital Region of New York. SEDC is the premier economic development agency in Saratoga County and its mission is to create jobs, diversify the tax base and improve the quality of life for residents. SEDC accomplishes this through the retention of existing business, attraction of new industry, and improvement of overall competitiveness. Celebrating 40 years of success, SEDC continues to work with nearly 300 employers. Projects like Ball Metal Container, QUAD/Graphics, AgroChem, PeroxyChem, Greenfield Manufacturing State Farm Insurance, Target and Ace Hardware distribution warehouses and the development of the Luther Forest Technology Campus (LFTC) which lead to the attraction of GlobalFoundries are among its successes. In total, SEDC has worked to bring over 17,500 jobs to Saratoga County and over $15 billion in capital investment. Since 2014, SEDC helped to stimulate over $2.5 billion of new investment, creating and retaining over 1,700 area jobs, and generating over $47 million in local employee wages per year. In 2017, SEDC launched SPARK Saratoga, the county’s only entrepreneur business incubator and early stage company accelerator supported by established, skilled professional mentors and regional academic institutions with global networks of resources and investors. It is currently supporting over 30 project companies on their paths to business growth.