Innovation Economy
5:05 pm
Wed July 17, 2013

Upstate's Redevelopment of Kennedy Square Could Lure Businesses Looking for Start-Up NY Tax Breaks

 

The Central New York Biotech Accelerator recently built by Upstate Medical University is already attracting businesses interested in taking advantage of Tax Free NY
Credit Chris Bolt/WAER News

 Some of the construction and development Upstate Medical University is doing in Syracuse could fit perfectly with the Governor's Start-Up New York Initiative.  Research projects already underway could pave the way to future growth.

WAER's Chris Bolt reports on how Start Up New York could attract businesses ad jobs to Upstate Medical Properties.

 

  

Upstate officials are brimming with optimism about how the tax-free plans announced this year by Governor Cuomo fit in with development at the former Kennedy Square .  Upstate President Doctor David Smith says businesses are already starting to inquire about moving in.

"We have several companies that want to work with us in a very large sense, one of them in the area of laboratory technologies, molecular diagnostics, that may want to create a regional presence here in Syracuse"

Smith wants to make sure contracts and partnerships benefit Upstate's teaching and research mission, as well as create a foothold for start-up businesses.  Those businesses under Start-Up New York can be free of business, property and income taxes...if they locate on SUNY or other college campuses.  Current research projects include  drying coatings and laminating materials without heat, another is examining how to use nano-particles to deliver drugs right to disease or cancerous areas.  These could lead to profitable companies and jobs.  That's exactly what happened at the College of Nanoscale and Engineering in Albany.  C-E-O- Alain Kaloyeros says these innovations could pay huge dividends here.

 

Artist's rendering of how the Kennedy Square site will be redeveloped into a mix of medical, business and residential properties.
Credit Chris Bolt/WAER News

"The most conservative projection in the nanotechnology economy is that the nanotechnology revenues by 2016, 2017 is going to hit a couple trillion dollars.  The projection is about 50 percent is going to be in the health industry." 

Upstate's bio-accelerator is already built at the site.  Other research, teaching and business properties are being planned for the former HUD housing site that's now being called Loguen's Crossing.