The U.S. Army has approved an agreement that would turn over control of 60 acres of the Watervliet Arsenal into a high-tech campus.
The agreement awards control of these acres to Arsenal Business and Technology Partnership.
The partnership was created in 2001 to attract new companies to the Arsenal. Since its founding, it has attracted more than 20 companies and over 200 jobs to the site, currently managing approximately 250,000 square feet of vacant space. It has also invested more than $80 million in building renovations,
Companies at the Arsenal include M+W Zander, Hartchrom Inc., Solid Sealing Technologies and Extreme Molding.
Last week, officials including Schumer and McNulty announced the opening at the site of Vistec Lithography.
The partnership will now be able to construct new buildings on site and renovate more than 300,000 square feet. The partnership also proposes to build and operate a new co-generation power plant to produce “green” energy for the plant.
Officials hope the campus will grow to include more than 550,000 square feet of new and renovated space and create 1,000 new private sector jobs.
U.S. Sen. Charles Schumer, D-N.Y., and U.S. Rep. Michael McNulty, D-Green Island, said they had met with Secretary of the Army Pete Geren in Washington, D.C. in April and then brought him in May to tour the Arsenal and review the development. Months of negotiation between the parties followed until the Army announced Sunday that the Arsenal Technology Partnership won a competitive process to operate these 60 acres.
“During these tough economic times winning such a major investment that will spur hundreds of new, good-paying jobs is just what the doctor ordered,” Schumer said in a press release. “Securing this lease for the local development corporation will allow the Capital Region to expand its high-tech growth and make sure we have a lean, mean core cannon mission.”
“The Arsenal is about to enter a new era. New high tech companies and jobs are going to join the Arsenal’s cannon experts to create a great new enterprise” McNulty said in a press release.