High Tech Business Center at Southworks
Ithaca, NY / Real Estate Development Opportunity
Real Estate Development Opportunity
Project Name: High Tech Business Center at Southworks
Location: N/A
Total Project Size: $7,000,000
Equity Amount Seeking: $5,000,000
Local Agency Partner: N/A
Contact Email: N/A
Contact Phone: N/A
Sponsor: N/A
Why High Tech Business Center at Southworks is a Great Opportunity.
There are several opportunities. One involves the physical plant, which offers nearly 1 million square feet of advanced manufacturing space in several connected or adjacent buildings. A specific investment also involves an international manufacturer of assistive technologies in the consumer medical device space is seeking to onshore manufacturing of a next-stage healthcare product for distribution in the U.S. market. The opportunity will utilize up to 15,000 sq. feet and employ up to 50 people working at least 2 shifts. Manufacturing for the new device will then be replicated in other geographies for sale in those home regions to reduce transportation costs as well as the cost of goods. Investment in the company will support build-out of the space, equipment purchases necessary to develop the new line, as well as consultation from Cornell University-based engineers on disruptive technology to be added to the existing product currently manufactured in China.
Other Site Attributes:
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State / Local Incentives:
Potential tax abatements and waiving of equipment sales tax from County IDA are potential incentives.
Current Project Status: Acquiring site control
Current Land Control Status: Acquired, obtained options, or otherwise control all acreage
About the Market:
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About the Sponsor:
Ithaca area Economic Development is the economic development agency for Tompkins County, a non=profit organization. IAED has been in operation since 1964 and is co-located with the county IDA. IAED offers arevolving loan funds as well as business mentorship and a pathway to IDA consideration.