Oneonta Railyards Business Park
Oneonta, NY / Real Estate Development Opportunity
Real Estate Development Opportunity
Project Name: Oneonta Railyards Business Park
Location: N/A
Total Project Size: $4,560,000
Equity Amount Seeking: $2,500,000
Local Agency Partner: Otsego Now
Contact Email: jzakrevsky@otsegonow.com
Contact Phone: 607-267-4010
Sponsor: N/A
Why Oneonta Railyards Business Park is a Great Opportunity.
The IDA owns 79 acres of developable property and has completed a generic environmental impact statement as well as a master plan. The overall cost for infrastructure improvements (water, sewer, natural gas, electric and roadways) is $4.6 million. Funding sources for these improvements would come from NYS Empire State Development ($500,000 already approved), federal EDA (($3.6 million) and federal CDBG funds ($750,000). The IDA is currently exploring the feasibility of installing a community geo-thermal heating and cooling system around the entire park. The site can accommodate between 155,000 - 500,000 square feet of building space. In addition, an Innovation Center is planned for the site which would allow for existing high tech electronics and life science manufacturing companies to share their marketing of new companies moving into the Center.Investors can either purchase property in the Business Park for specific business development or invest in the Park itself.
Other Site Attributes:
Site has wetland on it which was incorporated into the master plan for recreational use.
State / Local Incentives:
For manufacturing, Payment-in-lieu of tax program; sales tax exemptions, mortgage recording tax exemption.
Current Project Status: Design and engineering
Current Land Control Status: Acquired, obtained options, or otherwise control all acreage
About the Market:
In the past several years, Corning has invested some $27.9 million at their facilities in the Oneonta Opportunity Zone. In addition, Parkview Development & Construction LLC is constructing a 73,500sf, 4 story, mixed use building located on a 2.2 acre lot, currently used as a municipal parking lot. The building will be 64 apartment units and the Hartwick Grain Innovation Center, an educational facility developed in conjunction with Hartwick College. Springbrook LLC is also proposing to renovate four building in the downtown (also in the opportunity zone) to construct 23 market rate apartments in the historic Ward Buildings.
About the Sponsor:
Otsego Now is made up of three separate organization, the Otsego County Industrial Development Agency, the County of Otsego Capital Resource Corporation and the Oneonta Railyards Local Development Corporation. Otsego Now owns another business park in Oneonta which has attracted some 10 businesses to date. It is also building a new business park in Richfield Springs in addition to the Oneonta Railyards Business Park. The agencies have been in existence since 1973, 2008 and 2018, respectively. Most recently, the IDA has been involved with Corning $12 million expansion (2019), Custom Electronics $4.2 million Expansion, and Corning's 2021 $14.7 million expansion. The CRC has just refinanced Fox Hospital and the Templeton Foundation ($70 million in bond issuances).