Groundbreaking ceremony launches construction of the new Southern Tier High Technology Incubator
BINGHAMTON, NY – A major construction project spearheaded by Binghamton University and the University Foundation is under way in downtown Binghamton. University President Harvey Stenger joined state and federal representatives as well as numerous community leaders to watch as an excavator broke ground on the $19M Southern Tier High Technology Incubator (STHTI) project.
The incubator was endorsed as a priority project by the Southern Tier Regional Economic Development Council and awarded $7 million to support the construction of the $19 million facility, which will provide a unique entrepreneurial ecosystem for emerging high-technology companies and is expected to enable more than 900 jobs within the next nine years.
"We are revitalizing communities across New York by bringing together talent, resources and capacity," Governor Cuomo said. "The Southern Tier High Technology Incubator will provide a learning platform for students, research opportunities for higher education, and gives businesses the infrastructure and resources they need to continue investing in New York."
The incubator is being built and will be managed by Southern Tier High Technology Incubator, Inc., a non-profit affiliated with the Binghamton University Foundation created to advance and support the educational and scientific purposes of Binghamton University and expand the University’s research and development capabilities.
Financial support for the project has come from many sources including: $7M from New York state REDC funds (round II), $6M from SUNY Broome Community College’s NYSUNY 2020 Challenge Grant Program award (round III), $2M from the Economic Development Administration’s grant program*, $2M from the SUNY Research Foundation and $2M from the Broome County Industrial Development Agency.
"The collaboration on this project has been incredible," said Stenger. "The fact that so many partners stepped up to help support the creation of this incubator speaks volumes about the need for a facility like this in our community to jump-start high-tech ventures as well as catalyze technology transfer from our University to the Southern Tier. I want to thank Gov. Andrew Cuomo for his creation and support of the Regional Economic Development Councils and NYSUNY 2020. Without the financial support from each of these initiatives, this incubator could not have happened."
"The Binghamton University Foundation is excited to be a part of this important initiative that we strongly believe will help bolster an entrepreneurial ecosystem that nurtures emerging companies," said Sheila Doyle, executive director of STHTI, Inc., and the Binghamton University Foundation.
"The incubator has qualified for both the START-UP NY program and the state’s Innovation Hot Spot initiative," said Per Stromhaug, director of the STHTI. "This means our tenants will have the benefit of starting their business without the added burden of having to pay state taxes and that’s a huge help."
The 35,000 square-foot incubator will be built at the corner of Hawley and Carroll Streets in downtown Binghamton. It will include 12 suites for new high-technology companies; 18 laboratories and a shared high bay space dedicated to research in health sciences, energy-efficient technologies, and systems integration and packaging. The facility will also house SUNY Broome’s new Bridge to Entrepreneurial Excellence (SUNY-BEE) program.
SUNY-BEE is a student-centered approach to creating the next generation of entrepreneurs through experiential education. The project intends to expand on two already established entrepreneurship programs to bridge the gap between academics and real-world entrepreneurial experiences for student-led ventures.
"It's an honor to partner with a sister SUNY institution as high caliber as Binghamton University is academically," said SUNY Broome President Kevin Drumm. "Adding a student incubator component to the high-tech business incubator Binghamton already has planned will bring a new dimension to start-up businesses in the region and we at SUNY Broome look forward to working with the University in launching exciting new businesses for the region."
"From day one, I've been a supporter of this high-tech incubator that Binghamton University is spearheading," said U.S. Sen. Charles Schumer. "I was pleased to be able to secure funding to help get this project off the ground and I look forward to seeing this incubator serve as a bridge to take top-notch research performed at our area's academic institutions and turn it into companies and jobs."
"Binghamton University and START-UP New York's partnership has already proven to be a magnet for high-tech business development, private investment and new jobs," said Sen. Thomas Libous. "The Southern Tier High Technology Incubator incorporates SUNY Broome and brings that magnetic effect to the community's doorstep."
"It is great to see this project moving forward," said Assemblywoman Donna Lupardo. "Binghamton University and SUNY Broome will be engaged in an important collaborative effort at this incubator – nurturing student-led ventures, working to bring innovations to the marketplace and fostering an entrepreneurial spirit that is essential to our area’s economic recovery."
"This facility is where academics will directly translate to jobs and businesses right here in the Southern Tier," said Assemblyman Clifford Crouch. "There is a wealth of knowledge and experience because of Binghamton University and SUNY Broome and utilizing those tools, combined with the drive of small businesses, will help put the Southern Tier back on the frontier of technology innovation for our local and state economies."
"One of my top priorities is stimulating job creation and this new facility will do just that," said Broome County Executive Debra Preston. "This is a prime location in downtown Binghamton that will aid in the creation of new technology companies and new technology jobs. We are excited to work with Binghamton University and SUNY Broome to develop this top-notch facility."
"This facility will be the central catalyst for economic development in downtown Binghamton," said Mayor Richard David. "Binghamton University and SUNY Broome are driving forces for innovation and community development. Throughout the years, our partnerships have yielded many important improvements in our neighborhoods and urban core."
During construction of the building, the project will support over 220 jobs and have a direct economic impact of $25.1 million on the Broome and Tioga county economies. Following completion of construction, the facility is expected to generate over $6 million in economic impact annually to the local economy.
Southern Tier High Technology Incubator Inc. will have a long-term lease with the Broome County Industrial Development Agency, which will maintain ownership of the property. The building is being designed by Ashley McGraw Architects and will be built to a minimum LEED Silver certification level for energy efficiency and conservation. Completion date is expected in the fall of 2016.
*Any contract or contracts awarded under the Advertisement for Bids will be funded in part by a grant from the U.S. Department of Commerce — Economic Development Administration (EDA). The total amount of federal funding included in the project financing will be $2,000,000, which represents a portion of the total project costs to include design, construction, project inspection and management of the project. Neither the United States nor any of its departments, agencies or employees is or will be a party to this advertisement or any resulting contract.