ULSTER – Ulster County Executive Pat Ryan announced last Thursday that an official closing on the eastern portion of the former TechCity campus has been scheduled, and an agreement with the purchaser, National Resources, has been reached to transfer ownership of the western portion by the end of the year. Approval of the purchase and sale agreement at a meeting of the Ulster County Economic Development Alliance (UCEDA) this afternoon paved the way for the formal closing next week. National Resources will now begin environmental remediation and revitalization of the former TechCity campus, now branded as iPark 87, committing to invest at least $200 million to position the campus for substantial growth and local job creation.
National Resources, based in Greenwich, CT, has a proven track record of successfully revitalizing complicated former industrial sites across the Northeast for over 30 years, such as the former IBM campus in Fishkill – now called iPark 84. As they undertake critical environmental cleanup work in the months following the purchase of iPark 87, the group expects to invest in excess of $200,000,000 to improve and revitalize the site and create thousands of good-paying jobs for Ulster County residents. Proposed uses for the site include light manufacturing, food and agriculture, film and television, arts and culture, and logistics and distribution. National Resources expects to develop a portion of the site with desperately needed workforce housing, and has indicated a desire to involve educational partners and workforce development agencies in the site’s redevelopment.
“We’re officially turning the page on nearly three decades of failure at TechCity, and beginning an exciting new chapter that will include environmental cleanup and revitalization of the campus, and ultimately the creation of thousands of good-paying jobs for Ulster County residents,” Ulster County Executive Pat Ryan said. “We’re thrilled to make it official and celebrate the launch of iPark 87. With proven partners like National Resources, I’m confident the future is bright for this site; and I’m committed to ensuring that every single resident of our county benefits as it comes back to life as the center of our County’s new economic future. This deal is a monumental step towards realizing the bold vision we outlined in our Ulster 2040 strategy. In the coming weeks, we will be announcing more exciting details about future plans and tenants…so stay tuned!”
“National Resources is excited for the transformation of this campus that the residents of Ulster County have long awaited. Once the closing is complete, we expect to move quickly to address remaining environmental issues and to announce near-term tenants that will bring high quality jobs and economic activity back to this important site,” President of National Resources Joseph Cotter said.
“I’m glad that what came out was not a complicated agreement where the County owns the property, but a sale to a capable developer who is well positioned to take on the challenges this property presents,” Chair of the Legislature Tracey Bartels said.
“We have been waiting a long time to realize the promise of this dormant site, and now it is finally being delivered,” Ulster County Legislator Brian Cahill said. “It is clear we made the right decision to partner with the iPark 87 team. I am very excited for the residents of Ulster County to see what the future brings for this site.”
“This is a significant and welcome milestone that represents the beginning of a new chapter for the former IBM site. What for so long has been a blight to the Town of Ulster and the surrounding region is now poised to re-emerge as a major economic engine,” Town of Ulster Supervisor Jim Quigley said.
“The acquisition of the former IBM campus by National Resources is an astounding accomplishment for Ulster County, which puts this long-dormant site on the map as one of the most significant economic development locations in the State of New York. A special thank you to County Executive Ryan and his team for all of their efforts to make this a reality. I look forward to many exciting announcements to come as tenants line up to be a part of iPark 87,” President and CEO of the Hudson Valley Economic Development Corporation Mike Oates said.
In the coming weeks and months, National Resources and Ulster County are planning to make transformational announcements about future tenants and site remediation. County Executive Pat Ryan has made the revitalization of the site a key pillar of his administration. The continued progress on the site comes after the site sat vacant for decades. In addition, the economic advances at iPark 87 mirrors that of the major investments in Ellenville at the former Schrade site which will also promise a multi-million dollar reinvestment and hundreds of local jobs.