Governor Cuomo Announces Completion of Cold Point Corporation's New $5.1 Million Manufacturing Facility in Rome
Press Release
Governor Andrew M. Cuomo today announced the completion of Cold Point Corporation's new 50,000 square foot $5.1 million manufacturing facility in Rome. Cold Point Corporation specializes in the design and manufacture of water source heat pumps, packaged terminal air conditioners, condensing units, as well as packaged heat pumps and air conditioners for direct replacement, renovation, and new construction applications. The completion of the Cold Point Corporation facility marks a milestone for this signature project from Rome's Downtown Revitalization Initiative plan and a strategic site identified in the Erie Boulevard Brownfield Opportunity Area which will help to attract talent and a 21st century workforce to downtown Rome by establishing an advanced manufacturing facility with more than 50 employees within a five-minute walk to the downtown core. The new facility, in concert with other DRI funded projects such as a distinctive downtown branding and wayfinding programs and dynamic new civic spaces, will transform Downtown Rome into a destination for a diverse range of small business, entertainment, and restaurant uses.
"We are focused on revitalizing and building back New York State better than ever before," Governor Cuomo said. "Cold Point Corporation's expansion in the Mohawk Valley is key to reigniting our economy, bringing jobs and demonstrating our regionally based approach to economic development. These investments strengthen the region's economy and moves Rome and the Mohawk Valley into a brighter future."
Secretary of State Rossana Rosado said, "Rome's downtown revitalization is becoming a reality with the opening of Cold Point Corporation's new manufacturing facility. Located closely to the core of downtown Rome, this new state-of-the art facility will attract a talented workforce to the area, helping to grow the region's overall economy. This project was part of the State Superfund Program and the recently completed Erie Boulevard BOA nomination led by DOS. These collaborative efforts helped bring to fruition Cold Point's facility and represents the forward progress for a brighter future for the City of Rome."
Empire State Development Acting Commissioner and President & CEO-Designate Eric Gertler said, "This project will allow the City of Rome to build upon the success of Cold Point Corporation's new facility, which will attract additional private investment and expand employment opportunities in the City's core. Additionally, this is a critical step in creating a business and technology district on the former Rome Cable site that will bring 21st century jobs in advanced manufacturing and high-tech business."
President & CEO of The Whalen Company Craig Wanner said, "We are very appreciative of the efforts from ESD, Mohawk Valley EDGE and the City of Rome to realize our vision for a new manufacturing and distribution facility. Community plays an important role in our culture so the opportunity to be a partner in the Downtown Revitalization Initiative was very exciting to us. It was critical for our future growth to expand our capabilities and remain in Rome for our employees. This project took some time to come to life but we couldn't be happier with the outcome. We also liked the fact we could use a local contractor, C2C Construction, to handle the project, which they completed on time even during the pandemic. This project is the perfect example of a private/public partnership to enhance the community."
New York State Department of Environmental Conservation Commissioner Basil Seggos said, "Completion of the new Cold Point manufacturing facility is the latest example of the role New York's successful cleanup programs play in helping transform former industrial properties into economic engines that restore the environment and revitalize local economies. DEC was proud to partner with Empire State Development Corporation and the city of Rome, using resources under the State's Brownfield and Superfund programs, on this exciting project that will support the continued revitalization of the region and help create jobs for Central New Yorkers."
The new $5.1 million facility is located at the northwest corner of Henry and South Jay Streets and included construction of a 50,000 square foot advanced manufacturing facility on the former Rome Cable Complex 3 brownfield site. Cold Point Corporation was awarded a $900,000 DRI grant through Rome's $10 million DRI and $300,000 in Excelsior Jobs tax credits from Empire State Development for a commitment to retain 37 employees and create 24 new jobs. Cold Point Corporation identified the need for a new facility to facilitate growth and the addition of a new manufacturing line and warehouse space.
The facility will house a more efficient industrial layout, add at least one additional manufacturing line, double warehousing and distribution capacity, and create up to 15 additional jobs in the near term. The site has been the focus of major state agency partnerships and funding assistance. Empire State Development, the City of Rome, the Department of Environmental Conservation, Rome Industrial Development Corporation, National Grid, and Rome Community Brownfield Restoration Corporation partnered in 2008-2009 to complete a $3 million brownfield remediation and restoration effort on the Rome Cable Complex 3 site.
State Senator Joseph Griffo said, "I am pleased that Cold Point Corporation's manufacturing facility in Rome is complete and that a former brownfield in the city has been redeveloped. This facility will enhance Rome's downtown core and provide for possible economic opportunities in the Mohawk Valley."
Assembly Member Marianne Buttenschon said, "I am thrilled that Rome Cable Complex 3 brownfield site was selected to receive DRI funding this year. This award is a testament to the local efforts and resiliency of the great people in the Mohawk Valley. The City of Rome's robust Downtown Revitalization Initiative application showcases the area's desire for resurgence and viable economic development projects that will restore their city's natural assets. This new investment signifies a milestone in Rome's revitalization as it will further enhance its vibrant downtown and transform the workforce and amenities that will benefit residents and visitors for years to come."
Oneida County Executive Anthony J. Picente, Jr. said, "The completion of Cold Point Corporation's new manufacturing facility is a tremendous benefit to the City of Rome and Oneida County. The overhaul of the old Rome Cable site has been a long journey and this milestone will go a long way to revitalizing the core of the city."
Rome Mayor Jacqueline M. Izzo said, "Today's announcement of the completion of the Cold Point manufacturing facility represents one of the most significant Downtown Revitalization Initiative projects completed to date. With the support of New York State and a $900,000 DRI incentive, Cold Point was able to completely modernize their manufacturing plant expanding from 17,500 square feet to a new state of the art 50,000 square foot facility. With the expanded manufacturing space Cold Point will also increase its workforce to 50 employees in its new downtown home. These are exactly the types of projects we envisioned in our downtown revitalization strategy."
The City of Rome was named a DRI Round 2 winner. The downtown area targeted for Downtown Revitalization Initiative investment in the City of Rome is rich in commercial, cultural, transportation, and recreational assets that support a vibrant and walkable place within the city. The catalytic projects that will be implemented by the DRI will further the job growth in advanced manufacturing, cyber technology, unmanned systems, and craft food & beverage manufacturing that are is already transforming the region.
The city plans to further development and inspire innovation, facilitate residential repatriation, promote arts-based businesses, encourage alternate transportation, and celebrate diversity. With a boost from DRI, Rome will provide the ecosystem necessary to attract and retain young professionals and their families.
Rome developed a Strategic Investment Plan to revitalize its downtown with $300,000 in planning funds from the $10 million DRI grant. A Local Planning Committee made up of municipal representatives, community leaders, and other stakeholders led the effort, supported by a team of private sector experts and state planners. The Strategic Investment Plan for downtown Rome examined local assets and opportunities and identified economic development, transportation, housing, and community projects that align with the community's vision for downtown revitalization and that are poised for implementation.
About the Downtown Revitalization Initiative
In 2016, Governor Andrew Cuomo launched a major new initiative--the Downtown Revitalization Initiative. Through the DRI, the Governor moved to aggressively accelerate and expand the revitalization of downtowns and neighborhoods to serve as centers of activity and catalysts for investment in all ten regions of the state. The DRI represents an unprecedented and innovative plan-to-act strategy that couples strategic planning with immediate implementation.
In the first four years of the DRI, the State has committed $400 million to invest in downtowns that are ripe for revitalization and have the potential to become magnets for redevelopment, business, job creation, greater economic and housing diversity, and opportunity. Participating communities are nominated by the state's ten Regional Economic Development Councils based on the downtown's potential for transformation, and each community is awarded $10 million to develop a downtown strategic investment plan and implement key catalytic projects that advance the community's vision for revitalization. The DRI is chaired by New York Secretary of State Rossana Rosado. Communities receive support from private sector experts and a team of state agency staff led by the Department of State in close partnership with Empire State Development, and NYS Homes and Community Renewal. Other agencies are also involved in reviewing and implementing projects.
Source