An infusion of dollars into Loguen's Crossing, site of new biotech accelerator
The accelerator and its larger setting were awarded $5.6 million as part of a New York's Regional Economic Development Council initiative. The award designates $3.6 million to redevelop the 10-acre site hosting the accelerator into residential and commercial area. The location, previously known as Kennedy Square, has been renamed Loguen's Crossing.
The Council also has awarded $2 million to complete the accelerator, which will open its doors in June 2012. Construction of the brand new facility is enhanced by a mild winter.
Other Central New York projects also received funding, bringing the total economic development funds awarded to the region $103.7 million. It was the largest award of any of the state's nine zones competing for the infusion. The Central New York Council's strategic plan outlined strategies to strengthen core industries by promoting entrepreneurship, small business development and workforce training, and enhancing the regions connections to and competitiveness in the regional, national, and global economies.
New York State Governor Andrew Cuomo stated in his December 2011 announcement that this “project will capitalize on the region's strength in biotechnology and galvanize its potential as a world-class center for biomedical services and bioscience.”