2004

RELEASE: IMMEDIATE, October 12, 2004
CONTACT: Tom Collins, NYSERDA
(518) 862-1090 ext. 3250

Saratoga Technology + Energy Park to be Site of New Development for Clean-Energy and Environmental Technologies

Albany, NY - - The New York State Energy Research and Development Authority (NYSERDA) today announced that Idea Partnerships, LLC, has been chosen to design, finance, construct, and manage a new 100,000-square-foot building at the Saratoga Technology + Energy Park (STEP) in Malta. A joint effort of NYSERDA, the University at Albany, and the Saratoga Economic Development Corporation (SEDC), STEP is an integral component in Governor Pataki's plan to make New York State a hub for clean-energy and environmental technologies in a knowledge-based setting.

Since 2001, the 280-acre STEP site, formerly a rocket fuel and testing facility for the U.S. Department of Defense has been transformed into a research technology park dedicated to encouraging the development of clean-energy and environmental technologies. National statistics indicate that the market for these technologies will grow from $7 billion per year to about $82 billion annually by 2010. The seven businesses now housed in STEP's 23,000-square-foot facility have benefited from technology development and prototyping support through the University at Albany, funding and technical support through NYSERDA, and expanded economic opportunities through the SEDC. The new building will be designed not only to accommodate the growth of existing STEP tenants, but also to attract more clean-energy and environmental technology companies to the Park.

"The growth of the Saratoga Technology + Energy Park underscores how the State is using its resources to nurture economic growth," said NYSERDA President Peter R. Smith. "Governor Pataki has charged NYSERDA with promoting and developing new energy technologies in the State, and the number of businesses now taking advantage of STEP illustrates our success in this area. The construction of a new, state-of-the-art building at the site, combined with existing incentives, will make the site extremely attractive to new energy and environmental technology firms."

Idea Partnerships is a specialized real estate development company that plans, organizes, and carries out all aspects of public-private partnership development projects, from institutional strategic planning and policy development, to land use planning, financing, and property/asset management for knowledge-based communities and their technology parks. As a small and highly focused niche firm, the company brings unique expertise to the development of STEP. Its team has experience not only in the development of dozens of technology parks across the country, but in designing energy-efficient, environmentally responsible facilities. Idea Partnership's development experience includes Innovation Park at Penn State and the Oklahoma Technology and Research Park, sponsored by Oklahoma State University, Meridian Technology Center, and the City of Stillwater. The STEP development team assembled by Idea Partnerships includes the construction management firm of Welliver McGuire, commercial real estate company CB Richard Ellis, financing firm First Albany Capital, and design firms Perkins and Will, PWI, Bergmann Associates, and the Saratoga Associates.

"We're excited to have the opportunity to bring this innovative project to fruition," said Eva Klein, one of Idea Partnerships' managing members. "Alternative energy isn't the wave of the future in New York, it's now one of the State's most vibrant industries." William Morlok, Ms. Klein's partner added, "All of us at Idea Partnerships are looking forward to putting our design and management expertise to work at the STEP site. I'm confident that we have the experience, creativity, and knowledge to ensure the continued success and growth of the Saratoga Technology + Energy Park."

Under the terms of the STEP agreement, Idea Partnerships will obtain financing to construct approximately 100,000 square feet of laboratory, production, and office space subject to certain green-building design guidelines. It is expected that four tenants currently renting space in STEP's existing facility will move into the new building and occupy approximately 40,000 square feet of space. The remaining space at the new building and the resulting available space in the current building will be leased to other clean-energy and environmental technology companies.

Funding opportunities are available for businesses moving into the Saratoga Technology + Energy Park to reduce the risks associated with developing new technologies. Further information about STEP is available on NYSERDA's web site at www.nyserda.org.

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