A nationally-recognized developer plans to invest $200 million into an abandoned Hudson Valley site and create many high-paying jobs.

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On Wednesday, Ulster County Executive Pat Ryan welcomed the principals from National Resources for an overview of the firm’s past projects and their overall plans for the former Tech City properties, which National Resources intends to purchase following the completion of foreclosure proceedings by the County.

“We all know that this site was once the center of Ulster County’s economy during IBM’s tenure, and under National Resources’ future stewardship, I’m optimistic that the site will come back to life as the center of our County’s new economic future,” Ulster County Executive Pat Ryan said. “The vision laid out by National Resources is exciting not only because it promises to create good new jobs and generate significant new economic activity, but also because it’s a monumental step towards realizing the bold vision we outlined in our Ulster 2040 strategy.”

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The purchase by National Resources, which is part of a court-ordered settlement agreement between former owner Alan Ginsberg and Ulster County, would open up 18 parcels totaling over 160 acres in the center of the sprawling industrial site for redevelopment for the first time since IBM’s departure in the mid-1990s.

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The deal allows for the ultimate sale of TechCity to National Resources, a nationally-recognized developer known for revitalizing former industrial sites, for a combined amount of $12 million, which is roughly the amount currently owed in back taxes.

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“This July, I was proud to stand with many of you here today at the asbestos-ridden former TechCity site to lay out our plan to remediate, redevelop, and restore this site as the heartbeat of economic growth and job creation in Ulster County. Since then, I've fought to secure the funds needed to put our plan in motion," Senator Chuck Schumer said. “Unveiling the new iPark87, creating hundreds of jobs, and investing hundreds of millions in the site was exactly why I have pushed so hard to clean up the asbestos and bring Ulster County's economic engine back to life.”

At the press conference, National Resources provided a broad overview of the high-growth economic sectors they expect to see take as they complete the environmental cleanup work in the months following their purchase.

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“While we are excited about the businesses that will land at this site in the future, the real story we’d like to get out there is about a three month push we’ve been working through with the County and the Town of Ulster to take back their economic destiny,” President of National Resources Joseph Cotter said. “We are excited to work closely with our public sector partners here, as we have in other locations, to turn this underused site into an engine for job creation and economic growth. While we recognize that there is lots of work still ahead, we are excited for the next chapter of this work that will see the birth of iPark 87 here in Ulster County.”

Over the next five to ten years, the group expects to invest in excess of $200,000,000 to improve and revitalize the site, which they believe will lead to the creation of up to 1,000 good-paying jobs for Ulster County residents.

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The proposed uses for the site, include light manufacturing, food and agriculture, film and television, arts and culture, and logistics and distribution.

National Resources, a nationally-recognized developer known for revitalizing former industrial sites, currently is working to redevelop the former IBM site in Fishkill.

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National Resources, a nationally-recognized developer known for revitalizing former industrial sites, currently is working to redevelop the former IBM site in Fishkill.

Their Fishkill location, known as iPark 84, features over 2 million square feet of commercial space and currently is slated to have GlobalFoundries, eMagin, and a film studio as tenants.

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In addition, National Resources is developing a film production facility in Yonkers for Lionsgate Entertainment. Over the past 15-years, National Resources has developed over 5 million square feet of space in eight different locations while creating more than 20,000 new jobs in these formerly vacant spaces.

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