World Construction Network

Daily Newsletter

10 August 2023

Daily Newsletter

Construction has commenced on the expansion project of CenterState CEO’s 'The Tech Garden' facility in Downtown Syracuse, New York, US.

Announced by New York's governor Kathy Hochul, the project will see the addition of a 46,000ft² area while providing repairs to the existing structure and on-site modifications to its mechanical and security systems.

Furthermore, this expansion of The Tech Garden boasts a 5,000ft² roof terrace for uncrewed aerial systems companies to set up and test drones, as well as a 3,000ft² meeting room that can accommodate up to 180 people.

It will also include a new entrance, coworking spaces, private tenant offices for 35 resident startups, and an expanded hardware space for prototype and product development.

Hochul said: “The expansion of CenterState CEO’s Tech Garden facility will be critical to our strategy to make Upstate New York the next major hub for innovative, high-tech, 21st-century businesses.

“With these new state-of-the-art facilities and additional seats for startup companies, CenterState CEO will be able to continue its important work to expand the innovation economy in Central New York and set promising, early-stage businesses on a path for success.”

The new building will be the foundation of Syracuse’s City Center Innovation Hub, a key component of the Syracuse Surge economic development plan, and the entry point to Syracuse’s 'Innovation Alley', located on Warren Street.

The Tech Garden is an NYC Certified Innovation Hot Spot and is set to be the region’s primary technology startup incubator.

Through the region’s CNY Rising Upstate Revitalization Initiative, Empire State Development will provide up to $16.6m for the project, which is expected to cost $32m in its entirety.

The construction process is projected to take 14 months to complete.

ESG 2.0 marks a shift towards stricter environmental rules

ESG is moving into a different era, which we call ESG 2.0. While ESG 1.0 was driven by voluntary corporate action, spurred by pressure from activist consumers and investors, ESG 2.0 is being driven by a new wave of government policies. The EU has taken the regulatory lead, with rules introduced or in the pipeline that will price emissions, regulate the use of the terms ‘ESG’ and ‘sustainability’ in marketing materials, and make ESG reporting mandatory. The US has taken a different approach, favoring less regulation and more financial support in the form of tax breaks for clean industry (renewables plus nuclear and hydrogen). China is planning to expand its emissions trading system to more sectors, decarbonize its heavy industry, and ramp up its use of renewables. The new policy direction is mainly motivated by the ambition to hit net zero emissions targets. But on top of this, governments are now competing for clean industry and trying to challenge China’s leadership on the production of the world’s green technologies such as solar panels and batteries, as well as the production and refinement of materials needed for energy transition such as lithium. These driving forces are leading to policy that will impact every sector, not just heavy industry, and will keep ESG near the top of the regulatory agenda over the longer term.