Notably, big cities New York (71.7%), Boston (72%), and Chicago (72.6%) joined the top 10 metros with the highest out-of-market search rates.
The cost of acquiring the vacant 12.43-acre site is $3.9 million. According to its application with the IDA, building and construction is estimated to cost $17,864,850 and equipment costs have been put at $13,136,536.
Bally’s Bronx, as proposed to the New York State Gaming Commission late last month, was to stand approximately 250 feet tall and include a 500,000-square-foot Gaming Facility structure and span more than 3 million square feet.
The cost of acquiring the vacant 12.43-acre site is $3.9 million. According to its application with the IDA, building and construction is estimated to cost $17,864,850 and equipment costs have been put at $13,136,536.
WALLKILL, NY—Montvale, NJ-based Balchem Corp. is seeking approvals to embark on a more than $36-million expansion project in Orange County. The firm, which for 58 years has created innovative health and nutritional solutions for people and animals worldwide, is seeking to replace its outdated Slate Hill manufacturing site with a new 70,000-square-foot plant in the Town of Wallkill.
Mid-Hudson News first reported that Balchem had recently filed an application with the Orange County Industrial Development Agency for incentives in connection with the project to acquire an underutilized site at 36 Fini Drive in the Town of Wallkill. The estimated cost of the project is $36,345,066. The application was filed with the IDA by Balchem on June 9.
According to the Orange County IDA, “The project will include the construction and redevelopment of the premises (36 Fini Drive) to be used as a modern manufacturing facility and administrative offices and the acquisition of machinery and equipment…” The Orange County IDA has scheduled a public hearing on Balchem’s application for incentives on Thursday, July 17, at the Wallkill Town Hall at 3 p.m.
Officials with the Orange County Partnership stated that the proposed project is the result of approximately two years of discussions by the Goshen-based economic development organization and Balchem to retain its manufacturing operations in Orange County.
"The proposed Balchem investment is a critical step forward in our efforts to grow the advanced manufacturing sector in Orange County. Business retention and expansion is the backbone of economic development - supporting our existing innovation ecosystem is critical for sustainable economic growth. If advanced, this $36 million investment to construct a new facility in Orange County will bolster our position as a dynamic location for corporate investment,” said Conor Eckert, President & CEO of the Orange County Partnership.
The cost of acquiring the vacant 12.43-acre site is $3.9 million. According to its application with the IDA, building and construction is estimated to cost $17,864,850 and equipment costs have been put at $13,136,536.
In its application to the IDA, Balchem stated that if it moves forward with its new Wallkill plant, its outdated Slate Hill plant will be repurposed to light break bulk and distribution activities but will not be abandoned.
The company stated the reasons behind its new project stem from its Slate Hill facility being outdated and inadequate for future growth. “Expansion and retrofitting of the facility is impractical and capital required for continued operation at current rates is prohibitive. Facility impediments have already led to the relocation of some production from Slate Hill to other Balchem facilities. A new Orange County facility would enable the company to retain existing personnel, possibly return relocated production back to New York, and will provide a location for potential pilot R&D capabilities,” Balchem stated in the IDA application.
Balchem is seeking to secure a sales tax exemption of $906,856 in connection with nearly $11.2 million in sales tax-eligible costs. If the project moves forward, the company would retain 36 existing jobs in the county and add four positions within the first three years of operation.
The company hopes to start construction by Aug. 31, 2025, with completion slated a year later.
Balchem was founded in 1967 by a group consisting of entrepreneurs, investors, and Dr. Leslie Balassa, an expert in the field of encapsulation. The company was initially housed in a laboratory on the top floor of the Chemists Club in New York City until purchasing its first manufacturing site, a former dairy in Slate Hill. Balchem became a publicly traded company in 1970 and is listed on NASDAQ under the symbol “BCPC.”
On April 24, Balchem reported record first-quarter net sales of $250.5 million, net earnings of $37.1 million, adjusted EBITDA(a) of $66.3 million, and free cash flow(a) of $31.0 million.
Notably, big cities New York (71.7%), Boston (72%), and Chicago (72.6%) joined the top 10 metros with the highest out-of-market search rates.
Bally’s Bronx, as proposed to the New York State Gaming Commission late last month, was to stand approximately 250 feet tall and include a 500,000-square-foot Gaming Facility structure and span more than 3 million square feet.
The Dashboard also includes forward-looking analysis on how many households could qualify to buy a median-priced home if mortgage rates fall to 6%.
Under county ownership, the center will be revitalized and developed into a regional destination for live performances, educational programming, and community events.
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