LFTC completes the $7.805 million sale of 223 acres to GlobalFoundries: Part of incentive package through NYS that gave $1 billion to buyer

According to Luther Forest Technology Campus Economic Development Corp. (LFTC), the sale of 223 acres to GlobalFoundries for the construction of Fab 2 has been completed, with property remaining to build two additional fabs to meet future demand. This is one of the first monumental sales for the corporation for the build out of the 1,414-acre campus located in Malta and Stillwater. The land sold for $35,000 per acre, totaling $7.805 million. This price was set along with a part of an incentive package through NYS that gave $1.2 billion to GlobalFoundries. This land has a dedicated byway to I-87, also has access of up to 15 million gallons/day of fresh water, sewer lines, telecommunications and redundant power with 99% reliability. The soil composition absorbs movement and stabilizes the ground against vibration. The campus has 60% dedicated green space. "This sale marks the official beginning of a world class tech park that will be home to some of the most advanced manufacturing and innovative businesses in the world," said Michael Relyea, president of LFTC.