Nurturing seeds of good news equals increased business in the Albany community

Forever the optimist, I admit it has been a challenge even for me to see the bright side of a situation during these last several months of the economic roller coaster ride. Despite that, I do believe that in this environment of a seemingly endless string of discouraging statistics, it is imperative to look for even the slightest seed of positive results and drive effort toward building upon it. While more of a challenge to uncover good news does exist. For downtown Albany, we have had several new businesses open, from services and high-end restaurants to new and expanding professional offices; unveiled during the last several months have been exciting new downtown residential projects which also represent promise of great momentum from parallel business and services; and consumer-based businesses are touting their value-add features from which they have seen respectable returns on investment. Here are just a few of the bright spots upon which the downtown Albany community can build and which other communities may take some examples: Tech Valley Recently, at the annual Semi Industry Strategy Symposium (ISS) in Half Moon Bay, California, the event took on added importance as the audience of c-level executives from the semiconductor industry spoke of the increasing importance on research collaborations to drive innovation and leading-edge development, others emphasized the investments and technology advancements that have been made in PV despite the economic crisis and receding oil prices, and yet there were even a few that were calling for the industry to invest significantly in R&D and manufacturing during this down cycle (the "strategically-invest-our-way out" mentality). But the whispering and side-bar conversations amongst the industry's brightest executives could be heard loud and clear, New York's Tech Valley has emerged as the option for investment and expansion of this industry in the U.S. (Michael Tucker, president and CEO, Center for Economic Growth.) Value Added Some of downtown's retail and services businesses are enjoying levels of success - not at extraordinary levels, but they are staying ahead of the game. Today's consumer has more choices than ever on the selection of products and services they can buy to meet their needs, where they get them and how much they will pay. While price is a key factor in the customer's decision-making process, lowest price is not always the driving force. Many downtown Albany restaurants, retailers and service businesses pride themselves on extraordinary customer service with a product that meets their customers' needs and expectations for a reasonable price. "Look for simple but important elements to set your business apart" is the advice offered by several business owners who suggest these as ways to enjoy level or modest gains in business. Residential Growth An upper level conversion in the historic building at 370 Broadway has been underway for several months with the outcome to be six upscale two-bedroom/2.5-bath apartments averaging 1,300 s/f. The owners of the historic Broadway Arcade have announced plans to turn the upper floors of the building into a mix of 54 apartments units - studio, one and two bedroom. Recently, Rosenblum Development Corp. announced the plans to design a three-story addition to the four-story building at 17 Chapel St. to create a 20-unit high-end condominium project with units ranging from 1,400 to 2,600 s/f. Convention Center The announcement of governor Pattison's commitment to provide $10 million in Empire State Development grant funds for the advancement of the Convention Center Project was more than welcome news for this much needed and anticipated project. The new Convention Center Project concept plan significantly reduces the cost to the taxpayer while maintaining its commitment to build a 266,000 s/f facility. The plan separates the convention facility, parking garage and hotel into three distinct elements and overall, represents great potential for all of downtown Albany. Last but not least, Albany has a wonderful opportunity to embrace this year's Quadricentennial celebration as a once-in-a-lifetime commemorative. The Downtown Albany Business Improvement District (BID) is encouraging all its businesses to incorporate this historic event into their business and marketing plans for 2009. Thinking outside the box and looking for creative links in which a business can partner with events and activities in their own community may represent new prospects for business. At the end of the day, remember to celebrate successes big and small and look forward to planting and nurturing new seeds tomorrow. To keep up with the latest developments and activities in Downtown Albany, or to request a Business Development package, visit www.downtownalbany.org. Pamela Tobin is the executive director of the Downtown Albany Business Improvement District (BID), Albany, N.Y.