So they're finally going to close this deal and provide affordable living quarters for all the "new collar" workers that they're going to be hiring!
https://www.wsj.com/articles/cheap-rents-attracting-millennials-to-converted-office-parks-1503399601
Developer National Resources has for several years been studying different office, retail and residential schemes for an underused corporate campus designed in the 1960s for International Business Machines Corp. in East Fishkill, N.Y.
But now, as National Resources moves to close on a deal to buy a 300-acre site, the Greenwich, Conn.-based developer is recognizing that housing has got to be a central component of the plan. Firm principals Lynne Ward and Joseph Cotter recognize low rents are the best way to lure millennials and others away from New York City, about a 90-minute drive away.
National Resources is paying an undisclosed price for the land from California-based semiconductor company Globalfoundries, which purchased IBM’s semiconductor business in 2015 and still runs a slimmed down operation at the East Fishkill site that employs around 1,700 workers.
Over the next five years National Resources plans to introduce efficiently sized apartments currently not available in that part of New York state, according to Ms. Ward. They would rent for as low as $1,200 per month, “which is less than half of [rents in] New York City,” she said.
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The IBM site in East Fishkill, which once employed thousands of workers, was acquired by Globafoundries in 2015.
Natural Resources has developed mixed-use office projects across New York and Connecticut. “We decided there was more than enough demand within one and a half hours of New York City,” Ms. Ward said.
The firm has been negotiating for three years with both IBM and Globalfoundries before securing 300 acres of the campus, said Ms. Ward. Construction is expected to begin immediately following the closing. “What we’re building is not your grandfather’s office park,” she said.