Nanotechnology is creating the next industrial revolution, and its future is taking shape in New York's Tech Valley. A pioneer in upstate New York's Albany and Saratoga counties, Richbell Capital (RBC) is at the forefront of the Tech Valley scene with approximately US$250 million invested in developed properties and a plan to infuse about US$1 billion more for a mixed-use development on its 15-hectare property in Albany. "We recognised the opportunity about 12 years ago when New York state incentivised the relocation of big technology companies in Albany," says Simon Milde, founder, chairman and CEO of RBC. "There were less than 50 tech companies in the area then; today, it's close to a thousand. These companies are pooling funds, sharing their discoveries and creating the next-generation microchip plus other advanced technology inventions." The Colleges of Nanoscale Science and Engineering of SUNY Polytechnic Institute is the hub of innovation at Tech Valley. Its US$14-billion complex has 2 million sq ft of cutting-edge facilities, with operational class-1 clean rooms that are capable of fabricating 300mm wafers, and with 500,000 sq ft of additional facility space being built. The complex hosts some 5,000 research and development jobs with the presence of heavyweights such as IBM, Tokyo Electron, GlobalFoundries, Applied Materials, ASML and SEMATECH, a global research, development and economic vitality arm of New York state. "The nanotechnology complex has had a large impact on the area and continues to grow," says Toby Milde, president of RBC. "It's relocating firms and people from all over the world, and we're building multifamily accommodations to house them." RBC's multifamily properties are upscale enclaves with spacious floor plans, gourmet kitchens, luxurious bathrooms and resort-style amenities. RBC also has hospitality, retail and office properties across New York, Maryland and Washington, DC, including the historic Adelphi Hotel in downtown Saratoga Springs. In tandem with Terra Capital Partners and The Greenwich Group International (GGI), where Simon Milde is also chairman and CEO, the companies provide full-spectrum services to investors. Terra raises money through a broker-dealer network and offers it as bridge financing to commercial real estate developers and owners. GGI, meanwhile, focuses on dispositions, recapitalisations, platform financings, joint ventures and development funding. Apart from development and construction, RBC engages in leasing and property management. "Development has become the more rewarding opportunity today," Simon Milde says. "Asian investors should be looking at secondary cities rather than gateways such as New York City or Los Angeles. We'd always be interested in finding the opportunities with better margins for any investor." Richbell Capital: http://www.richbellcapital.com
