Orange County Partnership - Resources & Results E-Newsletter: January 2025

52nd Edition: January 6 - January 10, 2025

The Value of Being an Investor in the Orange County Partnership

As we embark on another year of advancing economic development in Orange County, I want to take a moment to express our heartfelt gratitude for your continued support and engagement with the Orange County Partnership. Your partnership is the cornerstone of our mission to drive economic growth, foster innovation, and create opportunities for businesses and residents alike.

Economic development is truly a team effort, and we are proud to have such a strong and dedicated team in our market.

This year promises to be dynamic, with increased construction starts, a rise in land use and development applications, and new activity in emerging sectors. These developments will ripple through the business community, creating unprecedented opportunities for growth and collaboration. Now is the time to strengthen connections, build relationships, and establish your presence in Orange County’s thriving market.

As an OCP Investor, one of our core value propositions is facilitating meaningful relationships. Our events are thoughtfully designed to help you expand your network, build partnerships, and make your mark in the market. We’re excited to work alongside you this year as we continue to make Orange County a hub of economic success.

Thank you for your unwavering support. Let’s make 2025 a year of remarkable achievements—together.

Quarterly Project Meetings (QPMs):

These sessions provide an in-depth look at projects in our pipeline—often at their earliest stages—so you can stay ahead of emerging opportunities and development trends.

Alliance for Balanced Growth (ABG) Meetings:

Our ABG meetings address critical issues impacting economic development. Last year, we tackled topics like the NYS DEC Proposed Wetland Remapping and Intermunicipal Water & Sewer agreements. This year, we’re diving into key issues and opportunities shaping the real estate and development landscape. These discussions bring together industry experts, local leaders, and stakeholders to share insights and drive actionable solutions.

Events Calendar:

Our annual events, including the Golf Classic, Most Valuable Partner (MVP) Dinner, Investor Breakfast, and Annual Event, unite Orange County’s top business leaders, elected officials, and industry professionals. These gatherings are invaluable opportunities to strengthen existing relationships and build new ones.

Your involvement not only underscores the value of your investment but also positions you to collaborate and grow alongside other key players in the region.

As Orange County stands on the brink of substantial economic development across various sectors, we grow best when we grow together—openly and collaboratively. Use us as your resource as this market continues to thrive.

My very best,

Maureen Halahan

President & CEO

Conor Eckert

Senior Vice President

Orange County Partnership

Poly Craft Industries Ground Breaking Ceremony in the Town of Wallkill

Orange County Partnership's Conor Eckert Named Among City & State's '2024 Trailblazers in Economic Development'

City and State New York recently published the “2024 Trailblazers in Economic Development” and the Orange County Partnership’s Conor Eckert was among the selections of movers and shakers in the economic development sector.

City and State honored 100 “New Yorkers who are on the front lines, creating jobs and spurring economic growth on the local, state and national levels." Eckert, Senior Vice President of the Orange County Partnership, joined the Partnership in March 2022. Shortly after, he was honored as the sole recipient of the Rising Star in Economic Development Award, presented by the New York State Economic Development Council. He has worked tirelessly on the major development and lease transactions closed in Orange County since then, including Poly Craft Industries, Kedem/Royal Wine, Tesla, Prime Source Group, and Skyview Skylights.

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PrimeSource Building Products Signs 312,000 SF Lease at Maybrook Logistics Center

Irving, TX-based PrimeSource Building Products has signed a 312,000-square-foot single-tenant lease at the Maybrook Logistics Center, a newly developed Class A industrial project at 134 Neelytown Rd., in Montgomery.

The deal was reported by Resource Realty of Northern New Jersey, which arranged the long-term lease deal and brokered the land acquisition to develop the warehouse on a speculative basis.

"The PrimeSource lease at Maybrook Logistics Center highlights Orange County's strategic location and strong infrastructure. This project demonstrates our region's ability to meet the needs of leading companies, and we are proud to have played a role in its success,” said Maureen Halahan, President & CEO of the Orange County Partnership.

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The Maybrook Logistics Center is a newly developed industrial property at 134 Neelytown Road Montgomery.

Roseton & Danskammer Parcels in Town of Newburgh

Kevin Thorpe

Chief Economist, Cushman & Wakefield

Orange County, NY has a pipeline of around 1.5 million square feet of new, class-A space expected to deliver or go vertical in 2025.

Pictured above is a 416,000+ SF proposed industrial building located at 700 South Street - Town of Newburgh

Cushman & Wakefield Economist Says 'The Tide is Turning for Commercial Real Estate'

Kevin Thorpe, Chief Economist of Cushman & Wakefield, released a rather upbeat forecast for the commercial real estate markets for 2025. In fact, he predicts growth in all CRE sectors, despite possible headwinds from new trade and monetary policies that might be implemented in Washington, DC.

In an article entitled “The Tide is Turning for CRE” Thorpe noted that the U.S. economy is in a “sweet spot” as it entered 2025, growing robustly while inflation has been working its way back to the Fed’s 2% target. He noted that Real GDP is on track to grow by 2.7% in 2024. Thorpe related that the supply side of the economy “is once again firing on all cylinders and productivity is up, which is enabling strong growth without reigniting inflationary pressures.”

He added, “Excluding the shelter component, which most agree has been distorting the inflation picture, the PCE has been below the Fed’s target rate of 2% for over a year. Inflation has largely been tamed at this point, and barring a major setback, the Fed will continue cutting rates, albeit gradually.

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Orange County Partnership Honors James Smith of Advance Testing, Royal Wine, GFI at 2024 Annual Event

The Orange County Partnership saved its best for last, closing out its 2024 programming recently with its 38^th Annual Event that featured the presentation of the Golden Shovel and Spirit of Innovation awards, as well as a look back at the Partnership’s economic impact over nearly four decades of operation and its plans for the future.

Approximately 600 business and political leaders gathered on Dec. 3 at the Barn at Villa Venezia in Middletown for the Goshen-based Partnership’s Annual Event. One of the highlights of the evening was the presentation of the Alliance for Balanced Growth’s “Golden Shovel Award” to Royal Wine Corp., its owners the Herzog family, and developer GFI Partners on Royal Wine’s 650,000-square-foot bottling and distribution center built on more than 80 acres on 17M in Goshen. The new Orange County facility consolidated Royal Wine’s operations in two other states.

The Herzog family and GFI were praised by Partnership and Orange County officials for “GFI’s unwavering focus on innovation, quality, and integrity” that aligns seamlessly with Royal Wine’s dedication, creating a dynamic foundation for growth and partnership. Their “investment, collaboration, and commitment have already made a lasting mark on Orange County,” Partnership officials stated. The new Goshen plant will bring 100 new permanent jobs to the area.

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The GFI Partners and Royal Wine Team accepting the 2024 Alliance for Balanced Growth's "Golden Shovel Award".

Orange County Executive, Steve Neuhaus addressing the audience at the Orange County Partnership's 2024 Annual Event.

Maureen Halahan, President & CEO, and Melissa Cobuzzi, Board Chair of the Orange County Partnership, presenting the 2024 "Spirit of Innovation Award'" to Jimmy Smith, President of Advance Testing Company.

Attention all Business Owners, HR Professionals, Policy Makers etc.:

Our friends at the Child Care Council of Orange County, Inc. asked us to share this important webinar taking place on Thursday, January 16, 2025 from 9:00-10:30 AM titled, The Business Navigator: A Child Care Toolkit for Employers in New York State.

Click Here to Secure Your Spot

STAY CONNECTED!