Homebuilder buys a slice of Luther Forest pie

Posted on TimesUnion.com
By CHRIS CHURCHILL, Business writer
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MALTA -- A homebuilder has purchased a slice of Luther Forest Technology Campus.

Michael Relyea, executive director of the tech park where an Advanced Micro Devices microchip fabrication plant is planned, on Wednesday said Thomas J. Farone and Son Homebuilders Inc. in March bought 66 acres of the property for $1.6 million.

Relyea stressed that the sale to a homebuilder does not represent a shift in plans, nor does it mean officials won't develop the 1,350-acre park in Malta and Stillwater for high-technology uses.

Instead, he said the sale "shows that we're taking steps toward building out our campus."

Indeed, Luther Forest development blueprints, which were approved by the towns in 2004, show residential uses planned for the land along Dunning Street that was purchased by Farone.

Farone could not be reached for comment Wednesday, so it is unclear what or when he intends to build.

Relyea, though, said Farone's development will be an extension of the Fox Wander housing development. He said it's unlikely the park will sell additional land to housing developers.

AMD is a Sunnyvale, Calif., company and the world's second-largest microprocessor maker, behind Intel Corp.

The company is planning to build a $3.2 billion chip fab at Luther Forest, but has yet to officially commit to the plan for a 200-acre site.

AMD has until July 2009 to make a decision and still be eligible for $1.25 billion in state financial incentives.