TOWN OF EAST FISHKILL, N.Y. -- When the former IBM site in the Town of East Fishkill downsized in the late 1980’s the economy took a hit.

“You’re talking thousands upon thousands of individuals and their families who had lost that employment,” said Dutchess County Executive Marc Molinaro.   

On Thursday, Molinaro joined other elected officials as well as the specialist real estate development firm, National Resources, to announce details of the site's new development that has the goal of attracting 8-10 more businesses as tenants.

“Some of them will be technology. Many of them will be food related,” said National Resources Executive Vice President Lynne Ward.  

“Going to be a part of a food hub here is very important, but not only is it a great way to showcase our own product, but we help showcase this to be a value add facility,” said Drink More Good Founder and CEO Jason Schuler.

Molinaro said the development, dubbed iPark, will be great for the economy and attract more businesses to the area.

"You'll see other economic development that will occur off campus just because of that ripple effect that occurs within economic growth," he said.  

National Resources representatives said iPark is expected to create 500 to 1,000 jobs over the next two years.