Indeed, the new venture fits within the targeted industries and employment areas in which regional and state leaders have been focusing their efforts to grow the Western New York economy. The company plans to work with General Electric Co.'s GE Additive division, as well as IBM Watson Health.

"This is a project that we have been actively pursuing for the better part of two years," said Tom Kucharski, president and CEO of Invest Buffalo Niagara. "We were able to land this project after competing with several parts of the world and North America. This is one that we’ll all be very proud of down the road."

“The company is committed to increasing job growth here in Western New York," said Gellman, a Buffalo native and veteran entrepreneur. "We will also make every effort to draw former Buffalonians that meet the company employment qualifications back to the Queen City.”

Before closing, TRS also must obtain zoning and land-use approvals, apply for a property tax break through the Erie County Industrial Development Agency so it can participate in the Buffalo Brownfields Redevelopment Fund and demonstrate it has financing. And if TRS can't start construction within 18 months of closing, BUDC can repurchase the land for $88,500 or the appraised value – whichever is less.