Governor Hochul Delivers Transformative Progress Toward New York State’s Historic Drive To Revitalize Downtown Albany
More Than $18.6 Million in Championing Albany's Potential Funding Awarded to Ten Major Projects to Advance Strategic Developments
$20 Million Designated for Albany Streetscape Improvements; $1 Million Small Business Development Fund Will Support Facade and Retail Buildouts
Columbia Development and Galesi Group Selected by Local Partner Capitalize Albany To Redevelop Liberty Park District
Backed by $25 Million Investment, Reconnect the Empire State Plaza Report Details Vision To Enhance Historic Government Complex; Report Is Available Here
Governor Kathy Hochul today announced major milestone achievements of the historic $400 million Championing Albany's Potential (CAP) initiative, her vision to revitalize the Capital City's urban core. Ten strategic projects across the downtown core that realize and reinforce the priorities of the Downtown Albany Strategy were awarded more than $18.6 million in CAP funding to create new housing, promote historic preservation, and enliven downtown with long-term, lasting energy and economic growth. An additional $21 million in funding will support streetscape upgrades including beautification and placemaking improvements to enhance commercial corridors and benefit Downtown Albany's small businesses. Additionally, the renewal of the Liberty Park district, a long-blighted and underutilized section in Downtown Albany, will be led by Columbia Development and Galesi Group and feature a comprehensive mixed-use redevelopment plan. This announcement coincides with the release of the Reconnect the Empire State Plaza Report, designed to serve as a blueprint for investments that break down barriers between the Plaza and its surrounding community.
“One year ago, I called on Albany residents, businesses and community leaders to help shape a stronger future for Albany and today we are delivering the first major milestone on that shared vision,” Governor Hochul said. “Not only are we forging a monumental path forward for Liberty Park, but we are also awarding visionary projects, launching vital tools for downtown businesses and continuing to strengthen Empire State Plaza’s connection to Albany’s core for residents and visitors of our historic capital city. I am proud to see so much progress in just one year and can’t wait for the next steps for the revitalization of Downtown Albany.”
As part of Governor Hochul's $400 million CAP Initiative, the Downtown Albany Strategy was developed to help guide $200 million in State investments. Created with input from thousands of residents, workers, students, business owners and community leaders, the Downtown Albany Strategy was released in February and represents a vision for new economic growth guided by community priorities. The Downtown Albany Strategy identified the redevelopment of the Liberty Park district – an eight-acre gateway to Downtown Albany – as a key opportunity for large-scale development including housing, public space and neighborhood destinations. Up to $40 million in Empire State Development funding was dedicated under the broader CAP Initiative to advance the Liberty Park district.
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