Governor Kathy Hochul has unveiled the Downtown Albany Strategy, a revitalization plan that is part of the $400 million Championing Albany’s Potential (CAP) Initiative.
The strategy is backed by $200 million in public investments from New York State to guide coordinated action that is hoped to “spur housing growth to attract new residents, create jobs, promote long-term redevelopment, enliven commercial corridors, and energize the public realm.”
Developed with input from the public, the Downtown Albany Strategy incorporated public engagement through workshops, stakeholder meetings, and focus groups.
“Downtown Albany has been a historic hub for more than 400 years, and I am committed to renewing its prominence not only to the region, but across our state and nation. This strategy will deliver transformational change and unlock its full potential,” Governor Hochul said. “Through high-impact investments, strong partnerships, and clear growth targets, we are building a revitalized downtown worthy of the Empire State’s capital city for residents, workers, and visitors alike.”
The strategy prioritizes investment Downtown. A central component of the plan is the redevelopment of Liberty Park, identified as an opportunity for large-scale housing, public space, and neighborhood destinations. The strategy dedicates up to $40 million in Empire State Development (ESD) funding to advance the Liberty Park district.
Liberty Park is believed to be the oldest Park in the City of Albany. It’s a short distance from Albany‘s oldest building, the 1728 Van Ostrande–Radliff House at 48 Hudson Avenue, now being restored by the Historic Albany Foundation.
Plans for a Warehouse District Gateway at the city’s north end include Albany Waterway‘s Erie Canal Lock One boat basin project, and redevelopment of the site of the long-abandoned Central Warehouse. That building, built by the New York Central Railroad in 1927, is set to be torn down.
Lock 1 on the Erie Canal was located where the canal once met the Hudson River near Central Warehouse. For more than 100 years it raised and lowered boats between the higher canal level and the river.
While the original lock is currently partially buried, there have been efforts to explore its potential for restoration and revitalization.
The Downtown Albany Strategy is expected to e implemented through three public investments:
Transformative Projects Fund ($120 million): Supporting major, marquee projects that elevate the downtown experience and energize public interest in downtown’s redevelopment progress
Housing Investment Fund ($40 million): Expanding housing options to keep and expand the number of downtown residents, creating a 24/7 community to support commercial growth and city services
Community Investment Fund ($40 million): Enhancing parks, public spaces, and neighborhood amenities
“Through strategic State investment and strong private-sector partnerships, the Downtown Albany Strategy will support housing development, small business growth, job creation, and safer, more active streets,” the Governor’s press release says. “The plan is designed to deliver visible, lasting improvements that strengthen Albany’s role as the economic and cultural center of the region.”
The Strategy includes six growth targets:
Triple the Downtown Core residential base to 3,500 by 2035
Add 1,500 jobs Downtown in five years; 3,000 in 10 years
Reach five million annual visitors, 90-minute stays, 150+ event days
Achieve $3 in private investment for every dollar in CAP funding
Put three catalytic sites under construction within three years
Improve positive safety ratings for Downtown Albany
ESD will be seeking board approval for program guidelines at its Board of Directors meeting on February 19, with applications for program funds to open in March.
For more information on the Downtown Albany Strategy and the CAP Initiative, visit downtownalbanystrategy.com.
Illustrations, from above: Map of areas slated for investment as part of the Downtown Albany Strategy (Downtown Albany Strategy Final Report); and the Erie Canal Lock 1 Albany Basin historical marker.
Read more about Albany in the New York Almanack.
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