A $400 million investment aimed at revitalizing New York’s state capitol is officially underway.
The Championing Albany’s Potential (CAP) initiative, which was unveiled at a recent public workshop, includes $200 million in funding to plan and implement projects that reinvigorate commercial corridors, strengthen small businesses, promote housing growth, and revitalize underutilized real estate and open spaces.
Empire State Development and MIG, a nationally recognized planning and economic development firm, are leading the planning effort to revitalize the downtown core of Albany.
The Downtown Albany Strategy seeks to jumpstart a more diverse economic base and attract and retain more residents, visitors and businesses by focusing on sustainable improvements to Albany’s core downtown and the surrounding area within a mile of the State Capitol.
State officials said the goal is to develop a roadmap that focuses on a long-term growth strategy with catalytic projects and strategic investments.
A new website — downtownalbanystrategy.com — will include updates on the Downtown Albany Strategy planning process and dates for future public workshops.
The state’s investment in the CAP also includes:
- Up to $150 million to transform cultural experiences in and around Albany’s Downtown, such as the state museum.
- Up to $40 million to advance plans to reconnect communities divided by Interstate 787.
- $1.5 million for public safety enhancements.
Photo by Connor McManus from Pexels
