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Albany is set to receive a $400 million investment aimed at revitalizing its downtown area, thanks to the recently passed state budget. Governor Kathy Hochul announced the initiative, called Championing Albany’s Potential (CAP), which will focus on promoting housing growth, strengthening small businesses, and restoring underutilized real estate and open spaces.
Half of the total investment, $200 million, will be directed towards planning and implementing projects to reinvigorate commercial corridors and enhance public spaces. According to Governor Hochul, this effort is not just about money but also about creating jobs, fostering innovation, and securing a brighter future for the community.
The CAP initiative also includes up to $150 million to transform cultural experiences, such as the renovation of the New York State Museum, and up to $40 million to advance the redevelopment of Interstate 787. An additional $1.5 million will support local public safety efforts.
Empire State Development has selected the nationally recognized planning firm MIG to lead the collaborative planning effort for Albany's downtown revitalization. The firm will work with local stakeholders to develop a roadmap for catalytic projects and long-term growth strategies. Public engagement will begin with local briefings and expand throughout the summer, allowing residents to weigh in on Albany's future.
Governor Hochul emphasized the importance of community involvement in the planning process, stating that the investment aims to build on Albany’s rich legacy of progress and position the city as a hub for opportunity in the 21st century.
The CAP initiative represents a comprehensive approach by New York State to revitalize Albany and unlock its potential, ensuring that the city's growth is inclusive and enduring. Albany Mayor Kathy Sheehan expressed gratitude for the investment, calling it a testament to the city's hard work and potential for future growth.