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Championing Albany's Potential (CAP) Initiative
Through this year’s Executive Budget, Governor Hochul launched the CAP Initiative, to invest $400 million to revitalize the downtown core of Albany, in partnership with local stakeholders.
As New York State’s capital and the country’s oldest continuously chartered city, the city of 1.2 million has a rich history of commerce and innovation. Under Governor Hochul’s leadership, New York State has directed more than $4 billion of public support for transformative Albany area projects including replacement of the Livingston Avenue Rail Bridge, creation of the Wadsworth Laboratory, demolition of the Central Warehouse, and investments in the NY CREATES Albany NanoTech Complex – now recognized as a flagship facility of the federal National Semiconductor Technology Center.
Yet a lack of vibrancy in the city’s core, has led to perceived public safety concerns, making it difficult to retain and attract city-center businesses and residents. Albany’s challenges are compounded by its tax landscape, where 60% of property is tax-exempt, straining municipal resources and limiting the city’s ability to invest in critical infrastructure and services.
The Downtown Albany Strategy
As part of the CAP Initiative, ESD has selected MIG, a nationally recognized planning and economic development firm, to lead a collaborative planning effort to develop a long-term growth strategy for downtown Albany. The strategy will provide a framework for local leaders and stakeholders to effectively implement public safety and quality-of-life interventions, economic development strategies, infrastructure investments, community design approaches, and related public services.
The overarching goal of this initiative is to create a vision that guides decision-making at all levels of government to effectively implement economic development strategies, infrastructure investments, community design approaches, and related public services.
Informed by local stakeholders, the Governor’s commitment to Albany will play out through a comprehensive community engagement process with the public, elected representatives, and community leaders to identify key opportunities to promote business development, bolster public safety, build out community anchors, encourage housing, and enhance affordability.
This investment includes $200 million to make real investments into tangible strategies and projects to revitalize Albany’s core downtown and adjacent neighborhoods within a mile of the State Capitol, such as:
- Targeted strategies that address public safety and quality of life
- Revitalizing vacant or dated anchor institutions
- Reinvigorating commercial corridors
- Repurposing vacant and underutilized commercial buildings for housing and other new uses
- Leveraging open spaces and key public assets
- Coordinating with ongoing planning efforts related to the redevelopment of I-787 and the Livingston Avenue rail bridge
- Creating new reasons to work, visit, or live in downtown Albany.