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Governor Hochul Announces New York City Winners of Seventh Round Downtown Revitalization Initiative and Second Round of NY Forward Program

Long Island City to Receive $10 million from Downtown Revitalization Initiative; Hudson Square to Receive $4.5 Million from NY Forward

Downtown Revitalization Investments are a Critical Part of the State’s Comprehensive Economic Development and Community Growth Strategy

$100 Million NY Forward Program Builds on Momentum of the Successful Downtown Revitalization Initiative to Support a More Equitable Downtown Recovery for New York’s Smaller and Rural Communities

Traducción al español

Governor Kathy Hochul today announced Long Island City will receive $10 million in funding as the New York City regional winner of the seventh round of the Downtown Revitalization Initiative, as well as the Hudson Square area as this year’s New York City NY Forward winner, receiving $4.5 million. For Round 7 of the Downtown Revitalization Initiative, each of the State's 10 economic development regions are being awarded $10 million, to make for a total State commitment of $100 million in funding and investments to help communities boost their economies by transforming downtowns into vibrant neighborhoods.

“In the city that never sleeps, we’re introducing another round of investment to prove that the State never sleeps, either. We’ll continue to work tirelessly to breathe new life into New York’s downtowns – big and small – as they are the heartbeat of our communities,” Governor Hochul said. “With our Downtown Revitalization Initiative and NY Forward, Long Island City and Hudson Square will now have the charge and opportunity to reinvigorate their downtowns and enhance the quality of life for their residents and all those who visit.”

Building on the momentum of the successful Downtown Revitalization Initiative, the $100 million NY Forward program applies the same “plan-then-act” strategy as the DRI but for New York's smaller and rural communities. Both couple strategic planning with immediate project implementation to support a more equitable downtown resurgence. With the Governor’s commitment last year of $100 million each for the Downtown Revitalization Initiative and NY Forward, the State has now invested a combined total of $1 billion in both programs since their inception. The Governor has proposed another $100 million for each program, totaling $200 million, in her Fiscal Year 2025 Executive Budget.

$10 Million Downtown Revitalization Initiative Award for Long Island City

Long Island City, located at a geographic and transportation center of New York City, is an important economic generator for the region with a diverse set of industries and good paying jobs. It is uniquely defined as a mixed-used district with one of the fastest growing residential populations, new advanced manufacturing, tech and life science sectors, an expanded Business Improvement District, large and highly productive Industrial Business Zones, and a lively cultural and arts community. While Long Island City is witnessing growth and private investment in certain geographic areas and sectors, other areas and sectors lie fallow. This uneven growth threatens the mixed-use character and economic wellbeing of the entire community and larger region. To meet these challenges and opportunities, the DRI grant would be used to maximize Long Island City’s burgeoning community assets and steer private investment to create a livable, inclusive, mixed-use community and downtown destination.

$4.5 Million NY Forward Award for Hudson Square

Hudson Square is a roughly 33-square block neighborhood located on lower Manhattan’s west side. The neighborhood is primarily commercial in use, with over 12 million square feet of office space. Because of its long industrial history, Hudson Square’s streets are more suited to the movement of goods and vehicles than the movement of people. In addition, the neighborhood has also been historically disconnected from neighboring parts of lower Manhattan, including SoHo, the West Village, and Tribeca. The NY Forward grant will assist in growing local businesses, increasing residential opportunities, and connecting the district with its adjacent communities.

Read the full press release here.