Governor Hochul Announces 11 Transformational Projects for Troy as Part of $10 Million Downtown Revitalization Initiative

December 14, 2022

Eleven Downtown Revitalization Projects Enhance Its Vibrant Culture and Arts Scene, Walkability and Connectivity, Housing Opportunities, and Community Services

Renderings of Projects Available Here

Governor Kathy Hochul today announced 11 transformational projects in the City of Troy as part of the $10 million Downtown Revitalization Initiative Award. The awards will enhance the city's vibrant arts and culture scene, improve walkability, provide better housing opportunities, and expand community services.

"Investing in vibrant downtowns allows communities to thrive, and our Downtown Revitalization Initiative in Troy will connect our local partners with the resources they need to succeed," Governor Hochul said. "This funding will not only improve the quality of life for those who live and work in Troy, but also ensure this community remains a gem in the Capital Region for decades to come."

At the heart of Troy's downtown, the compact and walkable Riverwalk DRI District contains a large portion of the city's arts, cultural, and entertainment assets, including over one and a half miles of riverfront. This DRI award will allow the City of Troy to build on prior investment, the authentic charm and do-it-yourself spirit of the Riverfront District, and the growing number of residents, visitors, and entrepreneurs to transform the Riverwalk District into a regional center of innovation and talent, with great public places, thriving small businesses, and arts and entertainment venues. Historic buildings and flexible new spaces will offer options to live, learn, and create, and the expanded Riverwalk will connect neighborhoods and provide a clear pathway for investment in South Troy, North Central Troy, and beyond. 

The investments are part of the Governor's ongoing efforts to revitalize the upstate economy and create more opportunities within the Capital Region. The DRI is led by the New York Department of State providing technical assistance as each participating community develops a Strategic Investment Plan identifying specific projects with a unique vision for the revitalization of the downtown area.  

The projects to be funded through the DRI support several goals and strategies contained in the community's Strategic Investment Plan, such as enhancing the culture and arts scene; improving streetscape walkability, connectivity and vibrancy; expanding housing opportunities; and increasing community services.  The $9.7 million State investment in these projects through the DRI will leverage additional public and private sector investments as the revitalization process proceeds and builds momentum. 

Read the full press release here.