Announces Nationally Recognized Planning Firm MIG To Develop Roadmap for $200 Million Downtown Albany Investment
Includes up to $150 Million To Revitalize NYS Museum and Other Cultural Experiences, up to $40 Million To Advance Redevelopment of I-787 and $1.5 Million To Support Local Public Safety Efforts
Governor’s Investment in Capital City Represents Comprehensive Approach by New York State To Revitalize Albany That Addresses City’s Needs and Unlocks its Potential
Governor Kathy Hochul today celebrated the FY26 Enacted Budget investments in Albany’s downtown by launching the Championing Albany’s Potential (CAP) Initiative, a more than $400 million, collaborative, State-led effort to revitalize Albany’s downtown core. This 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. The CAP initiative 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 and $1.5 million for public safety enhancements.
“Albany is not only our great state’s capital city, it's also a place I call home. This investment isn't just about dollars and cents, it's about jobs, innovation and a brighter future for our community,” Governor Hochul said. “We are building on Albany’s rich legacy of progress and positioning this city as a hub for opportunity in the 21st Century.”
As part of the CAP Initiative, Empire State Development has selected MIG to lead a collaborative planning effort to revitalize the downtown core of Albany. MIG, a nationally recognized planning and economic development firm, will lead a team of experts in urban strategy, public space design, community engagement, and development feasibility. MIG will work with ESD and local stakeholders to develop a roadmap focused on catalytic projects, bundled investments, and a long-term growth strategy for Downtown Albany. The strategy will prioritize projects that are ready to go, supported by the community, and capable of attracting housing, business, and new activity. It will ensure that Albany’s revitalization is not only inclusive, but enduring.
Engagement will begin with local and neighborhood stakeholder briefings. Broader public engagement will be held throughout the summer, beginning in June, alongside digital tools and direct outreach to ensure broad participation. The public may sign up to receive more information on the CAP Initiative page when it becomes available.