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Good Things are Happening in Albany

Albany is a city of promise—and this is its moment. As the capital of New York State, Albany has a long history of development and innovation yet for too long, Downtown has struggled to thrive. To change this, Governor Kathy Hochul launched the Championing Albany’s Potential (CAP) Initiative, a State-led effort backed by a historic $400 million investment, including $200 million dedicated to revitalizing the City’s core.

The Downtown Albany Strategy (DTAS) is an action-oriented blueprint for the next 5-10 years to unlock Downtown’s full potential. Developed with urgency from Summer 2025 to Early Winter 2026, DTAS positions Albany as a regional hub for housing, innovation, and inclusive growth.

Thousands of residents, workers, students, business owners, and community leaders informed the Strategy and delivered a clear and consistent message: Downtown Albany matters, and the community wants visible, tangible progress.

Growth Targets

The Downtown Albany Strategy sets clear, measurable targets to guide investments and track progress through 2035—turning community priorities into real, trackable outcomes:

Triple the Downtown’s core residential base to 3,500 by 2035
Add 1,500 jobs Downtown in five years; 3,000 in 10 years
Reach five million annual visitors, 90-minute stays, 150+ event days
Achieve $3 in private investment for every dollar in CAP funding
Put three catalytic sites under construction within three years
Improve positive safety ratings by 15%

DTAS Funds

The Downtown Albany Strategy will be delivered through three targeted funds designed to unlock catalytic investment and deliver measurable results:

The $120 million Transformative Projects Fund will support a small number of high-impact projects that can reset market confidence and attract follow-on private investment.
The $40 million Housing Investment Fund will accelerate housing delivery through a mix of catalytic grants and low-cost loans for repeatable, mixed-income projects.
The $40 million Community Investment Fund will support people-centered investments in public spaces, commercial corridors, and community anchors—strengthening Downtown’s everyday experience while reinforcing long-term economic vitality.

ESD will be seeking approval for program guidelines at its Board of Directors meeting on February 19, with applications for program funds to open in March. Additional eligibility requirements, and application details will be published on Empire State Development’s CAP page.

What's Inside the Downtown Albany Strategy

Chapter 1: Albany’s Moment
Establishes why Downtown is essential to Albany’s future and why it is ready for growth. Introduces how DTAS and CAP will catalyze lasting change.

Chapter 2: Where We’re Headed
Identifies growth targets shaped by Albany stakeholders. These benchmarks help direct resources, align partners, and measure progress.
Chapter 3: A Community-Informed Strategy
Summarizes the community’s key priorities, and how public input informed the Strategy.

Chapter 4: The Where: Investment Areas
Identifies where targeted investment can deliver the greatest impact. Each Investment Area outlines a future vision, catalytic sites and places, and expected growth outcomes.

Chapter 5: The How: Funds and Partners
Introduces three key funds that serve as the delivery mechanisms for DTAS, and what each fund supports.
Chapter 6: Implementation
Outlines the roles of key partners, needed policy reforms, and a phased delivery timeline.

CAP Updates

Frequently Asked Questions

What is the CAP Initiative and how does it relate to the Downtown Albany Strategy?

Governor Hochul launched the Championing Albany’s Potential (CAP) Initiative—an ambitious, State-led effort to support revitalization and long-term economic growth. A cornerstone of CAP is the Downtown Albany Strategy—a strategic blueprint to unlock Downtown’s full potential.

The CAP Initiative also includes funding to revitalize the NYS Museum, for the Reimagining I-787 study, for improvements to Empire State Plaza, and for public safety efforts.

How is DTAS different from other plans?

This isn’t just another plan—it’s a focused strategy backed by real State investment. The Downtown Albany Strategy moves from vision to action by identifying high-impact, community-supported opportunities and aligning them with funding and implementation partners. It serves as a blueprint for investment over the next 5–10 years and is directly tied to the State’s broader CAP Initiative. The difference here is momentum, resources, and a clear path to delivery.

What do you consider Downtown?

The Strategy focuses on Albany’s downtown core — and addresses connections to nearby neighborhoods, key gateways, and the region. Revitalizing downtown is key to tackling citywide challenges, so the process invited input from all who care about Albany’s future.

Click to view PDF

Who led the planning process?

The Downtown Albany Strategy planning process was led by Empire State Development (ESD). ESD enlisted MIG, a consulting firm with expertise in economic development, real estate, public engagement, and placemaking to support the development of the Downtown Albany Strategy. The MIG team worked closely with community members, businesses, and local leaders in a transparent, inclusive engagement process.

When did the planning process occur?

The planning process was announced in May 2025. Stakeholder engagement occurred in summer 2025 through early winter 2026.

How were DTAS funding decisions made?

ESD determined how the State’s historic investment is applied, guided by the strategies and investment opportunities detailed in the Downtown Albany Strategy. MIG, as the Downtown Albany consultant, helped develop the Strategy but did not make any decisions about which programs, initiatives or opportunities receive funding.

ESD relied on input from the public, downtown business community, government, and many other stakeholders to prioritize areas for investment.

I have a proposal for a project. How can I apply for a fund?

ESD will continue to share information about the Funds, including guidance and opportunities for the public to apply. Stay informed by signing up for the e-list and visiting the CAP Initiative website.

What kinds of investment opportunities were prioritized?

The Strategy prioritizes investment opportunities that can deliver visible progress and unlock longer-term growth. It focuses on seven Investment Areas and the most catalytic actions within them: housing and adaptive reuse, public-realm and safety upgrades, small business and ground-floor activation, and key access/infrastructure improvements. See the Strategy for the full list of priorities and actions.

How did community organizations or institutions participate in the planning process?

DTAS brought community organizations and institutions into the process through targeted roundtables and broad public outreach. Engagement included 35 stakeholder roundtables (210 participants), a youth roundtable with 100+ participating organizations, a business pop-up at the Palace Theater (120+ businesses), a public workshop and open house (1,000+ participants), and an online questionnaire (730 responses).

Now that DTAS planning process is wrapped up, how can I stay informed or get involved in implementation?

https://mailchi.mp/577b00fdcde8/downtown-albany-email-updates