Governor Kathy Hochul has launched the first public workshop for the $400 million Championing Albany’s Potential (CAP) Initiative, aimed at shaping the future of downtown Albany. The event, held at the Albany Capital Center, brought together residents and stakeholders from business, academia, and government to discuss strategies for revitalizing the area.
The CAP initiative provides $200 million in funding to support projects designed to strengthen commercial corridors, promote housing growth, assist small businesses, and redevelop underused properties and open spaces. An additional $150 million is allocated for enhancing cultural experiences in downtown Albany, including improvements to institutions like the State Museum. Plans also include up to $40 million for reconnecting communities affected by Interstate 787 and $1.5 million dedicated to public safety upgrades.
A new website, downtownalbanystrategy.com, was introduced during the workshop. It will offer updates on planning efforts and information about upcoming public engagement opportunities.
Governor Hochul emphasized the importance of community involvement in developing a plan for Albany’s future. “It’s time to roll up our sleeves and get to work,” Governor Hochul said. “Public engagement is paramount to success. We have the funding, we have the momentum, and now it’s up to the public to let their voices be heard. By working together, we will transform Albany into a better, brighter city for residents and visitors to enjoy.”
Empire State Development (ESD) is partnering with MIG, a nationally recognized planning firm, on this strategic planning process. The Downtown Albany Strategy aims to establish a roadmap focused on long-term economic growth through catalytic projects and targeted investments within a mile of the State Capitol.
Hope Knight, President, CEO and Commissioner of Empire State Development said: “Under Governor Hochul’s leadership, New York State is making a historic investment in Downtown Albany to spur new projects, new energy and new growth. Developing a blueprint that represents many voices will be crucial to these efforts. Through community and stakeholder engagement, we can create a strategy to help guide our collective efforts and encourage new partnerships and private investments that generate sustainable economic development.”
The CAP initiative was first proposed by Governor Hochul in her 2025 State of the State address before being included in the FY26 State Budget. More details about public workshops and registration for program updates are available at https://esd.ny.gov/cap-initiative or http://downtownalbanystrategy.com.
