Governor Kathy Hochul launched the first public workshop for the $400 million Championing Albany’s Potential (CAP) Initiative at the Albany Capital Center. The event drew hundreds of attendees, including local residents and representatives from business, academia, and government.
The CAP initiative will provide $200 million to support projects aimed at revitalizing commercial corridors, supporting small businesses, encouraging housing growth, and redeveloping underused real estate and open spaces in downtown Albany. A new website, downtownalbanystrategy.com, was introduced to share updates on the planning process and announce future workshops.
“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 national planning firm, on strategic efforts for downtown revitalization. The Downtown Albany Strategy aims to create a long-term plan focusing on 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 stated: “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.”
Governor Hochul first announced the CAP initiative during her 2025 State of the State address. The program was included in the FY26 State Budget. In addition to $200 million for strategic investment in downtown development projects, allocations include up to $150 million for improving cultural experiences such as those offered by the State Museum; up to $40 million for reconnecting neighborhoods separated by Interstate 787; and $1.5 million designated for public safety improvements.
Community participation remains central throughout this process. Additional information about upcoming workshops or registration opportunities is available at esd.ny.gov/cap-initiative or downtownalbanystrategy.com.
