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 residents and representatives from business, academia, and government. The CAP initiative allocates $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 provide updates on the planning process and future events.
“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 and economic development firm, to lead efforts in revitalizing downtown Albany. The workshop marks another step in gathering local input as part of a plan that aims for long-term growth through targeted projects and investments. The Downtown Albany Strategy seeks to broaden the city’s economic base by attracting more residents, visitors, and businesses through sustainable improvements within a mile of the State Capitol.
Empire State Development President, CEO and Commissioner Hope Knight 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.”
The CAP initiative was first proposed by Governor Hochul during her 2025 State of the State address before being included in the FY26 State Budget. In addition to $200 million for strategic investment in downtown revitalization projects, up to $150 million is designated for enhancing cultural experiences such as those at the New York State Museum; up to $40 million will go toward reconnecting communities separated by Interstate 787; and $1.5 million has been set aside for public safety improvements.
Ongoing public workshops are central to both the Downtown Albany Strategy and CAP initiative. More details about participation are available at esd.ny.gov/cap-initiative or downtownalbanystrategy.com.
State Senator Pat Fahy commented: “Today’s public workshop for the $400 million CAP initiative marks a milestone for Albany and our Capital Region community. We are finally investing in downtown Albany’s success, upgrading the New York State Museum, and reimagining 787—long-term priorities of mine. As we look to the future, it is crucial that the public and residents are a driving and guiding force in this conversation. Projects that are funded or partially funded by the $400 million will change the face of our Capital City, renewing our collective hopes and visions for the future of our community, which is why it’s so important that we engage every neighborhood and resident throughout this process. I want to thank my legislative colleagues and Governor Hochul for recognizing not just Albany’s historical and economic prowess in this year’s state budget with this investment, but more importantly, our area’s unending potential.”
Assemblymember Gabriella A. Romero said: “I’m honored to have joined Governor Hochul, Empire State Development, my neighbors, and others for the first public workshop on the Downtown Albany Strategy under the CAP Initiative. This critical investment within the one-mile radius of downtown Albany will empower our city to drive sustainable growth, enhance economic vitality, and improve quality of life for all residents. These public workshops provide a vital platform for community input, ensuring that investments reflect local priorities and deliver meaningful impact. I commend Governor Hochul for her $200 million commitment to downtown Albany and look forward to the exciting developments to come!”
Assemblymember John T. McDonald III added: “This investment through the Championing Albany’s Potential initiative reflects a strong commitment to revitalizing our capital city. As I’ve always said, the strength of the Capital Region is tied to the strength of the Capital City. The $150 million investment in the New York State Museum and other cultural experiences in the City will bring new life to the surrounding downtown neighborhoods. I’m proud to support this effort and I commend Governor Hochul for her leadership. I encourage all residents to get involved and help shape the future of Albany.”
Albany County Executive Daniel P. McCoy remarked: “I would once again like to thank Governor Hochul for this historic investment into downtown Albany. This funding has the potential to bring real, lasting improvements and it is important that public input is at the heart of this process. This first meeting is only the beginning. I encourage every resident, business owner, and stakeholder to be part of this journey.”
Albany Mayor Kathy Sheehan stated: “In government, we are lucky when funding is made available for programs and initiatives that last for a few years, but it is extremely rare that an opportunity comes to reshape a city for generations. It cannot be overstated how monumental the CAP Initiative is for the City of Albany. Because of the partnership and extraordinary leadership of Governor Hochul, we have an opportunity to write the next great chapter in our city’s history. The days of old Albany — of passing over investment and New York State shaping our neighborhoods without public input — are over. Thanks to Governor Hochul, we are seeing the beginning of a new day in this city, and I am extremely excited and optimistic about the future of New York’s Capital.”
