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 participants, including local residents and representatives from business, academia, and government. The CAP initiative includes $200 million to support projects aimed at revitalizing commercial corridors, supporting small businesses, encouraging housing growth, and redeveloping underused real estate and open spaces. A new website, downtownalbanystrategy.com, was introduced to provide updates on the planning process and information about 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 is leading this effort in partnership with MIG, a national planning firm specializing in economic development. The Downtown Albany Strategy aims to create a long-term plan for growth through community input and targeted investments within a mile of the State Capitol.
Empire State Development President, CEO and Commissioner Hope Knight 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 announced by Governor Hochul during her 2025 State of the State address before being included in the FY26 State Budget. In addition to strategic investment funds for downtown revitalization projects, up to $150 million has been set aside for improvements at cultural sites such as the New York State Museum; up to $40 million will go toward reconnecting communities separated by Interstate 787; and $1.5 million is allocated for public safety enhancements.
State Senator Pat Fahy commented on the significance of this milestone: “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 added: “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 exciting developments.”
Assemblymember John T. McDonald III stated: “This investment through Championing Albany’s Potential initiative reflects a strong commitment to revitalizing our capital city…The $150 million investment in New York State Museum…will bring new life…I’m proud…and I commend Governor Hochul…I encourage all residents…to help shape…Albany.”
Albany County Executive Daniel P. McCoy said: “I would once again like to thank Governor Hochul for this historic investment into downtown Albany….This first meeting is only beginning….I encourage every resident…to be part of this journey.”
Albany Mayor Kathy Sheehan remarked: “In government,…it is extremely rare that an opportunity comes along reshaping city generations….Because partnership extraordinary leadership Governor Hochul,…we have opportunity write next great chapter….Thanks Governor Hochul,…beginning new day city,…excited optimistic about future New York’s Capital.”
More details about upcoming workshops can be found at esd.ny.gov/cap-initiative or downtownalbanystrategy.com.
