Governor Kathy Hochul initiated the $400 million Championing Albany’s Potential (CAP) Initiative with its first public workshop on August 6, 2025, at the Albany Capital Center, engaging hundreds of Albany residents, businesses, and officials. The CAP initiative, backed by $200 million for strategic downtown revitalization, $150 million for cultural enhancements like the State Museum, $40 million for reconnecting communities divided by Interstate 787, and $1.5 million for public safety, aims to transform Albany’s core through collaborative planning. Led by Empire State Development and MIG, the Downtown Albany Strategy focuses on sustainable economic growth, housing, and vibrant commercial corridors. A new website, downtownalbanystrategy.com, was launched to provide updates and encourage public participation, which is vital for shaping Albany’s future through community-driven investments.
Governor Hochul Kicks Off First Public Workshop for $400 Million ‘Championing Albany’s Potential’ Initiative
Empire State Development and Nationally Recognized Firm Leading Strategic Planning Efforts for Downtown Albany’s Future. Public Workshops and Local Engagement Vital to Gathering Input and Developing Blueprint for Future Investments. New Website Launched for Program Updates: downtownalbanystrategy.com
Governor Kathy Hochul today kicked off the $400 million Championing Albany’s Potential (CAP) Initiative’s first Downtown Albany Strategy public workshop, held at the Albany Capital Center. The workshop welcomed hundreds of participants, including Albany residents and partners from business, academia and government. The CAP initiative includes $200 million in funding to plan and implement projects that reinvigorate commercial corridors, strengthen small businesses, promote housing growth, and revitalize underutilized real estate and open spaces. A new website – downtownalbanystrategy.com — was also unveiled at the public workshop, which will include updates on the Downtown Albany Strategy planning process and dates for future public 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 and MIG, a nationally recognized planning and economic development firm, are leading a collaborative planning effort to revitalize the downtown core of Albany. Today’s public workshop represents the latest step in local engagement to develop a roadmap that focuses on a long-term growth strategy with catalytic projects and strategic investments. The Downtown Albany Strategy, which will be developed through collaborative, public engagement, aims to jumpstart a more diverse economic base and attract and retain more residents, visitors, and businesses by focusing on sustainable improvements to Albany’s core downtown and the surrounding area 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.”
First introduced by Governor Hochul in her 2025 State of the State address, the CAP initiative was enacted as part of the FY26 State Budget. In addition to the $200 million strategic investment, up to $150 million has been allocated to transform cultural experiences in and around Albany’s Downtown such as the State Museum; up to $40 million to advance plans to reconnect communities divided by Interstate 787; and $1.5 million for public safety enhancements.
Public workshops and participation are key to the Downtown Albany Strategy and CAP initiative. More information – including an opportunity to register for updates on the program – can be found at esd.ny.gov/cap-initiative or downtownalbanystrategy.com.
State Senator Pat Fahy said, “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, RPh said, “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 said, “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 said, “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.”
August 6, 2025 Albany, NY
Sources: NY.gov , Big New York news BigNY.com
