Downtown Albany Strategy
Downtown Albany Strategy
Downtown Albany Strategy
Downtown Albany Strategy
Downtown Albany Strategy
Downtown Albany Strategy

Downtown Albany Strategy

A Once-in-a-Generation Investment

Albany is a city of promise. As New York State’s capital and a regional hub, Albany has a long history of development and innovation. Yet for too long, Downtown has struggled to thrive. To change this, Governor Kathy Hochul launched the Championing Albany’s Potential (CAP) Initiative—a State-led effort backed by a historic $400 million commitment, including $200 million dedicated to revitalizing the City’s core.

MIG supported Empire State Development (ESD) in delivering the Downtown Albany Strategy (DTAS)—a blueprint that focuses investments, aligns partners, and converts community priorities into visible, measurable outcomes. Developed with urgency from Summer 2025 through Early Winter 2026, DTAS positions Downtown Albany as a regional hub for housing, innovation, and inclusive growth. Shaping the Strategy involved extensive engagement with thousands of residents, workers, students, business owners, and community leaders—delivering a clear, consistent message: Downtown Albany matters, and the community wants tangible progress.

DTAS sets six growth targets through 2035, including:

  • Tripling the Downtown core residential base to 3,500 by 2035
  • Adding 1,500 jobs in five years and 3,000 in 10 years
  • Reaching five million annual visitors and 150+ event days
  • Leveraging $3 private investment for every $1 of CAP funding
  • Advancing three catalytic sites into construction within three years
  • Improving positive safety ratings by 15%

Implementation is organized through three funds: a $120M Transformative Projects Fund, $40M Housing Investment Fund, and $40M Community Investment Fund—all designed to unlock catalytic development and strengthen Downtown’s everyday experience.

Work