Gov. Andrew Cuomo has announced more than $22 million in state funding to support two projects in downtown Albany.
Empire State Development will provide up to $15 million to Capitalize Albany to create a mixed-use neighborhood in Liberty Park, a site formerly selected as the location for Albany’s convention center.
In addition, ESD will also provide up to $7.3 million to Capital District Transit Authority to support construction of its Bus Rapid Transit Line.
Liberty Park redevelopment
Capitalize Albany, a non-profit corporation serving as the City of Albany’s economic development arm, will receive up to $15 million in Upstate Revitalization Initiative funds and ESD grants to initiate the redevelopment of Liberty Park.
The proposed project on the eight-acre site will ultimately create a mixed-use neighborhood in the heart of the capital city, attracting new investment that generates economic growth and encourages sustainable economic development within the site and neighboring communities.
The funding will support the acquisition, demolition, stabilization and renovation of property; infrastructure and public space improvements; design, planning and engineering costs; and early redevelopment expenses, enabling Capitalize Albany to obtain site control and facilitate the planning process for public infrastructure improvements and further private redevelopment.
The proposed redevelopment plan will strengthen existing links to the Hudson River and the Pastures Neighborhood, while promoting a live, work and play environment anchored by walkable streets and greenspace.
CDTA Bus Rapid Transit line
The governor also announced that up to $7.3 million from the Capital Region’s Upstate Revitalization Initiative fund has been awarded to Capital District Transit Authority to support construction of its Bus Rapid Transit Line.
The BusPlus Blue Line will run north-south along the Hudson River and provide faster service and an enhanced travel experience between cities and villages including Albany, Menands, Watervliet, Troy, Cohoes and Waterford.
The project includes building a transit center in downtown Troy as well as components of another line, the BusPlus Purple Line, at the University at Albany’s downtown campus.
Intermodal Center Task Force
In addition, Gov. Cuomo announced the creation of a task force, comprised of state and local stakeholders in economic development and transportation, to study the development of a new intermodal center adjacent to the Liberty Park project site.
The center would act as a hub for CDTA’s Bus Rapid Transit lines and builds on the governor’s investments to improve transportation and connectivity in the Capital Region and redevelopment of the region’s urban cores.
“Growing our downtown communities requires investments that support the creation of vibrant, walkable cities and invite people and businesses to establish roots and flourish,” Gov. Cuomo stated.
“These projects will further that goal by encouraging the redevelopment of an underused property in a prime Downtown Albany location, while also advancing the region’s mass transit opportunities, spurring economic growth for the entire region,” the governor added.