$15 million awarded for redevelopment of former convention center site
The site formerly chosen for the convention center in downtown Albany, known as Liberty Park, has received state funding for its redevelopment. Governor Andrew Cuomo has announced that Empire State Development (ESD) will provide Capitalize Albany Corporation with up to $15 million for the eight-acre site through Upstate Revitalization Initiative funds and ESD grants. The project 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. A 2017 feasibility study generated two similar concepts identifying large-scale mixed-use developments primarily focused on residential and entertainment uses, with approximately $130 million in development potential.
This 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.
The funding announcement also included $7.3 million in Upstate Revitalization Initiative funds to the Capital District Transit Authority (CDTA) in support of a Bus Rapid Transit Line. In addition, a task force of state and local economic development and transportation stakeholders to study the potential for a new intermodal center, which would act as a hub for CDTA's new Line, on the property adjacent to Liberty Park that would support both projects was announced.
Read the full press release here | Read the Capitalize Albany Corporation blog post here
