ALBANY - Gov. Kathy Hochul has announced the first 10 projects backed by $200 million in state funding that's been allocated to try and revitalize the capital city's downtown core.
The projects represent the first significant steps in realizing the ambitious vision for Albany's future that Hochul and Empire State Development, the state's public-private development arm, laid out in February. The 10 specific projects will receive $18.6 million in funding intended to create roughly 300 units of housing and to support nearly $100 million in development.
Capitalize Albany, the city's economic development organization, has also selected two developers to implement a "master plan" for wholesale reconstruction of the blighted eight-acre section of land known as Liberty Park, which surrounds the downtown Greyhound Bus Terminal. According to the governor's office, Galesi Group and Columbia Development will carry out a three-phase plan which will include new office space, housing, "programmable creative space (and) experiential retail."
The state has set aside $40 million to redevelop the site and the governor's announcement says Capitalize Albany and the state will finalize the project's terms "over the coming months." It would be a dramatic change for a section of Albany known derisively as the "Parking Lot District," and would include "a pedestrian walkway connected to a community green space."
The largest single award in the first batch of grants is $6.5 million for the Jankow Companies to assist in the redevelopment of two interconnected office towers at 30 S. Pearl St. and 54 State St. The firm purchased the Omni Plaza this year for $10.1 million. Though the buildings have several well-known tenants, the Times Union reported in April that they were less than 60% occupied. The company plans to turn 54 State St. into a 120-unit apartment building and significantly renovate the office space at the 30 S. Pearl St. building.
The governor's office says the cost of that project is estimated at $45 million.
Though Capitalize Albany did not select a plan from Redburn Development Partners to develop Liberty Square - even after principal Jeff Buell dropped a proposed minor league soccer stadium from the proposal - the firm was selected to receive grants of nearly $6 million. That includes $4 million for Redburn's Union Station project. The announcement says that development will yield 50 apartments, a bar and restaurant, and will feature projection mapping on the exterior of the building "transforming it into a living art installation that illuminates the skyline."
Both the Union Station project and Omni Plaza development received millions of dollars in tax breaks from the city's Industrial Development Agency earlier this year.
Two Redburn projects on Columbia Street and North Pearl Street will receive $1.5 million and $250,000, respectively, the announcement says.
The governor's announcement also contained grants to two nonprofits. The Historic Albany Foundation will receive $150,000 to support the multimillion-dollar renovation of the Van Ostrande-Radliff House, the city's oldest building. The building at 48 Hudson Ave., constructed in 1728, will be getting a new sewer connection, among other upgrades.
Planners have said they hope the $200 million will lead to over $500 million in downtown development over the next decade. Its target is $3 in private investment for every $1 in public funds spent on the effort, a target it appears to meet based on the figures provided in the governor's office.
In Our Own Voices, Inc., is slated to get $850,000 for a facility the group is calling an "LGBTQ Community Empowerment Equity Hub." The governor's office says it will house four affordable transitional housing units and several types of gathering spaces.
Hochul's announcement also includes commitments of up to $20 million in city streetscape enhancements in the central business district, an area which includes Washington Avenue starting at S. Swan Street east to Eagle Street; Eagle Street between Elk Street and Howard Street; State Street between Eagle Street and Broadway; Pearl Street between Pine Street and Market Street; Broadway between Pine Street and Division Street.
The awards announced Tuesday represent $80 million of the $200 million set aside for redeveloping downtown Albany, which is part of the $400 million Championing Albany's Potential initiative, designed to drive long-term growth in the city.
The announcement also highlighted a report by the state Office of General Services on the Empire State Plaza and efforts to better integrate the complex into the city's overall landscape. The state office will receive $25 million in funds to make the 98-acre complex more accessible. The report calls for a more engaging space on the Corning Tower's observation deck, an expanded visitors center and a "porch" on the west side of the complex that would make its Swan Street entrance more inviting.
The report does not include plans for a bus station anywhere in the complex, a proposal that has been advanced since a county-backed effort to build one on North Pearl Street fizzled earlier this summer.
"Not only are we forging a monumental path forward for Liberty Park, but we are also awarding visionary projects, launching vital tools for downtown businesses and continuing to strengthen Empire State Plaza's connection to Albany's core for residents and visitors of our historic capital city," Hochul said in a statement. "I am thrilled to see so much progress in just one year and can't wait for the next steps for the revitalization of downtown Albany."
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This article originally published at State unveils details on 10 Albany projects getting 'transformative' funds.