ALBANY, N.Y. (WNYT)- Governor Kathy Hochul announced a major investment plan to revitalize downtown Albany with hundreds of millions of dollars.

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The plan, part of the state’s Championing Albany’s Potential initiative, allocates $200M to transform the city’s downtown core.

The funds will be divided into $120 million for large-scale development projects and two $40 million funds for housing and community improvements.

The investment will focus on areas near State and Pearl Streets, Liberty Park, Broadway’s Historic Buildings and the Waterfront by the Warehouse District.

The goal is to triple the downtown residential population by 2035, create up to 3,000 jobs over the next decade and attract more private investment.

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Executive Director of the Downtown Albany Business Improvement District, Georgette Steffens, emphasized the importance of funding for public space upgrades.

“The public parks, lighting, streetscape, that money is a little harder to come by. And the governor has prioritized that about creating walkable spaces that are well-lit and so that people feel safe in and walking around in downtown,” she said.

Governor Hochul said she is committed to restoring Albany’s prominence.

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In a statement, she highlighted Albany’s historic significance and her commitment to restoring its prominence.

She said the strategy aims to deliver transformational change, unlock the area’s full potential and build a revitalized downtown for residents, workers and visitors.

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