New York has awarded more than $18.6 million to 10 downtown Albany projects that are expected to create nearly 300 homes, reuse vacant office space and support historic and community properties.
The awards are the first project grants through the state's $400 million Championing Albany's Potential initiative. Gov. Kathy Hochul also announced $20 million for streetscape improvements and a $1 million small-business fund.
Housing and redevelopment grants
The largest award is $6.5 million to Jankow Companies for a $45 million project that would convert 54 State St. into 120 apartments and renovate offices at 30 South Pearl St.
Gordon Development will receive $3.5 million toward converting a mostly vacant office building at 39 North Pearl St. into 43 apartments with ground-floor retail. The project has an estimated $14.2 million total cost.
Redburn Development Partners was awarded $4 million for Union Station at 575 Broadway. Plans call for 50 workforce apartments, a restaurant and bar, an event and virtual-reality venue, and exterior projection mapping.
Redburn also received $1.5 million to convert underused parking space at Kennedy Garage into 37 apartments and $250,000 for six apartments and restaurant tenant work at 61 North Pearl St.
Other housing awards include $500,000 for 14 workforce units at 927 Broadway, $775,000 for about 12 apartments at 84 North Pearl St. and $600,000 for nine apartments at 5 Clinton Square.
Community projects and public space
The Historic Albany Foundation will receive $150,000 for utility, accessibility and exterior work at the Van Ostrande-Radliff House. In Our Own Voices was awarded $850,000 for an LGBTQ community hub with four transitional housing units, a food pantry, youth space, classrooms and business incubator suites.
The state said the 10 grants will leverage nearly $97.5 million in other public and private investment. They are part of a $200 million downtown strategy divided among transformative projects, housing and community investments.
Empire State Development is committing up to $20 million for locally sponsored streetscape and public-space work in the central business district. The planned area includes sections of Washington Avenue, Eagle, State, Pearl and Broadway.
The separate $1 million small-business fund will support facade work, retail buildouts and equipment in designated investment areas. Awards will require matching money from recipients.
Liberty Park and Empire State Plaza
Capitalize Albany selected Columbia Development and Galesi Group to plan a mixed-use redevelopment of the eight-acre Liberty Park district. The proposal has three phases with housing, offices, creative space, retail, parking, green space and a pedestrian walkway.
The development team will negotiate final terms with Capitalize Albany and the state. Up to $40 million in Empire State Development funding had been reserved for the district under the broader initiative.
The state also released a plan to reconnect Empire State Plaza with surrounding neighborhoods. Backed by $25 million, the report recommends traffic calming, added green space on South Swan Street, clearer navigation, an expanded visitor center and better links between the concourse and plaza levels.
Hochul said the projects reflect priorities gathered from residents, workers, students and business owners. Local officials praised the housing conversions and public-space work, though several projects still require design, financing, approvals or final development agreements before construction.
The grants and other commitments announced Tuesday account for up to $80 million of the $200 million downtown portion of the Albany initiative.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to news@fingerlakes1.com.