Millions of reasons to believe in Albany
ALBANY—Gov. Kathy Hochul unveiled a $400 million plan in her State of the State last week, which promises to breathe new life into downtown Albany, dog-earring investments aimed at boosting economic growth, enhancing public safety, and upgrading critical infrastructure.
The proposal includes $150 million to renovate and modernize the New York State Museum, creating a more engaging and updated institution. An additional $200 million is allocated for various downtown projects aimed at improving public safety, enhancing quality of life, and upgrading commercial spaces.
Hochul also earmarked $35 million to advance the Reimagining I-787 study, which aims to reconnect Albany’s downtown area with the Hudson River. The project is expected to improve waterfront access and address longstanding infrastructure challenges.
State Sen. Patricia Fahy praised the proposal as a “bold, game-changing vision” that acknowledges Albany’s importance as the state capital and the core of the Capital Region.
“This unprecedented $400 million commitment includes $200 million to uplift and revitalize historic downtown Albany, $150 million to reinvigorate and enhance the exhibits and experience at the New York State Museum after years of advocacy, and targeted funding to address public safety concerns and combat crime that continues to be top of mind for so many of our neighbors,” Fahy said.
She highlighted the significance of the $35 million investment for the Reimagining I-787 study, calling it “a once-in-a-generation infrastructure investment that will create jobs and alter the face of our region for decades to come.”
Private sector optimism
Jeff Buell, a local investor who has worked extensively in downtown Albany, expressed enthusiasm for the governor’s announcement.
“I’m over the moon excited with the prospect of new investment in Albany and thank Governor Hochul for being bold in knowing that as Albany goes, so goes the region,” Buell said.
Buell and his group have privately invested more than $200 million in downtown Albany since 2018. He outlined plans to transform Liberty Park into a thriving, mixed-use neighborhood and expressed hope that the state funding could further these efforts.
“Our group now aims to reinvent Liberty Park into a thriving, engaging neighborhood that blends well with the surrounding community, plays companion to the MVP Arena, and adds an abundance of new housing options in downtown Albany,” Buell said. “We look forward to making our case to the state to access some of this funding and embark on a generational investment.”
Soccer stadium proposal
The announcement coincides with a $300 million proposal by a local investment group to build an 8,000-seat soccer stadium in downtown Albany’s Liberty Park area. The stadium, which could expand to 12,000 seats for non-sporting events, aims to attract an MLS NEXT Pro franchise and generate economic activity in the area.
“Soccer popularity is exploding in the U.S., and with the World Cup coming to the U.S. in 2026, the time has never been brighter to make this a reality,” said Ed Mitzen of Business for Good, a co-investor in the project.
Mitzen emphasized the broader impact of the project, calling it “a catalyst for the reinvention of Albany” and an opportunity to revitalize the city through public-private collaboration.
