More than $22 million from the state is heading to downtown Albany. The money will help transform an area once chosen as the site for the Albany Convention Center.
A total of $15 million will be utilized for Liberty Park. Capitalize Albany will be using that money to create a mixed use neighborhood.
The corporation, which serves as the city’s economic development arm, says that money will go towards preparing the site for development.
That includes acquiring properties, stabilizing buildings, planning, and design work. The goal is to get it ready within the next five years, and to get it into the hands of developers.
The remaining $7.3 million will be used by the CDTA to create its bus rapid transit line for the area. In addition, the governor has announced the creation of a task force to look into creating an intermodel center in the location.
“It’s really understanding everything there is to know about this site, and removing barriers to redevelopment. We know there is amazing potential for growth and investment here. It’s really just mitigating the risks of this site to ensure the community can benefit as much as possible from this redevelopment on site,” said Capitalize Albany Corporation President Sarah Reginelli.
Capitalize Albany is hoping to complete the acquisition with the convention center authority by this summer.