The Albany region will compete with six other upstate areas to win $500 million dollars, spread over five years, that will go towards economic revitalization in a contest created by Governor Andrew Cuomo. Capitalize Albany Corp., released their program, “Impact Downtown Albany” as a strategic plan to win Cuomo’s competition that will begin this fall.
Impact Downtown Albany is an in-depth strategic plan for the Capital City’s warehouse, waterfront and business districts. The plan was written up last fall after a year long process and was completed before Cuomo’s regional competition was even announced.
Capitalize Albany, Albany’s economic development arm, will facilitate the Impact Downtown Albany initiatives. The corporation is funded by investors made up of both community and businesses leaders in Albany. There is important criteria that any future project must meet to go through Capitalize Albany. Projects must advance job opportunities, health, general prosperity and the economic welfare of the city.
On Capitalize Albany’s website, they feature four special aspects of Albany to highlight in its project. It includes that the city is a great place to both work and play due to its walkability and array of venues, restaurants and bars. The list continues by highlighting its already thriving business community, its variety of educational options and the diverse residential areas.
We can’t wait to see the results of Cuomo’s competition. What do you think about the Impact Downtown Albany initiative?