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Hochul awards first $18.6M of the $400M Albany "CAP" plan to ten downtown projects; Liberty Park redevelopment goes to Columbia Development and Galesi Group

One year after the first CAP public workshop, Hochul announced the first ten awards from the $200M Downtown Albany Strategy pool: $18.6M in grants leveraging ~$97.5M in other investment for nearly 300 housing units, mostly office-to-residential conversions (largest: $6.5M to Jankow Companies to convert 54 State Street into 120 apartments; $4M to Redburn for Union Station with 50 workforce units). ESD is also committing up to $20M for streetscapes and $1M for a small-business facade fund, and Capitalize Albany selected Columbia Development and Galesi Group to master-plan the eight-acre Liberty Park district, with terms still to be negotiated. The office says commitments to date total up to $80M of the $200M. A separate $25M OGS "Reconnect the Empire State Plaza" report was released alongside. Note: the Galesi Group and Columbia Development are prominent Capital Region developers; we have not checked their campaign-donor history this run.

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Source: Governor's office · Sep 2, 2026 · Credibility Tier 1 · Permalink https://reviewhochul.com/news/hochul-cap-albany-first-awards-liberty-park-2026-09-01

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