December 14, 2022
Albany, NY

Governor Hochul Announces 11 Transformational Projects for Troy as Part of $10 Million Downtown Revitalization Initiative

Governor Hochul Announces 11 Transformational Projects for Troy as Part of $10 Million Downtown Revitalization Initiative

Eleven Downtown Revitalization Projects Enhance Its Vibrant Culture and Arts Scene, Walkability and Connectivity, Housing Opportunities, and Community Services

Renderings of Projects Available Here

Governor Kathy Hochul today announced 11 transformational projects in the City of Troy as part of the $10 million Downtown Revitalization Initiative Award. The awards will enhance the city's vibrant arts and culture scene, improve walkability, provide better housing opportunities, and expand community services.

"Investing in vibrant downtowns allows communities to thrive, and our Downtown Revitalization Initiative in Troy will connect our local partners with the resources they need to succeed," Governor Hochul said. "This funding will not only improve the quality of life for those who live and work in Troy, but also ensure this community remains a gem in the Capital Region for decades to come."

At the heart of Troy's downtown, the compact and walkable Riverwalk DRI District contains a large portion of the city's arts, cultural, and entertainment assets, including over one and a half miles of riverfront. This DRI award will allow the City of Troy to build on prior investment, the authentic charm and do-it-yourself spirit of the Riverfront District, and the growing number of residents, visitors, and entrepreneurs to transform the Riverwalk District into a regional center of innovation and talent, with great public places, thriving small businesses, and arts and entertainment venues. Historic buildings and flexible new spaces will offer options to live, learn, and create, and the expanded Riverwalk will connect neighborhoods and provide a clear pathway for investment in South Troy, North Central Troy, and beyond.

The investments are part of the Governor's ongoing efforts to revitalize the upstate economy and create more opportunities within the Capital Region. The DRI is led by the New York Department of State providing technical assistance as each participating community develops a Strategic Investment Plan identifying specific projects with a unique vision for the revitalization of the downtown area.

The projects to be funded through the DRI support several goals and strategies contained in the community's Strategic Investment Plan, such as enhancing the culture and arts scene; improving streetscape walkability, connectivity and vibrancy; expanding housing opportunities; and increasing community services. The $9.7 million State investment in these projects through the DRI will leverage additional public and private sector investments as the revitalization process proceeds and builds momentum.

The specific projects to be funded through the DRI include:

Enhance the Culture and Arts Scene

Restoring the American Theatre into a Multi-Purpose Arts Venue - DRI Award $500,000

Transform the vacant 1920s-era theater at 285-289 River Street into a cinema, arts, and live music venue hosting 200 events annually. The refurbished theater will bring an estimated 30,000 people to downtown while expanding the cultural and entertainment options in the area.

Improving the Visitor Experience at the Historic Hart Cluett Museum - DRI Award $380,000

Replace the HVAC system to protect the museum's collection and enhance use of the outdoor deck to allow for expansion of museum offerings. This project will ensure the cultural heritage of Troy and Rensselaer County are preserved for future generations.

Expanding the Troy Public Library's Year-Round Capacity - DRI Award $625,000

Add a rooftop mounted mechanical HVAC unit, replace distribution piping, and update interior systems to provide better air quality and cold air in the summer months at 100 Second Street, enabling broader summer programming.

Connecting Downtown through Murals and Public Art - DRI Award $270,000

Revitalize public spaces with public art to build pride and investment and welcome visitors. This project will create multiple public art installations at six locations across the downtown, creating new experiences for the public to engage with Troy.

Improve Streetscape Walkability, Connectivity and Vibrancy

Extending the Marina North Riverwalk - DRI Award: $3,000,000

Extend the Riverwalk Trail by a quarter mile (to Jay St.) and alongside the Hoosick Street Bridge. The Riverwalk Marina North project will provide improved bicycle and pedestrian connections to the North Central and Lansingburgh neighborhoods, extending a trail that will ultimately extend seven miles.

Transforming the Congress Street Gateway into Downtown Troy - DRI Award: $1,000,000

Remove bridge off-ramps and reconstruct the intersection of the bridge and River St to create a throughway that better connects the Core Downtown with South Central and South Troy. With the reorientation of the bridge, additional developable space will be available for future housing development.

Implementing Downtown and Riverwalk Wayfinding and Branding - DRI Award $363,000

Implement the City's plan for branding and activation media. Investing in branding and wayfinding ensures the strategic investments made downtown are visible to a broad audience and maximize their economic impact.

Restoring the Historic Cannon Building - DRI Award $200,000

Restore the exterior of the oldest building on Monument Square at 5 Broadway. Primary revitalization benefits include improved pedestrian mobility on revamped sidewalks and the visual impact of façade improvements on the broader downtown.

Expand Housing Opportunities

Completing the First Phase of Taylor Apartments Redevelopment - DRI Award: $1,600,000

Develop approximately 141 units of permanently affordable apartments and mixed use and community space at 125 River St. at part of the Revitalize Riverside project.

Increase Community Services

Creating a New Public Outdoor Space at the CEO Community Resource Center - DRI Award $262,000

Build a safe outdoor area for community events and services including a covered public pavilion and restroom at 2350 Fifth Avenue. This project will further enhance the newly expanded CEO Community Resource Center, which provides childcare and other family support services to the community.

Building a Net-Zero Greenhouse Job Training Center at Capital Roots - DRI Award: $1,500,000

Construct a net-zero greenhouse facility at 2525 Fifth Avenue to support a job readiness program for long-term unemployed people. The installation of the greenhouse will add job training to the long list of services offered by the Capital Roots Urban Grow Center in North Central Troy.

New York Secretary of State Robert J. Rodriguez said, "As part of the State's economic recovery efforts, this $10 million grant will further grow Troy's historic, vibrant and walkable Riverwalk District. By recognizing the significance of Troy's riverfront and its role as a connector to many of the locally owned small businesses, arts, restaurants, open spaces and affordable housing, the city will continue to grow its cultural, residential and commercial district into an inclusive economic engine for years to come. Congratulations to the city of Troy and I look forward to seeing the completed projects."

Empire State Development President, CEO and Commissioner Hope Knight said, "Historic Troy is experiencing a renaissance due to ongoing investments that have reimagined the city as an arts, cultural, and entertainment hub that centers around its riverfront. The Downtown Revitalization Initiative capitalizes on the city's location on the Hudson River, creating a walkable, dynamic and inviting district that will have improved infrastructure and green spaces, preserve its historic architecture and be a magnet for visitors, residents and businesses."

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "New York's Downtown Revitalization Initiative has provided communities across the state with resources to address local needs and today's awards will accomplish just that and more for everyone who calls Troy home. These 11 projects, including the HCR-financed Taylor Apartments, will build upon Troy's economic momentum and nurture the city's reputation as a culturally rich destination and great place to live."

State Senator Neil Breslin said, "I applaud Governor Hochul for her ongoing commitment to help revitalize the economy in the City of Troy and the entire Capital Region. These 11 projects in the City of Troy build upon our past successes and will help make sure that Troy continues to thrive."

Assemblymember John T. McDonald III said, "The DRI is accomplishing what it has been designed to do which is to inspire growth in designated centers of our communities. The City of Troy working with stakeholders has presented a plan that incorporates the ideas and vision of the community and makes them a reality. This reality will lead to greater success for the City overall and our Capital Region."

City of Troy Mayor Patrick Madden said, "This is terrific news for the City of Troy, and it is a great accomplishment for all of those involved in the process. These DRI funds are an investment not only in our businesses, but they are also a commitment in affordable housing, strengthening connections between our neighborhoods, waterfront connectivity, and in workforce development. We are grateful to Governor Hochul for this investment in our future, and to all who submitted applications and served on the DRI steering committee who vetted and strengthened these proposals. We look forward to the launch of these projects in 2023.

Downtown Revitalization Initiative

New York State's DRI, a cornerstone of its economic development program, transforms downtown neighborhoods into vibrant centers that offer a high quality of life and are magnets for redevelopment, business, job creation, and economic and housing diversity. Led by the Department of State with assistance from Empire State Development, Homes and Community Renewal and NYSERDA, the DRI represents an unprecedented and innovative "plan-then-act" strategy that couples strategic planning with immediate implementation and results in compact, walkable downtowns that are a key ingredient to helping New York State rebuild its economy from the effects of the COVID-19 pandemic, as well as to achieving the State's bold climate goals by promoting the use of public transit and reducing dependence on private vehicles. More information on the DRI is available here.

Contact the Governor’s Press Office

Contact us by phone:

Albany: (518) 474 - 8418
New York City: (212) 681 - 4640


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