Capitalize Albany wants to oversee redevelopment of eight acres of commercial land in downtown Albany.
The Albany Convention Center Authority's board has agreed to sign a memorandum of understanding with Capitalize Albany, so Capitalize Albany can conduct research before the end of the year to determine if it wants to acquire the so-called "Liberty Park" parcel that includes the old Adirondack Trailways bus station. Capitalize Albany President Sarah Reginelli: “So that property is incredibly important to the future of downtown and to the region.”
The move follows last month's release of an Empire State Development study envisioning various retail, residential and entertainment projects in a multi-year renovation of the site. Capitalize Albany has already submitted grant applications to ESD to fund the project.
