November 16, 2021
Governor Kathy Hochul today announced at Franklin Plaza that Troy will receive $10 million in funding as one of the Capital Region winners of the fifth round of the Downtown Revitalization Initiative (DRI). As part of DRI Round 5, each of the state's 10 regional economic development regions are being awarded $20 million, to make for a total state commitment of $200 million in funding and investments to help communities boost their recovery by transforming downtowns into vibrant neighborhoods.
"This $10 million grant will spark new life into Troy's downtown Riverwalk District as part of our economic recovery efforts," Governor Hochul said. "The grassroots strategic vision for this project will ensure that Troy's cultural and economic revitalization is responsive to the needs of the community and will create long-term prosperity."
"Troy's historic and walkable riverfront joins the many downtown districts to benefit from New York State's Downtown Revitalization Initiative," Lieutenant Governor Benjamin said. "This award will allow the City of Troy to strengthen this district culturally and commercially, as well as supporting an equitable recovery of this urban space from the pandemic."
The DRI serves as a cornerstone of the State's economic development policy by transforming downtown neighborhoods into vibrant centers of activity that offer a high quality of life and attract businesses, jobs, and economic and housing diversity. In this round, Governor Hochul doubled funding from $100 million to $200 million and allowed each Regional Economic Development Council to decide whether to nominate two $10 million awardees or one $20 million awardee for transformative downtown redevelopment projects.
Like past DRI rounds, each selected community will develop a strategic plan through a bottom-up, community-based planning process that articulates a vision for the revitalization of its downtown and identifies a list of signature projects that have transformative potential and leverage further private and public investments. DRI funds will then be awarded for selected projects that have the greatest potential to jumpstart revitalization and realize the community's vision.
Troy's DRI will focus on the Riverwalk District, which includes the heart of Downtown Troy's Historic District. The area is compact and walkable, contains a large portion of the city's arts, cultural, and entertainment assets, and includes 1.6 miles of unified riverfront. With significant recent and ongoing investment, including market-rate and affordable housing, new commercial space, and trail and public space improvements, Troy aims to leverage significant private investment to create new mixed-use space, increase public gathering space, and solve their lack of parking in order to achieve their goal of using public spaces and urban amenities to connect economic catalysts, neighborhoods, and innovation centers around their destination riverfront.
To read more about this story, you can visit Governor Hochul Announces Troy as One of the $10 Million Capital Region Winners of Fifth-Round Downtown Revitalization Initiative.
New York Pressroom
November 13, 2021