2026 ANNUAL REPORT
FROM THE EXECUTIVE DIRECTOR
It is with pride that I look back at the past 30 years since the creation of the Downtown Albany Business Improvement District (BID), more than half of which I served at the helm. The foresight that Mayor Jennings and Jim DiNapoli had in 1996 to explore this incredible economic development tool and form the BID set the stage for three decades of transformation in the heart of our capital city. Since then, downtown Albany has experienced significant investment. In 1997, Governor Pataki launched the Albany Plan, committing to bring thousands of state employees Downtown, which led to the construction of three large-scale state buildings, providing over one million square feet of office space in our central business district. That public investment spurred the construction of three commercial office buildings, four hotels, and several high-end restaurants. Those private developments, coupled with our world-class entertainment venues, attracted young professionals to live in our walkable Downtown. To meet that demand, over the past 15 years, one million square feet of underutilized or vacant office space has been converted into 1,000 apartments. Residential success has spurred another 299 units in construction, or about to begin, and several hundred in development. Such investments have driven the need for additional public amenities, including our two connection points to the Hudson River—the Hudson Riverway Pedestrian Bridge and the Albany Skyway—the construction of the Olde English Dog Park, and our latest park and event space, Clinton Market Collective. All these additions have turned our traditional 9-to-5 central business district into Albany’s newest neighborhood. And now, with Governor Hochul’s $400 million Championing Albany’s Potential (CAP) initiative underway, with several projects recently announced, there is more growth ahead, shaping Downtown’s next decade and beyond. With 30 years of growth behind us, I am excited for this next round of investments and how they will transform our District even further. Sincerely, Georgette Steffens Executive Director Downtown Albany BID
BOARD OF DIRECTORS Neil McGreevy President Jim Hart Vice President Josh Wainman Treasurer Amanda Rózsavölgyi Secretary Hon. Dr. Dorcey Applyrs Nicola Coleman Ahil Dawoodani Ruth Kassel Angelo Maddox Hon. Daniel P. McCoy Benn McDonald Cameron Z. Sagan Adam Sanders Hon. Darius Shahinfar Nate Sims Joshua Turo Frank Zeoli
Downtown Albany BID to the Core Thirty years ago, property and business owners came together to fund a summer cleanup pilot program. The goal was to showcase the immediate benefits of establishing a Business Improvement District in downtown Albany. Three decades later, maintaining a clean and beautiful District remains one of the BID’s top priorities. In fact, the core principles and mission established all those years ago—to keep Downtown clean, safe, attractive, and vibrant—are still at the forefront of our efforts today. We owe this commitment to the original task force that recognized the need to invest in the future of our District and establish our Organization. Led by Jim DiNapoli, Chair of the Downtown Management Task Force, and the Capitalize Albany Committee, Mayor Jennings’ Economic Development Advisory Committee, this initiative brought together business and property owners to create the Downtown Albany Business Improvement District to serve as an economic development tool and supplement city services. After a year of public meetings and strategic planning, the Downtown Albany BID was officially formed in early 1996. The mission of the Downtown Albany Business Improvement District is to restore, promote, and maintain the character and viability of downtown Albany while enhancing the quality of life and overall image for residents, workers, and visitors in the Capital City. Through business support, events and marketing, beautification efforts, and clean & safe initiatives, the BID continues to play a vital role in the growth and future of Downtown. Here’s to another 30 years of growth while staying true to the BID’s mission!
Public Investment Drives Private Development Downtown Albany has experienced tremendous investment starting with the Albany Plan, a $235 million, multi-year economic revitalization and state office modernization initiative launched in 1997 by former Governor George Pataki. The program boosted the Capital Region’s local economy by relocating thousands of state workers from suburban and isolated campuses
back into downtown Albany. This strategic investment brought about the construction of three new state office buildings: Dormitory Authority of New York State, New York State Comptroller’s Building, and New York State Department of Environmental Conservation. Those public office projects spurred the construction of new office buildings and renovation of existing
The Next 30 Years
buildings into three Class A private office spaces: 677 Broadway, 40 Beaver Street, and 50 Beaver Street. New office buildings brought thousands of employees, which created the need for more parking structures: Quakenbush Garage, the NYS DEC Garage, and the NYS Comptroller Office Garage.
In 2025, Governor Hochul announced a $400 million investment to revitalize downtown Albany through the Championing Albany’s Potential Initiative (CAP). Most recently, the Governor announced $18M in projects—leveraging $100M in private and public investments—nearly 300 units of housing, and the redevelopment of the 7-acre Liberty Park site. With these advancements, the District will experience its largest growth since 1997.
$13.5M
$8M
$25M
$62.5M
$3M
$28M
$83M
$5M
Dormitory Authority of New York State
Wellington Row
677 Broadway
40 Beaver Street
180,000 sq ft, 12-story, Class A office building
Quackenbush Garage
New York State Comptroller’s Building
50 Beaver Street
Saved the Berkshire Hotel facade and built a five-story mixed-use space, including the renovation of the former Elks Lodge offices into corporate offices
New York State Department of Environmental Conservation
180,000 sq ft public office building
Transformation of a 1920s historic publishing warehouse into a 28,000 sq ft Class A office building
440,000 sq ft office building
900-space public garage
15-story public office building
Albany Central Business District Office Vacancies Percentages per year
Downtown Albany BID | 2026 Annual Report
Infill construction of a 50,000 sq ft office building
13.00
15.10
13.20
18.00
10.30
11.50
8.90
8.80
10.00
12.90
13.40
10.70
12.70
15.20
17.00
21.30
23.60
23.70
24.80
19.80
21.50
17.50
16.60
15.00
12.20
11.30
12.20
13.80
14.80
15.20
13.5
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Vacancies due to 2009 recession, rebounded with strong residential conversions.
2005 677 Broadway opened, Downtown’s first new Class A building in decades
New York State Department of Environmental Conservation opened
2007 Luxury on Pearl, Downtown’s first residential conversion project, opened with six new apartments above Jonathan’s Pizza
1998
2002
Downtown Albany Business Improvement District created
Dormitory Authority of the State of New York headquarters opened
Hudson Riverway Pedestrian Bridge opened, reconnecting Downtown to our riverfront
2011 17 Chapel, Downtown’s first condominium project, opened with 24 customdesigned luxury condos.
2012
2001
The Monroe Apartments opened— Downtown’s first large-scale residential conversion project
2015 DeWitt Clinton Hotel converted into the 203-room Renaissance Albany Hotel Renovation of historic Wellington Row on State Street completed
2019 2017 Albany Capital Center, a state-of-the-art 53,000 square foot convention center, opened Olde English Dog Park opened
The Knick opened with 132 marketrate apartments
2020 Abraxas at 90 State became Downtown’s largest conversion project to date with 163 units
2021 Empire Live relocated to downtown Albany
2024 Clinton Market Collective, a vibrant outdoor destination, opened
2007
74 State, now the Fairfield Inn & Suites Albany Downtown, opened with 74 rooms
2022 1997 Governor Pataki launched the Albany Plan, bringing thousands of state employees Downtown
2000
2000
New York State Comptroller’s Office opened
Renovation of 40 Beaver and new infill construction at 50 Beaver for commercial office completed
2002 Albany Riverfront Park opened with new Jennings Landing amphitheater Quackenbush Garage, a 900-space public garage, opened
2005
BID hosted first Sculpture in the Streets free public art exhibit Hampton Inn & Suites Downtown Albany opened
2016
2010
First PearlPalooza music festival held on Pearl Street
“Bluebirds” mural by Michael Conlin took flight as the first Capital Walls mural project at Quackenbush Garage
Albany Skyway opened, the repurposing of an underutilized highway ramp to a pedestrian walkway from Downtown to the Hudson River
2023 Hyatt Place Albany/Downtown opened
2025 2025
Expansion of the Albany Capital Center began at 126 State Street
Governor Hochul launched Championing Albany’s Potential (CAP) Initiative, investing $400 million to revitalize the downtown core of Albany
Welcoming More to the Core $16M
$78M
Hampton Inn & Suites Downtown Albany
Albany Capital Center
Construction of a new 165-room hotel completed in 2005
$11M
Downtown Albany Living on the Rise
Conversion to a 75-room hotel completed in 2015
Looking Ahead Another 299 residential units are under construction, or will be, and an additional 450 are in development. Demand for living space in Downtown remains strong, with many apartments already rented before construction is even completed.
Photo: Albany Convention Center Authority
Downtown is Albany’s newest neighborhood, hitting 1,000 residential units in 2024. Converting vacant or underutilized buildings into residential living space began in earnest in 2007 with the upper floors of the former Jonathan’s Pizza at 31 N Pearl Street. This resulted in six new apartments and spurred additional residential growth above commercial spaces throughout Downtown. In 2011, Downtown’s first condominium complex was built at 17 Chapel Street. The conversion of a car dealership into 24 luxury condos, with pricing from $300k to $800k, truly signified that housing in the central business district wasn’t just a fad but here to stay. The residential conversion of two former printing company buildings —The Monroe Apartments and The Knick—were the first large-scale residential conversion
Fairfield Inn & Suites Albany Downtown
projects in Downtown. The Monroe, a 44-unit, $7 million project, was completed in 2012. The Knick followed, with 132 apartments in 2019, totaling $21 million. Both projects proved the demand and financial viability of Downtown housing in our capital city, paving the way for multiple residential projects. Since the early aughts, 1.1 million square feet of vacant or underutilized Class C space has been converted, bringing approximately 1,100 new residents to downtown Albany. These residential conversions saw, on average, a 166% increase in property value.
Downtown Albany continues to be a destination for both business and leisure travel. An estimated 1.2 million unique visitors annually enjoy our historic architecture, premier entertainment venues, unique public art, and world class cuisine. Increased business tourism and leisure travel throughout the last three decades have led to investments in venues and hotels to attract and meet the demands of visitors in our District.
$40M Renaissance Albany Hotel Historic conversion to a 203-room hotel completed in 2015
84,000 square foot convention center completed in 2017
$55M Albany Capital Center Expansion Combines historic renovation and new construction to create meeting and ballroom space, an outdoor event courtyard, and is expected to be completed in 2027
Downtown Albany BID | 2026 Annual Report
$6.15M Hudson Riverway Pedestrian Bridge Pedestrian bridge, spanning from I-787 to the river, completed in 2002
$15M
$3.56M
Albany Skyway
Clinton Market Collective
Elevated, linear park reconnecting Downtown to the river through the conversion of an underutilized exit ramp, completed in 2022
$9M Jennings Landing 1,000-seat riverfront amphitheater and park enhancements, completed in 2002
Downtown Albany BID | 2026 Annual Report
$60K Olde English Dog Park An underutilized park transformed into a 15,000 sq ft gated green space, completed in 2017
Converted an underutilized park into a public market space that hosts diverse pop-up retail shops, and signature events, completed in 2024
Growing Downtown Energy
$250K William Street An alleyway connecting Downtown’s two largest entertainment venues, revamped with a 150-foot linear mural and colorful street furniture, completed in 2022
Public Art Events
Photo: Discover Albany
Parks and Public Spaces Bloom
Although urban in nature, Albany proudly borders the majestic Hudson River and boasts numerous public parks. Over the past several years, we have prioritized reconnecting to our waterfront, as well as creating vibrant community spaces for all to enjoy. With a growing residential population and an upcoming surge of housing units, these public spaces will serve an important role in our ecosystem, providing places to relax, entertain, and explore.
Since the BID’s inception, we have grown from 4 signature events to more than 50 annually. They range from 100 costumed canines and their owners trick-or-treating throughout Downtown at Hounds of Halloween to 5,000+ people rocking out to a lineup of locally and nationally recognized acts at the PearlPalooza music festival. These events play a crucial role in strengthening our community, boosting our local economy, and celebrating our shared heritage. BID events attract tens of thousands of visitors and increase foot traffic to local businesses, restaurants, and hotels each year.
For two decades, the BID has curated free art exhibits throughout Downtown. In 2007, we launched Sculpture in the Streets, which brought artwork by nationally renowned kinetic sculptor George Rickey and bronze statue artist J. Seward Johnson to our neighborhood, as well as oversized Dutch clogs, painted pianos, and the famous Nipper sculpture. The BID partnered with Albany Center Gallery on three largescale outdoor murals as well as guided mural and history tours. These projects transformed shared spaces into vibrant cultural hubs, helped build community identity, fostered pride, and drove local economic growth.
2026 Jim DiNapoli Award
Fort Orange General Store
Ruth Mahoney, NBT Bank
Since taking over the Fort Orange General Store two years ago, Erica Cubello and her husband, Joe Slichko, have become passionate advocates for downtown Albany. Erica and Joe have expanded their selection of Albany-inspired gifts while prioritizing products from local makers and minority-owned businesses. Customer feedback shapes what ends up on their shelves, leading to popular additions like a Nipper plushy and soaps and lotions inspired by Albany’s Dutch heritage. Beyond retail, the couple uses storytelling to celebrate Downtown. Their podcast, Small Business, Big Life: Inside Fort Orange General Store, explores entrepreneurship and community, while Erica’s Walk Albany With Us social media series invites people to rediscover what makes downtown Albany special. In 2025, the business became the premier sponsor of the Downtown Albany BID’s Downtown is Pawsome initiative and has continued supporting BID events. They have also collaborated with neighboring businesses to strengthen South Broadway and promote the emerging “SoBro” identity. “I see so much potential in our city, around every corner,” Cubello said. For their unwavering commitment to championing Albany and engaging with the community, Erica Cubello and Joe Slichko are the recipients of the 2026 Downtown Luminary Award.
When NBT Bank opened its Eastern New York Regional Headquarters at 677 Broadway in downtown Albany in 2025, the move represented a significant investment in the city’s future. The bank relocated 40 employees from its Colonie office to a newly renovated floor of the Class A office building, bringing modern workspaces and a growing corporate presence to Downtown. The decision was led by Executive Vice President and President of Wealth Management Ruth Mahoney, a longtime champion of downtown Albany who began her banking career in the city in the early 1990s. After more than 30 years working in and around Albany, Mahoney has witnessed Downtown’s transformation firsthand. As co-chair of the Capital Region Economic Development Council, she continues to champion investment and collaboration throughout the region, including Governor Kathy Hochul’s $400 million Championing Albany’s Potential (CAP) initiative. “I’ve always believed that strong downtowns are essential for strong communities,” she said. “Downtown Albany serves as the economic, government, and cultural center of our region.” For her longstanding commitment to Downtown and leadership in advancing the Capital Region, Mahoney will be honored with the Downtown Albany BID’s 2026 Jim DiNapoli Award.
2025 Sponsors $5,000+ Albany Mechanical Common Roots Brewing Company Fort Orange General Store Mr. Good Vybz MVP Health Care ParkAlbany Pioneer Pursuit Lending
$2,500—$4,999 Albany Convention Center Authority Curaleaf Emack & Bolio’s Global Partners James & Lena Hart NeoVista Equities Opalka Gallery at Russell Sage College Silver Cannabis
$1,000—$2,499 Capitalize Albany Corporation Country Inn & Suites Citgo Fueling Good Global Partners Prince Fuels Skinny Pancake War Cannon Spirits
$1—$999 Camp Bow Wow Capital Bank Community Bank Henry Bellagnome
2025 IN-KIND SPONSORS Capitalize Albany Corporation City of Albany CompasLife Empire Live Hampton Inn & Suites Albany Downtown Metroland Nine Pin Ciderworks ParkAlbany Pioneer Renaissance Albany Hotel SUNY System Administration The Palace Theatre WEQX
Design: Ruth&Co.
2026 Downtown Luminary Award