Schenectady has been named the winner of the state’s fourth round of the $10 million Downtown Revitalization Initiative for the Capital Region, following Albany, Hudson, and Glens Falls as regional winners.
As in the first three rounds of the DRI, one municipality from each of the state’s 10 regional economic development regions is selected as a $10 million winner, marking another overall state goal to target $100 million in funding and investments to help communities boost their economies by transforming downtowns into vibrant neighborhoods where the next generation of New Yorkers will want to live, work and raise a family.
“With this funding, Schenectady will further enhance its vibrant downtown and transform the Mohawk Harbor into a top regional destination with unique waterfront amenities that will benefit residents and visitors,” Governor Cuomo said. “The Harbor will be more walkable and better connected to the rest of the city, while key developments will fuel economic growth for the local community and the surrounding region. This is only the latest example of how the DRI Initiative has fueled the resurgence of Capital Region communities, allowing them to unleash their full potential.”
The City of Schenectady’s DRI area is anchored by Proctors, one of the Capital Region’s largest arts and entertainment facilities, and extends along Erie Boulevard to the recently revived Mohawk Harbor, encompassing a corridor rich with entertainment, education, office, retail, and residential amenities. In recent years, Schenectady has transformed its downtown district with strategic investments in and around Proctors, expanded its targeted development efforts to the Mill Artisan District on Lower State Street, and spearheaded the development of a waterfront destination at Mohawk Harbor. The City now envisions linking these anchor attractions and will apply the DRI award towards creating a cohesive, dynamic downtown that connects the city core to waterfront amenities.
Schenectady’s fourth-round DRI win entitles the city to receive $10 million in state funding and investments to revitalize its downtown neighborhoods and generate new opportunities for long-term growth. Schenectady now joins the Cities of Glens Falls, Hudson and Albany’s Clinton Square neighborhood, which were the Capital Region’s winners in the first three DRI rounds, respectively.
“The City of Schenectady is thrilled to win the latest round of Governor Cuomo’s Downtown Revitalization Initiative. We have seen an incredible economic transformation in Schenectady over the last several years with new businesses creating jobs, producing new revenue, and supporting the ongoing economic growth of our community. With this new investment we look forward to strategically building upon that vibrant progress while creating new opportunities for people to live, work, and do business in Schenectady,” said Schenectady Mayor Gary McCarthy.
Schenectady will now begin the process of developing a Strategic Investment Plan to revitalize its downtown with up to $300,000 in planning funds from the $10 million DRI grant. A Local Planning Committee made up of municipal representatives, community leaders, and other stakeholders will lead the effort, supported by a team of private sector experts and state planners. The Strategic Investment Plan for downtown Schenectady will examine local assets and opportunities and identify economic development, transportation, housing, and community projects that align with the community’s vision for downtown revitalization and that are poised for implementation. The downtown Schenectady Strategic Investment Plan will guide the investment of DRI grant funds in revitalization projects that will advance the community’s vision for its downtown and that can leverage and expand upon the state’s $10 million investment. Plans for the DRI’s fourth round will be complete in 2020.