About Capitalize Albany Corporation

The Capitalize Albany Corporation is a registered 501(c) (3) not-for-profit organization which implements programs and resources that create, retain, and attract business in the City of Albany.

The Capitalize Albany Corporation achieves this through its facilitation of transformational development projects identified as priorities by the corporation’s planning efforts, such as the corporation’s “Capitalize Albany” economic development strategy.

Founded in 1979, as the Albany Local Development Corporation, the organization changed its name in 2009 to better reflect its role as an economic development engine in the capital city. The Capitalize Albany Corporation is governed by a Board of Directors with the power to control and manage the affairs and assets of the corporation.

The Capitalize Albany Corporation operates as a self-sufficient entity with funding for its activities derived from several sources including loan repayments and recapitalization, real estate and project development revenues, fees for services, grant proceeds, and membership dues.

The Mission of the Capitalize Albany Corporation is to facilitate transformational projects that the City of Albany has identified as priorities in pursuit of that mission; Corporation plays a primary role in the implementation of the Capitalize Albany Plan.

The Capitalize Albany Corporation has been an effective collaborator – and has had a tremendous impact on the real estate, business and development community and on neighborhood revitalization.

- Albany Mayor Gerald D. Jennings

November, 1979

The Albany Local Development Corporation was formed

November 1979, the Albany Local Development Corporation was formed to facilitate economic development throughout the City of
Albany. With a modest start of $50,000 in 1979, the ALDC Balance Sheet has grown to over $17 million in assets today.
June, 1980

The ALDC partnered with the City of Albany

The ALDC partnered with the City of Albany to be the agent and recipient of UDAG and Community Development grants:
In the 1980's, the ALDC partnered with the City of Albany to be the agent and recipient of UDAG and Community Development grants: for purchase, stabilization & rehabilitation of properties. Some recipients included: Mansions Rehab., Pastures Redevelopment, Steuben Place & Vulcan Development. This partnership enabled housing opportunities & new office space.
November, 1980

The ALDC held its first Annual Meeting

1980: the ALDC held its first Annual Meeting with 40 members attending.
ALDC now has over 130 members.
May, 1993

Mayor Jennings takes office
October, 1994

Original Capitalize Albany Committee

1994: Original Capitalize Albany Committee convened to form a series of economic development recommendations – ALDC primary
entity to implement
March, 1997

ALDC focuses on the Arts, Businesses & Development:

Throughout the 1990's the ALDC focused on the Arts & Businesses & Development:
1992 ACDA Home Ownership Program fund; 1993 redevelopment efforts along Henry Johnson Blvd.: 1993 finance & development ACES Orange Street Business Incubator; 1993 Albany Molecular Research Inc. small business loan; 1995 Huck Finn's Warehouse small business loan; 1995 Honest Weight Food Co-op small business loan; 1997 ALDC acquires & moves into 21 Lodge Street; 1999 Spectrum 8 Movie Theatre small business expansion
September, 2007

During 2000's the ALDC invested in major capital improvements & property acquisition to enable large-scale infrastructure projec

2001 Capitalize Albany Committee reconvenes; 2002 Pedestrian Bridge opens, "Buy a Brick" campaign; 2003 677 Broadway construction – ALDC owned property; 2004 Palace Theatre restoration; 2006 Wellington Row redevelopment; 2007 ALDC sells former 'Jared Holt Wax factory' site to South End Associates for new construction
April, 2008

In 2008 the ALDC implemented 2007 Capitalize Albany recommendations:

Park South property acquisition; IDA finances $230 million St. Peter’s expansion; Division of Neighborhood Revitalization forms; North Swan Street revitalization; Albany NanoTech announcement
December, 2009

December 2009, ALDC becomes Capitalize Albany Corporation

After 30 years of economic development, the ALDC changed its name to the Capitalize Albany Corporation to better reflect the organization's expanded work and mission.