REQUEST For Proposals Unlocks Landmark Opportunity for Highly Anticipated Redevelopment of the 8-Acre Liberty Park Site in the Heart of Downtown Albany

May 28, 2025

Capitalize Albany Advances Long-Awaited Revitalization of Downtown Albany’s Largest Development Opportunity

The City of Albany’s economic development organization, Capitalize Albany Corporation, beginning today is actively marketing a solicitation seeking proposals from qualified real estate developers to acquire and undertake the redevelopment of downtown Albany’s Liberty Park site through a request for proposals (RFP). For more than a decade, the 8 acres of underused and blighted land in the heart of downtown has been considered one of the Capital Region’s greatest development opportunities.

The release of this RFP marks a pivotal moment and an advantageous time for investment in downtown Albany. Over the past decade, implementation of Capitalize Albany’s Impact Downtown Albany strategic plan has supported more than $385 million in new investment, driving the creation of a new residential neighborhood with more than 1,000 multifamily apartments. The plan’s visionary approach also sparked ideas that ultimately led to transformative projects like the Skyway and Clinton Market Collective — signature public spaces that have redefined the heart of the Region. Liberty Park’s revitalization will mark downtown’s next chapter and  the timing of this RFP builds on unprecedented momentum to take shape in the coming months.

The RFP document, site drone footage and related supplemental materials are available at www.libertyparkredevelopment.com. Responses must be submitted by 3 p.m. on Aug. 26. The RFP will be actively marketed and distributed over a 90-day response period, with extensive outreach supported by CBRE Upstate NY, leveraging its global network.

 “We’re aiming to generate strong interest and a substantial collection of responses to this solicitation. Marketing the site, identifying development opportunities, and evaluating proposals are the three next critical steps in Liberty Park’s revitalization,” said Capitalize Albany Corporation president Ashley Mohl.”

“After more than seven years of strategic site assembly and preparation, this complex but essential undertaking would not have been possible without the support of Empire State Development and the vision and determination of the Albany Convention Center Authority, City of Albany Industrial Development Agency, and Capitalize Albany’s Board of Directors. Now, with this RFP process open and coupled alongside Governor Hochul’s more than $400 million downtown Albany CAP Initiative, this is a rare opportunity to shape one of the Region’s most underutilized landscapes into a hub of economic activity.”

Building upon New York State’s track record of investment in the capital city and Liberty Park specifically, Governor Kathy Hochul’s plan for more than $400 million to support downtown revitalization efforts is already underway. Informed by a comprehensive study and planning effort being led by nationally recognized planning and economic development firm MIG and Empire State Development (ESD), $200 million of this funding is dedicated to driving new investment within a one-mile radius of the Capitol. Activity at the Liberty Park redevelopment site is strategically positioned to potentially tap into this funding.

The 8-acre redevelopment site is generally bounded by Broadway to the East, Hudson Avenue to the North, Liberty and Pruyn Streets to the South and Green Street to the West. The site comprises 54 parcels owned by the Corporation that include 49 parcels of unimproved land and five parcels containing structures totaling 5.479 acres. The available acreage grows to approximately 8 acres when the public right of way and streets are included.

Through the RFP process, the Corporation is seeking truly transformational opportunities for the site’s revitalization. In addition, to the unimproved land noted above that is ripe for opportunity, the subject property includes four existing vacant buildings and one occupied building: 2, 3 and 4 E-Comm Square, the former Trailways bus station at 358 Broadway, and the current Greyhound Bus Terminal at 34 Hamilton Street respectively. 34 Hamilton Street – the Corporation’s most recent acquisition – was successfully acquired in October 2024, expanding the site’s footprint and development potential by another approximately 1.2 acres. Capitalize Albany is currently working with Greyhound on a lease extension while assisting with potential relocation opportunities to support regional transit operations as a whole.

Capitalize Albany Corporation initiated its direct involvement in Liberty Park’s redevelopment in 2017 following ESD’s feasibility study, which highlighted the site’s potential for advancing downtown Albany’s revitalization.

The Albany Convention Center Authority (ACCA) had originally assembled land on the redevelopment site for a convention facility, but when the project footprint was reduced and relocated to leverage the Empire State Plaza, the Egg, and MVP Arena, holding the surplus parcels no longer aligned with its mission.

Recognizing the need for the site’s revitalization and driven by its mission Capitalize Albany stepped in to facilitate redevelopment, with ESD, taking initial action by entering into a Purchase and Sale Agreement with ACCA in December 2017. Over the next seven years, the Corporation carried out a series of strategic acquisitions, securing and gaining control of key properties in 2020 which ACCA had been leasing from a private entity, and finalizing site assemblage in 2023.

Now, with full site control secured and  extensive analysis completed, Capitalize Albany formally invites development proposals. This marks the next critical phase in transforming Liberty Park into a vibrant economic hub for downtown Albany, unlocking new investment opportunities that align with several local, Regional and State strategic revitalization efforts and economic development plans.

Empire State Development President, CEO & Commissioner Hope Knight said, “Governor Hochul recognizes the need to redevelop Albany, committing $400 million to improve the downtown area’s image and overall sense of vibrancy. The move to take next steps with Liberty Park is an important piece of the overall plan. We look forward to seeing the responses to the RFP, which will eventually lead to the transformation of this long -cherished downtown gathering space.”

Albany Mayor Kathy Sheehan said, “It’s another exciting day and step for the City of Albany, as for the first time in decades, we have the opportunity to transform a large parcel of land in the heart of our downtown. With the start of this RFP process, for 8 acres of unused land, we have the prime opportunity to reimagine the future of the Capital City, think creatively of what urban America looks like for its residents and define our future. The pandemic taught us that we need to reimagine our downtowns to get more feet on the street by creating more housing, supporting our small businesses, enhancing public safety, and attracting world-class amenities, and future investments will do just that and more. My sincere thanks to Empire State Development and Capitalize Albany for embracing the moment.”