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Request For Proposals: Liberty Park Acquisition and Redevelopment  

An 8-Acre Opportunity 

Capitalize Albany Corporation, as property owner and project sponsor, launched a request for proposals (RFP) process on May 28, seeking proposals from qualified real estate developers (“Respondents”) to acquire and undertake the redevelopment of downtown Albany’s Liberty Park site.

This underused and blighted land located in the heart of downtown has long been considered one of the Capital Region’s greatest development opportunities, and 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 nearly 5.5 acres. The available acreage grows to approximately 8 acres when the public right of way and streets are included.

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.  

The release of this RFP marks a pivotal moment and an advantageous time for investment in downtown Albany. Building upon New York State’s track record of investment in the Capital City and Liberty Park specifically, Governor Kathy Hochul’s plan for $400 million to support downtown revitalization efforts is already underway. Informed by a comprehensive study and planning effort being led by 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.

RFP Documents And Details For Respondents

The RFP, drone footage of the site, and related supplemental materials can be found at www.libertyparkredevelopment.com. 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. 

 

 

 

 

Supporting Strategic Neighborhood Plan Implementation

Analyzed in Empire State Development’s 2017 redevelopment feasibility study and prioritized by the Capital Region Economic Development Council’s Capital 20.20 plan released in 2015, Capitalize Albany’s Impact Downtown Albany Strategy, and the Albany 2030 Plan, redevelopment of the approximately 8-acre Liberty Park site is expected to leverage more than $100 million in new investment, assisting in the complete transformation of the immediate surrounding neighborhood and spurring sustainable growth across the Capital Region.

About Capitalize Albany, Downtown Revitalization and Liberty Park

Established in 1979, Capitalize Albany Corporation is a 501(c)(3) not-for-profit corporation and local public authority. Its mission is to facilitate strategic economic development and stimulate transformative investment throughout the City of Albany, making New York’s Capital a vibrant place to thrive.

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 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 — landmark public spaces that have redefined the heart of the Region. This RFP builds on that momentum, inviting new opportunities for innovation and urban growth.

Capitalize Albany’s direct involvement with revitalizing the Liberty Park site began in 2017, executing critical site assemblage over the past seven years. As the local economic development organization, Capitalize Albany Corporation stepped forward following release of ESD’s 2017 feasibility study to facilitate redevelopment of these critical properties, given their tremendous potential for further advancing downtown Albany’s revitalization and strategic alignment with the mission of the Corporation.