Troy receives $10M as round 5 winner of Downtown Revitalization Initiative


TROY, N.Y. (NEWS10) — Troy was selected as the winner for the fifth round of the Downtown Revitalization Initiative. With a $10 million investment from the state, Gov. Kathy Hochul hopes the Collar City can continue to bring new life to its downtown.

“It’s your vision, it’s not Albany’s vision. It’s the vision of the people who love Troy,” Hochul said. “And with the $10 million—have a great time. I’ll be back for many more ribbon cuttings and groundbreakings.” 

The target of the $10 million will be the Riverwalk District. The impact will benefit the entire city, according to the mayor’s office. In its submission for the DRI, Troy identified around 30 projects from improving transportation to senior housing, and other shovel-ready projects.

“We’re also investing in infrastructure to make sure the streets are good. Quality of life issues means you’re not going over potholes. It’s that simple. People can just walk through and say, ‘Yes the curbs are fixed.’ That’s a sign that a community cares about itself,” explained Hochul.

Troy Mayor Patrick Madden says the money will help the city as it navigates its post-pandemic recovery. The mayor hopes the state’s investment will spur not just new growth but improve upon the city’s infrastructure to make transformational changes for future generations.

As part of the DRI round five, each of the state’s 10 economic development regions is being awarded $20 million, to make for a total state commitment of $200 million in funding and investments. Troy’s DRI will focus on the Riverwalk District, which includes the heart of Downtown Troy’s Historic District.

According to officials, Troy’s Downtown Historic Districts contain a large portion of the city’s arts, cultural, and entertainment resources. They say the area which is compact and walkable includes 1.6 miles of unified riverfront. Troy aims to attract further private investors to create new mixed-use spaces, increase public gathering space, and solve their lack of parking in order to achieve their goal.

“Troy’s historic and walkable riverfront joins the many downtown districts to benefit from New York State’s Downtown Revitalization Initiative,” Lieutenant Governor Benjamin said. “This award will allow the City of Troy to strengthen this district culturally and commercially, as well as supporting an equitable recovery of this urban space from the pandemic.”  

Troy’s goal is to increase the use of public spaces that connects to its urban amenities, to encourage new economic growth around their destination riverfront. Troy will now join the Capital Region’s winners in grants awarded in the first four DRI round cities of Glens Falls Hudson, Albany, and Schenectady.

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