November 13, 2021 — Troy, NY — Governor Hochul announced at Franklin Plaza that Troy will receive $10 million in funding as one of the Capital Region winners of the fifth round of the Downtown Revitalization Initiative (DRI).
WHAT IS THE NYS DOWNTOWN REVITALIZATION INITIATIVE (DRI)?
New York State’s Downtown Revitalization Initiative (DRI), a cornerstone of the State’s economic development program, transforms downtown neighborhoods into vibrant centers that offer a high quality of life and are magnets for redevelopment, business, job creation, and economic and housing diversity. These compact, walkable downtowns are a key ingredient to helping New York State rebuild its economy from the effects of the COVID-19 pandemic, as well as to achieving the State’s bold climate goals by promoting the use of public transit and reducing dependence on private vehicles.
The DRI is led by the Department of State. Communities receive support from private sector experts and a team of state agency staff led by the Department of State in close partnership with Empire State Development, and NYS Homes and Community Renewal. Other agencies are also involved in reviewing and implementing projects.
View or read Troy's DRI award annnouncement
TROY'S RIVERWALK DOWNTOWN REVITALIZATION DISTRICT
Troy's DRI will focus on the Riverwalk District, which includes the heart of Downtown Troy's Historic District. The area is compact and walkable, contains a large portion of the city's arts, cultural, and entertainment assets, and includes 1.6 miles of unified riverfront. With significant recent and ongoing investment, including market-rate and affordable housing, new commercial space, and trail and public space improvements, Troy aims to leverage significant private investment to create new mixed-use space, increase public gathering space, and solve their lack of parking in order to achieve their goal of using public spaces and urban amenities to connect economic catalysts, neighborhoods, and innovation centers around their destination riverfront.