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Schenectady Strategic Investment Plan Schenectady Strategic Investment Plan CAPITAL REGION REDC December 2020 NEW YORK STATE DOWNTOWN REVITALIZATION INITIATIVE City of Schenectady Downtown Revitalization Initiative December 2020 Local Planning Committee (LPC) Members Gary McCarthy, Co-Chair Mayor - City of Schenectady David Buicko, Co-Chair The Galesi Group Mary D’Alessandro Stockade Neighborhood Mark Eagan Capital Region Chamber Ray Gillen Schenectady County Metroplex Development Authority David Harris Union College Robert Leonard Trustco Steady Moono SUNY Schenectady Phillip Morris Proctors Collaborative Maria Perreca Papa Little Italy Neighborhood Mitchell Ramsey Jay Street Stacey Rowland Rivers Casino & Resort Schenectady Mary Ann Ruscitto East Front Street Neighborhood Association Mike Saccocio City Mission of Schenectady Jim Salengo Downtown Schenectady Improvement Corp Marcy Steiner The Foundation for Ellis Medicine This document was developed by the Schenectady Local Planning Committee as part of the Downtown Revitalization Initiative and was supported by the NYS Department of State and NYS Homes and Community Renewal. The document was prepared by the following Consulting Team: With: • EDR • Ideas and Action • Karp Strategies • Middleton Construction • StreetSense • W-ZHA • Zimmerman/Volk Associates Unless otherwise noted, all images provided in this report were supplied by the Consulting Team, Metroplex Development Authority, or the City of Schenectady. Table of Contents Click on page numbers to jump to section. Foreword Executive Summary.............................................................................. i Section I: Downtown Profile and Assessment................................... 1-1 DRI Area ................................................................................................... 1-3 Recent Planning Efforts ............................................................................ 1-4 Relationship to CREDC Strategies and Priorities ..................................... 1-7 Challenges and Opportunities .................................................................. 1-9 Socio-economic Characteristics ............................................................... 1-10 Physical Characteristics ........................................................................... 1-14 Retail Market Analysis .............................................................................. 1-25 Housing Market Analysis .......................................................................... 1-26 Recent, Ongoing, and Planned Projects .................................................. 1-28 COVID-19 Impacts ................................................................................... 1-33 Section II: Downtown Vision, Goals, & Strategies............................. 2-1 Vision ........................................................................................................ 2-1 Goals and Strategies ................................................................................ 2-2 Section III: Downtown Management & Implementation Strategy...... 3-1 Management and Implementation ............................................................ 3-1 Section IV: Public Involvement............................................................ 4-1 Overview ................................................................................................... 4-1 Public Meeting Summaries ....................................................................... 4-2 LPC Meeting Summaries .......................................................................... 4-6 Section V: Project Profiles................................................................... 5-1 Overview ................................................................................................... 5-1 Map of Projects Recommended for DRI Funding ..................................... 5-3 Table of Projects Recommended for DRI Funding ................................... 5-4 Project Profiles .......................................................................................... 5-7 Projects Recommended for Other Funding .............................................. 5-66 Schenectady Downtown Revitalization Initiative 3 List of Tables and Figures Table Name Page 1 Quick Facts............................................................................................ 1-10 2 Racial and Ethnic Characteristics.......................................................... 1-10 3 Age Composition................................................................................... 1-10 4 Household Characteristics..................................................................... 1-11 5 Housing Data......................................................................................... 1-13 6 Residential Market Draw Area............................................................... 1-26 7 Optimum Market Position...................................................................... 1-26 8 HUD Fair Market Rent (FMR) for Albany-Schenectady-Troy MSA........ 1-27 9 HUD Income Limits, Albany-Schenectady-Troy MSA (FY 2020)............ 1-27 10 Recent, Ongoing, and Planned Projects................................................ 1-29 11 Project Sponsors.................................................................................... 3-5 12 Project Summary Table ......................................................................... 5-4 13 Projects Recommended for Other Funding .......................................... 5-67 Figure Name Page 1 DRI Area Boundary and Context............................................................ 1-2 2 Regional Context.................................................................................... 1-3 3 Walkability in the DRI Area..................................................................... 1-8 4 Employed Population in DRI Area by Industry........................................ 1-11 5 Household Income Comparison............................................................. 1-12 6 Existing Zoning....................................................................................... 1-23 7 Recent, Ongoing, and Planned Projects................................................ 1-28 8 City of Schenectady Monthly Unemployment Rate................................ 1-33 9 Overall DRI Request By Project Type.................................................... 5-1 10 Project Location Map ............................................................................. 5-3 4 Schenectady Downtown Revitalization Initiative Foreword Downtowns define our cities and regions. With their energy and In the first four years of diversity as well as their artistic, cultural and historical assets, the DRI, the State has DRI Round Four vibrant downtowns serve as anchors and catalysts for local and committed $400 million to Communities regional growth. These enduring qualities attract businesses, jobs, invest in downtowns that residents and visitors, and provide the critical infrastructure and are ripe for revitalization • Western New York: Niagara Falls diverse tax base necessary for broader and more inclusive growth. and have the potential • Finger Lakes: Seneca Falls to become magnets for • Central New York: Fulton Despite their tremendous value to our society and economy, redevelopment, business, • Southern Tier: Hornell • Mohawk Valley: Utica downtowns suffered decades of disinvestment, economic decline job creation, greater • North Country: Potsdam and community malaise with the advent of sprawl and de- economic and housing • Capital Region: Schenectady industrialization. But people and businesses once again recognize diversity, and opportunity. • Mid-Hudson: Peekskill and appreciate what downtowns have to offer. And with that, Each year, the Regional • New York City: Staten Island downtowns are beginning to revamp and re-invent themselves, Economic Development • Long Island: Baldwin, Town of in many cases using their proud heritage not as a whimsical look Councils select ten Hempstead backward to a bygone era, but as a catalyst for a brighter future. downtowns to receive $10 Yes, downtowns and cities are on the comeback trail, but obstacles million each to refine a remain and the DRI serves as that critical launch pad. vision and strategy for revitalization and to implement projects that show the greatest potential to improve the economic and social Recognizing both the potential and the challenges of our urban vitality of their downtown areas. The projects realized through DRI centers, Governor Andrew Cuomo launched a major new initiative grant funds in turn catalyze multifold additional investments and in 2016 — the Downtown Revitalization Initiative (DRI). Through the projects, which creates the momentum and progress necessary to DRI, the Governor moved to aggressively accelerate and expand sustain a long-term successful revitalization effort. The excitement the revitalization of downtowns and neighborhood centers to serve and community pride generated by the DRI are clear and palpable. as centers of activity and catalysts for investment in all ten regions of the state. The DRI represents an unprecedented and innovative The ten communities selected in round four of the DRI are plan-to-act strategy that couples strategic planning with immediate confronting a serious challenge—the COVID-19 pandemic. But in implementation. uncertain times, one thing is certain —cities are resilient; they adapt Schenectady Downtown Revitalization Initiative 5 to change, even in a crisis like
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