TACTICAL REVITALIZATION PLAN FOR DOWNTOWN ALBANY NY

Section 2
• Quality of life indicators (to be determined with Capitalize Albany);
• Needed to Play / Needed to Win analysis.
Understand Downtown Albany/Warehouse District as a Market Opportunity and as a
Destination Product
The NBBJ team thinks it’s important to view a revitalization agenda through two lenses. The
first lens is as an investment proposition for developers and other real estate asset owners.
The second is as a “product” that is competing in a number of markets for consumer spending,
residents, tourists, traveling productions, business location or other types of activities. The
two perspectives are clearly iterative. But by keeping the two perspectives separate it allows
for understanding of the different dynamics and where short term investments may get better
leverage to facilitate a virtuous cycle of regeneration between the two dynamics.
As a Market Opportunity for Developers and Investors
• For developers and investors, understanding the economics and the rules are a
fundamental building block that guides decisions to allocate capital. The NBBJ team
proposes to create a comprehensive review to:
• Complete review of existing market studies (commercial, retail, hotel, industrial) with
appropriate updating where necessary depending on whether there have been any
fundamental changes that redirect the trends and performance indicators in the future;
• Develop base pro formas to test economic viability thresholds for different development
types and how that compares to the existing regulatory framework;
• Understand financial incentives and financing options to offset any development financing
gaps that would be revealed through the base pro forma analysis;
• Analyze current impediments to mixed-use, commercial, office and retail development
including zoning and land-use regulations, economic gaps and threats from regional
submarket.
As a Destination Product for Residents, Workers, Companies, and Consumers
NBBJ proposes to blend elements of product design techniques to understand the market
potential for Downtown Albany. A critical element of any product design technique is a learning
and listening program that is actively engaged with the customers and potential customers of
a product or service. The NBBJ team has modified this approach so that is serves multiple
objectives: active engagement with critical stakeholders, providing a platform for evangelists
and champions, active listening and learning from those on-the-ground, build the brand and
identity internally.
In addition to the typical pattern of interviews and discussion groups, the team will utilize the
following techniques to understand the distinctiveness of Albany.