Are Convention Centers Worth the Investment?

Are Convention Centers Worth the Investment?

By Monica Compton, November 8, 2016

ALBANY CAPITAL CENTER
Albany, N.Y.

Venue Stats  Estimated 200 events, attracting up to 150,000 attendees

Economic Impact$36.2 million (in a stabilized year)

What the CVB Says“Albany Capital Center will complete the ability of the capital of New York to offer 160,000 square feet of connected meeting and event facilities to a wide range of event planners. With the region’s emerging profile in science and technology, this addition is key to our success in these and other markets,” says Michele Vennard, president and CEO of Albany County CVB

Renovation Start Date March 2015

Expected Completion March 2017

Makeover Money $67 million

Expansion Details  The new convention center, located steps from the New York State Capitol, will have direct connections via a climate-controlled walkway to the Empire State Plaza, The Egg and Times Union Center. With the ACC as its centerpiece, these spaces will create the Capital Complex, the largest meeting space in upstate New York at 159,000 square feet.

Total Space After Expansion 80,000 square feet

Added AmenitiesState-of-the-art technology, high-speed free internet capabilities, LED lighting, digital signage, 130 parking spaces on-site and 950 adjacent spaces at Times Union Center

ControversyThe project had opposition from its beginnings back in 2004. The projected costs have risen and fallen over the years, and the Great Recession stalled its progress early on. However, even a lack of construction workers in the area isn’t halting the project now. 

Bankrolled ByThe project is funded by New York State and a percentage of the hotel/bev tax.

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