BY JOHN CROPLEY, GAZETTE BUSINESS EDITOR

Overhaul and reincarnation of a prominent building at State and Ferry streets is proposed as part of the ongoing revitalization of the lower State Street neighborhood.

The $15 million project hinges on the award of $2.9 million in state funding, however.

The Capital Region Economic Development Council on Wednesday released its list of priority projects in the seventh annual round of the Regional Economic Development Council Initiative, the competitive process by which the state has been handing out development money the last six years.