Carol Schatz, who for 20 years has headed the powerful downtown business group Central City Association, announced Friday that she is stepping down from her post later this year.

But Schatz told the Business Journal that she still plans to play an advisory role to the organization and that she will still run the Downtown Center Business Improvement District for at least two more years. She said she hopes to have a successor in place to run the business association by mid-year.

Schatz, 68, joined the Central City Association in 1990 and became chief executive in 1995. She has been one of the driving forces in the revitalization of downtown, helping push through initiatives such as adaptive reuse, through which old commercial buildings have been repurposed as residential projects with ground floor retail.

In 1997, Schatz also became chief executive of the Downtown Center Business Improvement District, which has helped spruce up several downtown neighborhoods.

“I’m a workaholic, and I want to continue my work here downtown,” Schatz said. “But having grown both organizations in stature and size, it’s now like two full-time jobs. I’ve managed to do this for 18 years, but running both organizations is all consuming. Hopefully this allows me to have some sort of life.”

The Business Journal has interviewed Schatz several times, most recently last May.