diff --git a/CHANGELOG.md b/CHANGELOG.md
index 04e9ea9e8..2237f7fbf 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,14 @@
 
 <!-- insert new changelog below this comment -->
 
+## [0.5.0] - 2026-04-02
+
+### Changed
+
+- Introduces DEVELOPMENT.md (#2069)
+- Update cc-sdd reference to cc-spex in Community Friends (#2007)
+- chore: release 0.4.5, begin 0.4.6.dev0 development (#2064)
+
 ## [0.4.5] - 2026-04-02
 
 ### Changed
diff --git a/pyproject.toml b/pyproject.toml
index 3c476f22c..4eb8b2f97 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [project]
 name = "specify-cli"
-version = "0.4.6.dev0"
+version = "0.5.1.dev0"
 description = "Specify CLI, part of GitHub Spec Kit. A tool to bootstrap your projects for Spec-Driven Development (SDD)."
 requires-python = ">=3.11"
 dependencies = [