Former downtown Troy Car Dealership Unveiled as Home for Entrepreneurs
March 7th, 2017
TROY, N.Y. >> The Collar City now has a place for fledgling entrepreneurs to begin chasing their dreams with the grand opening of the Troy Innovation Garage on Tuesday morning.
Gramercy Communications founder and CEO Tom Nardacci invested over $1 million into 22-24 4th St., a historic former car dealership, to renovate the 14,000-square-foot space both to house a co-working incubator program and to serve as Gramercy’s permanent home. Less than a year after Nardacci announced his plan in November 2015, Gramercy moved into about 3,800 square feet of space within the two-story building in August 2016.
The Troy Innovation Garage is billed as an entrepreneurial ecosystem specifically aimed at incubating, accelerating, fostering and growing creative economy companies in upstate New York. The garage held a so-called soft opening in October 2016 and already boasts a diverse membership of 65 creative professionals, accounting for more than $4 million in payroll.
The grand opening ceremony included past and present city and state officials, as well as prominent members of the Capital Region business community. The list of guest speakers included Lt. Gov. Kathy Hochul, Rensselaer County Executive Kathleen Jimino, Troy Mayor Patrick Madden, retired Assemblyman Ronald Canestrari, D-Cohoes, retired U.S. Rep. Michael McNulty, D-Green Island, CDTA CEO Carm Basile and National Grid regional executive Laurie Polytnski.
“This new incubator space will provide startups with a creative atmosphere where they can participate in a community of like-minded professionals and nurture their inspiration,” Hochul said.
“Projects like the Troy Innovation Garage are breathing new life into downtown Troy, transforming the area into a vibrant, bustling hub of innovation that will serve as an engine of economic growth for generations to come.”