A public-private partnership is revitalizing the historic Troy Automobile Exchange building in downtown Troy, which has sat vacant and unused for 30 years. The new Troy Innovation Garage is a co-working space and business incubator that will provide small companies in the Capital Region with a center for business innovation.
The Troy Automobile Exchange was a dealer of Buffalo-built Pierce Arrows with a reputation as one of the best auto dealers in America from 1900-1920. The renovation and branding for the Troy Innovation Garage have taken their inspiration from this part of the building’s rich history.
The Troy Innovation Garage is a partnership between the state, National Grid, Pioneer Bank, Troy Local Development Corporation, and the capital Region Economic Development Council. Total costs were around $1.5 million, with $100,000 coming from an Empire State Development grant from the state and $50,000 Main Street Development grant from National Grid.
Now open with commitments from three-dozen small companies and organizations, the Troy Innovation Garage is well on its way to successfully realizing its vision.
“This new incubator space will provide start-ups with a creative atmosphere where they can participate in a community of like-minded professionals and nurture their inspiration,” Lieutenant Governor Kathy Hochul said in a statement. “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.”
Indeed, Troy is ripe for revitalization. Troy Innovation Garage Founder and CEO Tom Nardacci said in a statement, “The Capital Region, and Troy in particular, is ripe for this type of development, flexible workspaces and a collaborative community, in support of existing and startup creative enterprises and organizations dedicated to social good. Three dozen small companies and organizations moved to Troy Innovation Garage in a few months, which says a lot about the need for flexible workspaces, and the need for entrepreneurs to locate in an environment that provides new social connections as well as business connections. Today we have over $4 million in wages in a building that sat idle for 30 years. None of this would have been possible without our strong partnerships.”