News
November 19, 2015Transformative Creative Economy Project Unveiled in Downtown Troy
Troy-based entrepreneur Tom Nardacci announced today plans for the launch of the Troy Innovation Garage (“The Garage”) to be located in a 13,000-square-foot commercial building at 22-24 4th Street. Troy Innovation Garage will be an entrepreneurial ecosystem specifically aimed at incubating, accelerating, fostering and growing creative economy companies in Upstate New York.
Nardacci also announced his intentions to move his expanding public relations, marketing and public affairs firm, Gramercy Communications, into a permanent home in the building. Gramercy will play a direct role supporting The Garage and its members. Nardacci said the total project budget for the two-story building is more than $1 million, which includes purchase, complete renovation, fit-up and space programming.
“I am proud to be a part of the continued growth and success of the Capital Region business community, and also to help pave the way for the next crop of game-changing companies to leave their mark in Upstate New York,” said Nardacci. “It is my firm belief that The Garage will help the creative business leaders of tomorrow succeed, our community continue its renaissance story and our clients to be even better served by Gramercy.”
The Troy Innovation Garage will be buoyed by Gramercy Communications, one of Upstate New York’s foremost strategic communications companies, whose client roster includes Fortune 500 firms, members of the Forbes 400 list, statewide and regional businesses and organizations and a variety of start-up enterprises that represent over $5 billion of economic activity in New York State.
The Garage is the first creative incubator in the State of New York. The project differentiates itself from other incubators and accelerators with its focus on the creative economy, as well as the involvement of Gramercy Communications.
Gramercy’s integral role in the development of downtown Troy makes it a perfect habitat for the Troy Innovation Garage. Nardacci said Gramercy Communications plans to commit $250,000 worth of services and cash investment to between five and 10 Garagetenants that are accepted into a Residency Accelerator Program over the first five years.
“Gramercy Communications is staffed by experts in the fields of public relations, marketing and public affairs, and they will serve as invaluable resources for the tenants of the Troy Innovation Garage,” said Nardacci. “This on-site support makes this project truly unique, and makes for unlimited potential for collaboration. I look forward to working hand-in-hand with the Capital Region’s up-and-coming creative minds, and helping them let their ideas run free.”
“Gramercy Communications has experienced steady growth throughout our 10 years in business, and we have our clients, supporters and dedicated team to thank for our successes,” said Jake Dumesnil, Managing Partner of Gramercy Communications. “We have outgrown our existing space yet again. We are excited to be a driving force behind the Troy Innovation Garage and think this initiative demonstrates Gramercy’s passion for effecting positive change and commitment to enhancing creative business opportunities in Upstate New York.”
The Regional Alliance for a Creative Economy identified the need to “Create an Enabling Environment” as a top priority in its 2014 study, “Leveraging Regional Assets for a Vibrant Future.” Creation of “enabling environments” such as the Troy Innovation Garageis a priority to grow an industry that currently employs 30,000 people across the Capital Region.
Nardacci, who is also former President of the Troy Downtown Business Improvement District Board of Directors, said he hopes his $1 million investment on one of downtown’s busiest thoroughfares will attract other private sector investment on a block that has not received any major private sector investment. The 4th street corridor is bookended by Franklin Plaza and Proctor’s Theater.
“Gramercy Communications has been a great asset to the City of Troy and all of Rensselaer County, and I applaud Tom Nardacci and his company for initially investing in Troy and now continuing to grow here with the Troy Innovation Garage,” said Rensselaer County Executive Kathleen Jimino. “Troy has already become a destination for the creative sector, and I believe the Troy Innovation Garage will provide a catalyst to enhance the positive momentum already achieved. As our county motto goes, ‘Life looks good from here,’ and I am confident that this project will help create even more local successes.”
“This is a game-changing investment in the City of Troy,” said Erin Pihlaja, Executive Director of the Troy BID. “Not only will this project provide another badly needed foothold for positive change on the 4th Street corridor, it will provide a support system for entrepreneurs like Tom Nardacci. Ensuring our most creative and innovative assets have the tools to succeed is crucial to continuing the positive progress we’ve made over the past few years, and attracting more residents and businesses to Troy and the Capital Region.”
Gramercy will occupy approximately 4,000 square feet of space in the building, and The Garage will eventually occupy the rest. The Garage will recruit small and growing entrepreneurs in the creative economy, including but not limited to web and graphic designers, app developers, architects, IP lawyers, marketers, writers, photographers and videographers, and will work with start-up ventures to help them incubate or kick off through the residency accelerator program.
In addition to professionally designed office space, equipment and amenities, a connected street level café will offer 24/7 accessibility and a creative lounge environment. Nardacci said he expects that The Garage will directly employ a full-time executive director and two part-time employees. Construction will take eight to 10 months.
Nardacci is in conversations with a number of companies interested in becoming members of the Troy Innovation Garage, including in the areas of photography, video production, social media / blogging and web design / e-commerce.
Nardacci has a full financing commitment for acquisition and construction from Pioneer Savings Bank. Troy-based companies 3tarchitects and Jeff Buell’s Sequence Development are working on the design of the building, and Nardacci expects to start construction in the first quarter of 2016.
