Tech Valley Center of Gravity Opens Incubator Facility In Downtown Troy, New York
Through a $550,000 Capital Grant from Round lll of Governor Cuomo’s Regional Economic Development Council Initiative, the tech incubator partnered with Quackenbush Properties to perform $2.75 million in renovations to the Collar City landmark and create a facility large enough to support startup companies, spur job creation, and encourage commercial development throughout the Capital Region.
"Tech Valley Center of Gravity plays a vital role in helping the Capital Region’s tech industry flourish," said Governor Andrew Cuomo. "This new facility inside one of Troy’s most historic buildings will give local startups and entrepreneurs the resources they need to really take off, and I am proud that the state was able to help make this renovation project a reality."
Tech Valley Center of Gravity promotes manufacturing innovation through the use of shared space to grow ideas and inventions. Its membership includes five universities, four high schools, more than 300 entrepreneurs and 40 companies, all of which have supported the creation of more than 250 jobs in the region.
The Capital Region Economic Development Council identified Tech Valley Center of Gravity as a Round III priority project due to its established success and fulfillment of the Council's goal of bringing the region's cities to life by advancing the restoration and use of an historic property, according to the Governor’s Office. With the addition of new members and increased interest from entrepreneurs and startups, Tech Valley Center of Gravity quickly outgrew its former location at 35 Fourth Street in Troy and will now occupy 20,000 square-feet of the 158 year old building for the next ten years.
Empire State Development President/CEO Howard Zemsky said, "Tech Valley Center of Gravity opening a new, larger location is evidence of a fast-growing innovation economy in the Capital Region and will allow the incubator to support even more local entrepreneurs and startups. This project is a prime example of the smart, strategic investments being recommended by the Regional Council – it supports and grows small businesses, creates jobs, and helps to revitalize a downtown area in an Upstate community."
The 50,000-square-foot, four-story Quackenbush building, located at the corner of Broadway and Third Street, was constructed in 1857 and served as a dry-goods store until 1937. The building subsequently housed local businesses before being vacated in 2001.
Approximately 23,148 square-feet of the Quackenbush Building has been designated available and is ready to lease through Hudson Valley Community College's START-UP NY program. START-UP NY offers new and expanding businesses the opportunity to operate tax-free for 10 years on or near eligible university or college campuses in New York State. The new facility will also house Tech Valley Center of Gravity’s THINQubator.
Tech Valley Center of Gravity Chairman Laban Coblentz said, "The Center of Gravity is an embodiment of both Governor Cuomo's visionary economic development initiatives and Troy's gritty up-by-the-bootstraps positive energy. Our success comes from three things: innovation, collaboration, and community."
David Bryce, Owner of Quackenbush Properties said, "The Quackenbush Building has been dormant for more than a decade. Opening it to the community will seed growth that will take unexpected turns and downtown Troy's positive vibe will creep outward. The TVCOG supports that trend and will feed on it. Already TVCOG programs are growing in ways none of us could have foreseen."
Troy Mayor Lou Rosamilia said, "The opening of the Center of Gravity, located in the historic Quackenbush building here in the City of Troy, will act as a catalyst for economic growth, foster creative thinking and solidify our city as the top destination for the region's burgeoning startups and entrepreneurs."
Supply Chain Bottlenecks Creating New “Logistical Hotspots”
The “Great Resignation” Is Impacting Corporate Relocations
Workforce Q4 2021
Changes in the Incentives Landscape
2020 Top States for Doing Business Showcase Their Pro-Business Environments
2021 Gold & Silver Shovel Awards Recognize State and Local Economic Development Efforts
How an International Business Can Enter the U.S. Market Via M&A