It is part of our mission to utilize Troy's architectural treasures in our efforts to redevelop and revitalize the city. Fama, Michael Wacholder, director of the Rensselaer Technology Park, and Kevin O'Bryan, vice president of the Troy Savings Bank, brainstormed to find a way to save the Rice Building. They combined into a nonprofit entity called Rice Building Incorporated with the goal of turning the building into a new second-stage incubator center for growing businesses. Troy Savings Bank will give the building to Rice Building Incorporated and lease the land to that entity for a term of 99 years. Construction is well under way and expected to be completed in October.
TAP acts as an administrator as it ensures that the grant applications are properly filed.
Thanks to the state aid, this triangular structure soon will contain five floors of office space for businesses. The renovations maintain some stairwell finishes, and much of the original trim has been salvaged. The large window openings bring ample sunlight into the open-plan spaces. Special treatments on the floors indicate where the original walls were. The renovated Rice Building will provide approximately 20,000 square feet for companies seeking quality space in Troy and close affiliation with Rensselaer.