Aurelius Coworks owns, operates and develops highly successful coworking communities in middle markets, including urban downtowns undergoing revitalization. The primary concept brands of Aurelius Coworks are “Innovation Garage,” serving the creative and tech sectors, and “Bull Moose Club,” located in Capital cities to serve the political and governmental sectors.
Aurelius seeks to create spaces that serve entrepreneurs and startups with a balance of real estate services and incubator programming. This mix will provide economic opportunity for creative businesses and social entrepreneurial ventures by providing physical space, connections to the community through networking, professional and educational programs, mentorship, and connections to sources of funding.
A Service Approach to Real Estate
More than 1.2 million people worked in coworking spaces around the globe in 2017, an upward trend that began in 2005. In the United States, 33% of the 11,000 spaces are located in cities of less then 99,000 people. 33% are in cities of up to 1,000,000 and the other 33% are in cities over 1,000,000.
Led by millennials, the top two reasons that people say they are working in coworking communities are because they want: 1.) Belonging to a community (76%), and 2.) Social interactions (75%). Infrastructure, amenities and location, while important, fall below these two standards. We founded Aurelius Coworks to build, or help others build, these communities.
We want to find unique opportunities to build lasting business ecosystems in unused buildings or unused office space, which supports, impacts and uplifts the surrounding communities. The programs in each community are as critically important to the success of each space as the design and space planning choices. From social events, to educational and professional development, to access to incubator services, each community requires a solid schedule of programs and events. These services ensure a continuous draw of prospective members.
While the demand for and development of more coworking has been most noticeable in major metro areas, 33% of spaces still remain in markets with less than 100,000 people. There is currently no single coworking developer looking to develop in multiple middle markets. These spaces are still primarily secondary business interests for most current owners.
Beginning in the Northeastern United States within a reasonable drive time, Aurelius Coworks seeks to develop highly branded, organized and systematized coworking spaces that will appeal to specific working classes. We have begun conversations in a variety of locations in 7 states.
The company is wholly owned by Tom Nardacci, who founded and owns Gramercy Communications, a strategic communications firm that has a specialty in economic development. Gramercy has consulted on some of the most complex and interesting real estate development projects in Upstate New York over the past decade, including urban and waterfront redevelopment, commercial office, large-scale residential, industrial, hospitality, and destination retail. The firm has also advised governmental entities, including county and city local development agencies and IDAs. Prior to Gramercy, Tom directed public affairs for the Alliance for Downtown New York, lower Manhattan’s business improvement district and was involved in a variety of post-9/11 rebuilding projects.
In 2017, a 14,000 square foot building on 4th Street in Downtown Troy that sat mostly vacant for 30 years was revitalized into Troy Innovation Garage. Owned and developed by Tom Nardacci, a creative entrepreneur, public relations firm owner, and big booster of Downtown Troy, the Garage caters to the Capital Region’s creative economy. Nardacci invested over $1.6 million into the project.
- “The Troy Innovation Garage will support emerging businesses, create jobs and drive economic growth and activity that will have ripple effects throughout the Capital Region,” – New York State Governor Andrew Cuomo
- Troy Innovation Garage was named “Innovative Development of the Year” by Capital Region BOMA and honored with the “Sustainable Communities Award,” by The Stakeholders.
Tom earned his BA from Syracuse University and his MS from Columbia University.