The city's proposal was one of two selected by the Capital District Transportation Committee earlier this year.
As of Thursday morning, 170 bikes were in circulation. But many more will soon be deployed.
The work is not connected to a long-planned $30 million remediation effort.
People have been writing suggestions on a tarp on a fence near the site.
"I think Troy could really use a year-round venue that’s in the heart of downtown—somewhere that’s walkable from downtown and parts of South Troy."
A department spokesman said the project cost is still being developed.
"We'll open somewhere else," owner Terry O'Brien told The Alt on Thursday morning.
The property, at 1 14th St., sold for $260,000 to Han One Dynasty, LLC.
“As with any transportation project, there will be a period of adjustment for motorists," a city spokesman told The Alt.
Two wooden boards block off a section where at least one step appears to have rusted through or somehow deteriorated.
The building is perhaps the most architecturally distinct in Troy's Monument Square.