The three-dimensional nonrelativistic isometry algebras, namely Galilei and Newton-Hooke algebras, are known to admit double central extensions, which allows for nondegenerate bilinear forms hence for action principles through Chern-Simons formulation. In three-dimensional colored gravity, the same central extension helps the theory evade the multigraviton no-go theorems by enlarging the color-decorated isometry algebra. We investigate the nonrelativistic limits of three-dimensional colored gravity in terms of generalized İnönü-Wigner contractions.