May 13—Hamilton City Council will consider later this month a tax incentive for what would be the city's second coworking facility in downtown.

COhatch has requested a 50% property tax abatement for 10 years on its renovation of the former historic Second National Bank Building at 219 High St. The restoration and renovation project of the 26,000-square-foot building is expected to cost nearly $8.7 million.

The Hamilton COhatch project was announced last fall with an initial potential opening for later this year, but Hamilton Economic Development Director Jody Gunderson said company officials said they're planning to sign off on their financing this month and are expected to pull permits in the next couple of weeks.

This will be the second coworking facility in downtown Hamilton. The Benison, an event center and coworking facility that opened in 2019 in the former Home Federal Savings and Loan Association, is at 100 S. Third St.

COhatch, founded in 2016 in Columbus, has grown to more than 40 locations, including in several Ohio cities, like Mason, Springfield and Cincinnati, and in some large cities across the United States, including Atlanta, Pittsburgh, Tampa Bay and Cleveland.

"This is something where they've really honed in on," Gunderson said of remote working spaces. "They've seen where the market's going, the way people are working. To be able to get an office space, event space, meeting rooms, food and beverage, kitchenettes and game rooms within your operation, that's a different type of office environment and I think they've found it's really worked for them."

Plans show a four-floor facility with most of the small private offices, which range from one-person to four-person offices, on the third and fourth floors. There are also meeting rooms on all levels, as well as an 80-person event space.

"I venture to say that you're going to see people that not just live in Hamilton but live around Hamilton in our neighboring communities that will be coming in to work from time to time," Gunderson said. "It's a membership-driven type of company."

Plans also show a new rear entrance to provide access to parking lots, uncovering windows, and reactivating the front doors. "This type of project truly is one of those one-of-a-kind projects that's a new way of doing business," Gunderson said.

COhatch Cincinnati Market Leader Megan Dotzauer told the Journal-News last year they've gotten a lot of requests to expand north and south of Cincinnati, "so we're making it happen" as they also have plans to open in Covington, Ky.

The requested CRA would be another level of the capital stack for COhatch. In 2022, COhatch received a $1.8 million tax credit for the preservation and renovation of the 1931-built Second National Bank building. Gunderson said the tax incentive deal is not dependant on the project moving forward.

Council is expected to consider the CRA at its May 22 meeting.