The addition of a new coworking space is underway at The Venue at Coosa Landing in Gadsden. Here’s what to know about the project.
In a move to support innovation and entrepreneurship in the Gadsden community, the City Council approved a $1.4 million project and lease agreement with the Industrial Development Authority (IDA) for the development of 7,000 square feet of unfinished space on the western side of The Venue at Coosa Landing.
If you don’t know, The Venue is one Gadsden’s newest multi-use rental facilities. Located on the banks of the Coosa River, it features 500,000 square feet of space for concerts, conventions, board meetings and celebrations.
What’s the goal?
The goal of the coworking space is to provide a place for those looking to begin a start-up company or currently working from home but need an office space with a physical address.
Another main goal of the space will be a focus on developing healthcare as an industrial sector within the city and county. Healthcare was added as a targeted industry for the development in 2019 by the IDA.
Funds + Planning
The development is being paid for with tax increment finance (TIF) funds, which can only be spent on infrastructure improvements within the designated TIF district.
All rent acquired from the facility will go to the City of Gadsden and the IDA will administer its operation.
The IDA will also provide $200K in capital investment for the purchase of equipment to provide an online environment with fiber broadband connectivity.
According to Gadsden Alabama, the renovated space at The Venue will be divided four ways:
- 25% as offices for the Gadsden-Etowah Industrial Development Authority
- 25% as offices for the East Central Alabama Area Health Education Council
- 25% as a coworking space
- 25% as common space
After the 7,000 square feet of unfinished space is used for the new office development, The Venue will still have 14,000 square feet of space available for future development. Likely, the space will be filled by start-up companies as they expand to a point of needing a larger work space.
“We’re excited to continue our development of the riverfront with an investment that will encourage the growth of the local economy.”Gadsden Mayor Sherman Guyton
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