DAYTON, Ohio (WDTN) – More residential living options are coming to downtown Dayton.
The Charles Simms development project at Sears and Second Streets has been in the works for years. It’s another project pointing to the growing retail and residential spaces at the heart of the Gem City.
And Tuesday with this project’s groundbreaking, officials believe that they’ll see more developers flock towards downtown for new projects.
Front loaders piled up the dirt and push it aside to make way for what will be known as the “Brownstones at 2nd”.
The cranes lifted up and deposited all sorts of debris into dump trucks as the construction begins for the $4.5 million development of 24 townhome condominiums begins.
2 NEWS asked the development company’s president, Charlie Simms, “What makes you want to invest here locally?”
Simms responded, “Home builders, like restaurants and other businesses, follow the market and when we built the first one (Patterson Square, 18 townhomes built in 2011), they sold so quickly and we knew there was a market. Our other three developments( includes Patterson Square; Rubicon Square, 14 townhomes built in 2013; Patterson Place, 31 townhomes built in 2013) have sold quickly too. This is our fourth one so that’s why we do it.”
For many, Simms is a hometown hero.The sixth-generation Daytonian took a chance on the Gem City, looking to build it up.
City leaders say his trust in his hometown has been highly rewarding, both for his company and for downtown.
Other developers look to follow Simms’ lead.
2 NEWS obtained a first look at the site and floor plans (see right) for the two bedroom townhome condomiums that will start at about $215,000.Amenities include a two-car garage, wood deck and easy access to downtown attractions, like the Dragons’ Firth Third Field and Second Street Market.
Mayor Nan Whaley says building more downtown residential areas gives way for growth.
“I think it’s a key point for some other suburban developers and we’d love to do business with them too,”Whaley said. “The interest from when I was a I was a city commissioner to now (a mayor) is amazing. We’re really pleased by that.”
And for buyers, Simms guarantees there are also financial benefits.
“The City of Dayton has the community reinvestment area and our homebuyers will actually get a 15 year tax abatement on their property taxes, which means they’ll only be paying on the land value which is relatively low. And they’ll be saving on this site, $3– or $4,000 a year on their property taxes. It’s a great incentive for the buyers.”
The development company has already received a bid for one of the 24 units.
Simms expects to see more bids in the coming days and months; the price of a unit could also reach as high as $250,000 according to company president.
The project is expected to be completed and open to residents by Fall, 2015.
If you are interested in purchasing a unit, find more information here.