DAYTON, Ohio (WDTN) – Wednesday, Dayton City Commissioners approved a $700,000 contract, of which $450,000 of city funds will be used immediately towards the recommendations of the Dayton Arcade Task Force.
The task force was assembled to assess whether to knock down the Dayton staple, now a structural hazard, or to renovate and preserve it.
“The expectation is that it will get us to the three to five year period where we can then pursue redevelopment, adaptive reuse,” said Steve Petitjean, co-chair of the task force.
After much discussion, Petitjean along with other task force members decided with the expertise of architects and contractors that the best course of action was to keep the building ‘dry and stable.’
In the last six months, the Arcade’s roof has suffered major water damage, and that has made the building structurally unsound.
Commissioners approval of this ‘dry and stable’ plan and the costs associated with it will help maintain the building and keep it afloat as the city draws interests from developers.
Developer, Miller Valentine will begin its work towards stabilizing the structure later this month, and should be completed before Winter.
It is also is prepared to invest $250,000 towards the project, one-third of the $700,000 contract commitment to the building.
Meanwhile, officials say they’ve already received interest from an out-of-state developer who has worked previously with Miller Valentine.
“It will be for retail, housing, as well as parking would be the core components,” Petitjean explained.
The co- chair says the city must take advantage of the moment.
Downtown Dayton has been a hotbed for revitalization, and more young professionals and retirees are looking to live and work in downtown urban areas.
But there’s a lot to be done towards breathing new life to the Arcade, which includes getting the back taxes owed by the Arcade’s current owner.
This city’s contract creates a second lien on the building.
“That owner still owns the property, but if we should move forward with redevelopment that would be something the city would readdress,” the co-chair said.
For the moment, officials say the ‘dry and stable’ plan is what’s immediately needed.
“The task force agrees that the risk of doing nothing far outweighs the risk of what we propose to do today,” Petitjean said.