DAYTON (Ohio) WDTN – The historic Dayton Arcade has been award a five million tax credit from the state. The huge boost marks the start of a massive redevelopment project for the building.
Dayton Mayor Nan Whaley promised a transformation of this space that has sat empty for years.
“Like Fifth Third Field, the Schuster center, and RiverScape, a redevelopment of this iconic regional asset will be catalytic,” she told attendees gathered inside the Arcade.
Officials said they’re going to bring the Dayton Arcade back to life with a $70 million renovation project that will transform the decades-old building into a brand new space.
It’s part of a larger plan by the city to bring residents, jobs, and visitors back downtown.
Bill Struever, president of Cross Street Partners – one of the Arcade’s developers – said several businesses will call the Arcade, home.
“This will be another slam dunk, easy,” Struever said. “More jobs when we’re done that there ever was in the heyday of the ordinal arcade.
“This is going to be an enormous job creator. Not just directly within the arcade. But in downtown because that ultimately is the mission.”
Current development plans call for new housing, art galleries, classrooms, studios, restaurants, retail, and public event spaces.
Future tenants include the University of Dayton, the Dayton Visual Arts Center, Warped Wing, and others.
Mariangela Pfister of the State Historic Preservation Office said: “I guarantee you that when you visit the Arcade after its rehabilitation. It will take your breath away.”
City officials previously secured $40 million in tax credits to help revive the long-vacant building.
This new $5 million tax credit comes as part of the state’s Historic Preservation Tax Credit Program which has approved tax credits for hundreds of projects around Ohio.
“The creative approach of downtown can have a snowball effect,” said David Goodman, director of Ohio Development Services Agency
“People increasingly want to live and work near the center of the action. No matter the size of the community.
“I know that when it’s complete, this site will be a unique stop for visitors to the city.”
The project is set to be completed by next December.