Cross Street Partners (CSP), Model Group, and McCormack Baron Salazar will redevelop the historic Dayton Arcade, a collection of nine buildings totaling over 330,000 SF in the heart of downtown Dayton’s central business district. The full development plan will recast the Arcade in much the same way it was initially developed in the first decade of the 20th
century—with a mix of retail, offices, public space and housing. The first phase of the project, the South Arcade, will consist of an innovation center with a higher education partner in addition to a 126-unit residential LIHTC and market rate development for artists and creative entrepreneurs. The second phase, the Third Street Arcade, will include a culinary and kitchen incubator program, complimentary retail and restaurant space available for incubator participants, creative co-working space and affordable market rate micro-loft apartment living.
The Arcade is part of a larger plan by the City of Dayton to bring residents, jobs, and visitors back to the downtown. Across the street from the Arcade is the future site of a new Levitt Pavilion - an outdoor live music venue that will offer 50 free concerts each year. The Levitt is at the center of a nine-block redevelopment strategy led by the City that builds on existing underutilized assets to build a premier downtown urban neighborhood centered around a central park. The restoration of the Arcade is now the highest priority for the City of Dayton, and it has its greatest potential, more so now than ever before, to be a center for innovation and force for economic development in downtown Dayton.
• As the anchor tenant, The University of Dayton will be partnering with The Entrepreneurs Center (TEC) to provide technical assistance and other services for entrepreneurs, creatives, makers, and the food economy.
• On May 23, 2018, The Dayton City Commission approved the development agreement for Dayton Arcade and awarded $10MM toward funding
• May 14, 2018, Montgomery County’s Economic Development and Government Equity (EDGE) Advisory Committee approved a $500,000 investment for Arcade project
• On June 29th, 2017, the Ohio Development Services Agency awarded the Arcade $5MM in
State Historic Tax Credits.
• On December 19, 2017, the Ohio Development Services Agency awarded the Arcade $4MM in State Historic Preservation Tax Credits.
• OHFA awarded $20MM toward LIHTC funding
• The Dayton Regional new Markets Fund has committed at least $15MM in NMTC allocation and RBC Capital has provided a term sheet for $5MM.
• 100% of the South Arcade space has been leased.