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Historic Preservation
Downtown Dayton, OH
Project Summary
Model Group, Cross Street Partners, and McCormack Baron Salazar redeveloped the historic Dayton Arcade, a multi-phased collection of nine buildings totaling over 500,000 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, event space and housing. The first phase of the project, the South Arcade, will consist of an innovation center with the University of Dayton as a higher education partner in addition to a 110-unit residential LIHTC and market rate development for artists and creative entrepreneurs. The second phase, the North Arcade, will include a shared commercial kitchen program, a marketplace retail and restaurant environment, and micro-lofts or hospitality user space.
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 new Levitt Pavilion - an outdoor live music venue that offers 50 free concerts each year. The Levitt is at the center of “The Nine”, 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 the Arcade has its greatest potential, more so now than ever before, to be a center for innovation and force for economic development in downtown Dayton.
“The Dayton Arcade is the most Transformative Project in America; this multi-use project embodies what Building Back Better looks like."
Among the tenants leasing space are anchor tenant Arcade Innovation Hub, a joint venture of the University of Dayton and The Entrepreneurs Center that will bring hundreds of UD faculty, staff and students, comprehensive entrepreneurial support services and working space for local startups; Culture Works, a funding, advocacy, and service organization that inspires, supports, and sustains arts and culture in the Dayton Region; Better Business Bureau, an non-profit organization that focuses on advancing marketplace trust; and Cross Street Partners, a development, construction, financial advisory and property management company.
Description
9 Buildings
110 Apartments
~530,000 Sq Ft
Dayton Innovation Hub
Hilton Hotel Attached to North Arcade
Location
Downtown Dayton, OH
Partners
Cross Street Partners
McCormack Baron Salazar
Total Development Cost
$93.4MM
Funding Sources
Transformative Mixed Use Development
New Market Tax Credits
State & Historic Tax Credits
Low Income Housing Tax Credits
