DAYTON, Ohio (WDTN) – Plans to redevelop the iconic Dayton Arcade building were announced Thursday morning.
The City of Dayton made the announcement through a live stream app, Periscope. The development is planned to take place in several phases, starting with about a $15 million project to create 60 housing units for artists.
A memorandum of understanding was signed this Monday in effort to redevelop the structure.
It is led by two developers, Cross Street Partners out of Baltimore, M.D. and Dayton-based, Miller-Valentine.
Miller-Valentine will be taking the lead on the first phase, which will be adding 60 units to house artists in the upper floors of the commercial building at Fourth Street and Ludlow Avenue.
The applications for the tax credit are currently being made to the Ohio Housing Financing Agency, which will help further the project along.
Paperwork is expected to be finalized in 2017.