The old Dayton Arcade is moving closer to its next step. 2 NEWS has learned construction and renovation could start early next year.
Financing for the first phase of the 90 million dollar project is nearly complete.
2 NEWS reporter Ethan Fitzgerald recently toured the 114-year-old building.
Sparks were flying as crews worked their way through the main rotunda, as they began the demolition and inspection process.
“We are still doing some early demolition and some investigative work. But we are starting to kind of move into demo mode, where we are preparing for for the next phase of construction. Which is actually construction,” said David Williams, a Developer for Cross Street Partners, based in Baltimore, Maryland.
Despite having an out of state company involved, the project directors have roots in the region.
Williams says financing and leasing agreements for the arcade are starting to wrap up and take shape.
“It’s been a long time coming. There have been many runs at it. For many, many years. But if you really look downtown, things have transitioned to the point where the timing is right,” said Williams.
The arcade has been empty for about 30 years. If you walked in today, it might look like it did when you saw it last.
The development group plans on reversing some more recent renovations as well.
“They cut a hole in the floor, we are going to put the floor back. They put the food down in the lower level…we are going to bring the food to the first floor,” said Williams.
The projects first phase includes commercial and residential space along with room for the University of Dayton to expand.
“This is about a building called the arcade, but it’s really about a catalytic strategy to reset the economic ecosystem around the arcade and up the spine of main street,” said Williams.
If you’re wondering how real the possibilities are, this development group really does means business.
“We help shift economies. We help shift the way down towns look and feel. That’s part of our whole development strategy,” said Williams.
Developers are targeting Spring of 2020 for the projects completion.