DAYTON, Ohio (WDTN) – Revitalization of a downtown Dayton landmark is expected to gain momentum as financial pieces begin to fall into place.
At Wednesday’s City Commission meeting, the city manager explained financial deals and paperwork for the Dayton Arcade should be completed for a long-awaited financial closing on April 25th.
“To know that the financing will be done at the end of the month means that the arcade is happening,” said Mayor Nan Whaley.
The project was among Whaley’s first initiatives when she was elected mayor five years ago. She says she expected the task force charged with evaluating the aging building would elect to demolish it, but support from investors and a $95 million public-private partnership is giving the Arcade new life.
“It’s really a proof point of the dowtown’s market getting stronger for the whole community,” said Whaley.
By next week, the city manager expects the Arcade’s first main anchor to sign a 10-year lease. The University of Dayton and the Entrepreneur Center are collaborating to create a 95,000 square foot arts and innovation hub. Eventually, shops, restaurants, housing and community spaces will fill in the other empty storefronts and rotunda area.
The city is also hoping to incorporate resources at the Arcade available to neighborhoods outside of the downtown area, including a New Community Authority (NCA) to address community needs and projects.
“It’s not just about retail,” Whaley said. “It’s about investment in our people to create entrepreneurs and to create opportunity, which will be desperately needed for the next three decades.”
During the next several meetings, commissioners will vote to pass additional ordinances, loan agreements and energy improvements ahead of the financial closing.
You can see renderings and read more about the Dayton Arcade by clicking here.