DAYTON, Ohio (WDTN) – City of Dayton leaders are celebrating the financial closure of the Dayton Arcade complex.
Earlier in April, City Commissioners voted on legislation, property tax incentives, and energy improvements as a way to prepare for the $90 million financial closing of the first phase of the project.
Officials say that this financing structure is being called one of the biggest and most complicated deals of its kind, and represents a number of firsts for Dayton and the surrounding region.
Included in the financing is $10 million of support from the City of Dayton, which is the City’s largest economic investment since the construction of the Schuster Center in the early 2000s.
The financing package also includes new market tax credits, federal and state historic tax credits, low income housing tax credits, Property Assessed Clean Energy financing, and private equity.
“I am excited to see all of the pieces of this deal come together,” said City Manager Shelley Dickstein. “When complete, the Arcade will not only spur development downtown but act as an innovation hub connecting city neighborhoods with needed programming and opportunity.”
A task force was commissioned nearly five years ago by Mayor Nan Whaley to determine the future of the site. Ever since, City staff, community leaders, and advocates have been working to make the project a reality.
“For decades the Dayton Arcade served as the heart and soul of the City,” said Mayor Nan Whaley. “I am excited to see how the revival of this space will impact the entire Dayton community. The Arcade project is a great example of how a public-private partnership can move our city forward.”
The Arcade Innovation Hub, which serves as a joint venture between the University of Dayton and The Entrepreneurs Center, represents the university’s largest investment in downtown in its history.
Officials say the hub will bring hundreds of students and entrepreneurs to Dayton’s urban core.
Additionally, the first phase of Arcade redevelopment will include 126 units of affordable and market-rate housing targeted to the region’s arts and creative community.
A private celebration will recognize partners and people who made the project possible during a private celebration next week.