The University of Dayton is partnering with The Entrepreneurs Center to anchor a large space inside the Dayton Arcade.
The entire project is expected to top 90 million dollars by 2020.
The Dayton Arcade has been empty for nearly 30 years. And right now construction is in full swing.
When everything is ready a good chunk of the historic building complex will be a dedicated think-tank.
The main motivator for the partnership is to bring students together with local businesses and investors.
“Imagine a graphic design student walking out of class and sitting in the middle of a large innovation space. Where they might be sitting next to an entrepreneur who is trying to get a business going and needs a new logo,” said Vincent C. Lewis of the L. William Center for Entrepreneurial Leadership.
The joint-venture will take up roughly 95,000 square feet of space.
The Cross Street Partners development group now owns the entire complex. Which will foster a little bit of everything.
“We are going to have startups, entrepreneurs and organizations ringing this great rotunda. It creates an environment that we think is a sure win. We are confident in the project,” said Scott Koorndyke of Dayton Entrepreneurs Center.
The 10-year lease agreement will bring hundreds of UD students and faculty closer to the heart of downtown.
UD will also host an assortment of art-focused classes at the Dayton Arcade.
But how close is this project to becoming a reality? It took a lot of different sources of revenue to get the money for the project.
“Lets put the financial plan in motion and lets fund it. That’s what we are doing,” said David Williams as he described the most recent phase of the development.
As the region waits anxiously, people are lining up to be part of something that many think will be truly great for the Dayton area.
“We believe in the power of proximity. We believe that by coming together, the community can do amazing things,” said Koorndyke.
There will also be over 100 units of affordable housing around the Dayton Arcade.
An exact timeline for completion is not clear, but the end of 2020 could be a possibility.