The acquisition should mean that the project developer, Cross Street Partners, is now in control of all of the Arcade’s nine buildings. As of November, Cross Street controlled eight of the Arcade’s structures. (A message was left with the company Tuesday to confirm this.)
The record traced three steps, all dated to Monday — from previous owner Kuhn Building 1883 Inc. to Dayton Arcade Partners for $1.28 million. From there, records show a sale from Dayton Arcade Partners to the city of Dayton, before being sold from the city back to Dayton Arcade Partners.
The 63,035-square-foot, four-story building was built in 1883, according to property records.
Nearly a decade ago, the owner of the building at Main and Fourth streets faced foreclosure by PNC Bank.
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In May 2010, the Kuhns Building 1883 Inc. owed nearly $1.08 million in principal and interest on a $1.2 million promissory note.
What is believed to be one of the first commercial mail chutes in the United States is found in the building, which was placed on the National Register of Historic Places in the late 1970s.
Built in 1882 in the Romanesque style, the Kuhns building is made from brick, stone and terra cotta and has a slate roof.
The developer in the ongoing Arcade development project, Baltimore-based Cross Street Partners, is scheduled to have principals address Dayton Area Chamber of Commerce members in a breakfast meeting at the Dayton Club Friday morning.
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