Credit: Tom Gilliam
Credit: Tom Gilliam
Dayton City Commission recently approved a resolution in support of the developer’s application, which is one of the requirements applicants must fulfill.
Plans for the north arcade include a new hotel and restored retail and restaurant spaces in the historic promenade connecting the Third Street Arcade building to the rotunda, said Dayton City Manager Shelley Dickstein.
Cross Street Partners, the lead developer of the arcade project, says it is working on financing for 91 hotel rooms in the Third Street Arcade and Gibbons Annex, which are two remaining buildings in the massive complex that have not been renovated.
This funding would help offset rising construction costs, said David Williams, senior development director with Cross Street Partners.
The Third Street Arcade and the Gibbons Annex building have about 87,000 square feet of space, and the developer expects to invest about $35 million into rehabbing the structures into a mix of hospitality and retail uses, Williams said.
“We are in full design and hope to close on the financing in the next several months,” he said.
The developer has committed to adding $450,000 of its own money to the state brownfield funds, city officials said.
The state has committed to providing $350 million in grants to clean up abandoned or underutilized commercial, industrial or institutional brownfield sites statewide.
Most of the funds ($262 million) will be awarded on a first-come, first-serve basis, the state said, but every county is guaranteed to receive $1 million in grant assistance.
The state already awarded $60 million in funding this spring, and plans to announce more awards very soon, said Todd Walker, a spokesman for the Ohio Department of Development.
The state has received funding applications for projects in Montgomery County that already exceed the $1 million set aside, he said.
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