About half of the properties will be transferred to the CIC by the end of the year, said City Manager Brent Merriman, and the rest estimated by the end of 2025. The property transfer of the former Ramada site is pending the demolition of the building.
Xenia has long sought to “get out of the landlord business,” city officials previously told the Dayton Daily News, including when it comes to the Market District.
Once all the properties are sold, the only things the city will be responsible for is public streets, and a small amount of proposed green space at the center of the development.
“We’ve played a much more aggressive role with land development (in the Market District) because one, we owned it ... and two, it’s in the heart of our downtown,” Merriman said.
Additional demolition is planned for the Market District this August, and public infrastructure is planned to go into the site in November, Merriman said. As it stands, new construction should be starting on the property in spring or summer of 2025.
The city will sell the properties in phases, and how much each of the properties will be sold for will be “detailed in subsequent development plan agreements” between city council, the Xenia CIC, and Market District developer Dillin, LLC, at a later date.
According to city documents, under an agreement to be presented to city council later, the city will be “first in line to have its current obligations and prior expenses” associated with acquiring the Market District site retired and recouped, and the rest split between the Xenia CIC and Dillin.
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