The project will create retail space and class A office space, which is in strong demand in the area, said Jason Woodard, principal of Woodard Development.
The developers have talked about constructing a second office building in the district for several years. But the project finally looks to get underway in the first quarter of 2019.
The developers have been busy transforming downtown with new apartments, amenities, restaurants and the first new hotel in decades.
MORE: Downtown Dayton development to add second office building
The Water Street District’s four-story office building opened in 2015 and is fully occupied. Tenants include PNC Bank, Bricker & Eckler LLP, Snap Fitness, Shops by Todd and Basil’s on Market.
The developers want to construct a second new building on the 500 block of East Monument Avenue, which presently is a grassy field. The developers for years have had a purchase option for the 1.3-acre site, which belongs to the city.
Woodard said the district could use more offices, given the positive activity at Tech Town and the success of the district’s first commercial building. Tech Town, which has three fully occupied office buildings, is just east of the site, across Webster Street .
Woodard said they want to offer options for companies that need more than 15,000 square feet of space. He said he’s not sure what the mix of uses will be in the building, but there’s been interest from a diverse group of potential tenants.
MORE: What’s next for the developers of downtown’s Water Street District in Dayton
New offices are under development near Water Street in the Webster Station neighborhood. Woodard Development is working to renovate two commercial buildings on the 600 block of East Third Street.
A building at 607 E. Third St. has been renamed the Avant-Garde and will have modern offices aimed at tech companies, such as the start-up Tangram Flex, which is moving into the property.
