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The weird, winding path of the downtown tower once owned by Hindu mystic and eyed for development

Credit: DaytonDailyNews

Local News
By Chris Stewart
Feb 1, 2017
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In a series of twists, a downtown building with a checkered history is finally clear of receivership and a qualified developer is sought by the building's new owner: the city of Dayton.

The 14-story tower at 34 N. Main St. was built in 1926 to house the Third National Bank and Trust company. It later became the Society Bank Building and then KeyBank. In more recent years, the building came into the hands of a self-proclaimed Hindu mystic.

» READ MORE: Dayton seeks developer for downtown tower once owned by Hindu mystic

Located just across from Courthouse Square, the classically styled building features 245,000 square feet of space. Though historically used as a bank and offices, officials say a modern reuse of the space might include multi-floor town homes, flat-style housing units and non-traditional office spaces.

Dayton is on the hunt for a developer to reimage the Paru Tower. STAFF

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The city would like a developer or finalists identified by mid-May.

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Here’s what you should know about the path the building has taken to its development hopes:

The of Paru Tower, which is in receivership, on North Main St. in Dayton. The City of Dayton has offered $500,000 to purchase the building. TY GREENLEES / STAFF

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Values drop: The Montgomery County treasurer valued the building at $6.3 million in 2000, but in later years its value dropped dramatically.

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Bank no more: KeyBank vacated the building in 2008.

Mystic owner: In August 2010 a self-proclaimed Hindu guru, Annamalai Annamalai, who called himself Dr. Commander Selvam, bought the building $525,000 in cash and renamed it Paru Tower. Two businesses opened in the tower, Commander's Cantina and a grocery.

Vacant: As legal troubles mounted for Annamalai in Georgia, the building was placed into receivership and has remained vacant since 2012.

County forecloses: In 2013, with Annamalai owing more than $300,000 in back taxes, Montgomery County foreclosed on the building.

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Annamalai Annamalai, also known as Dr. Commander Selvam, stood outside the former Key Bank building in downtown Dayton in August 2010. Montgomery County received a $296,026.41 payout last month to settle back property taxes owed on the property. Annamalai is now in prison following a 27-year sentence in federal court on multiple counts of mail fraud.

Credit: Lisa Powell

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Credit: Lisa Powell

Federal prison: Annamalai was convicted in 2014 in federal court in Georgia for multiple counts of mail and credit card fraud. He is serving a 27-year prison sentence.

» APRIL 2015: Dr. Commander sentenced to 27 years in federal prison

Offer accepted: The Dayton City Commission voted in May 2016 to spend $300,000 to pay back taxes and $200,000 for the structure off the creditors' receivership. Later that month, the city's offer is accepted.

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