On Wednesday, the Dayton City Commission voted to move forward with a $33.5 million redevelopment project along the Great Miami River downtown. The development agreement involves a joint venture with Dublin-based Crawford Hoying Development and Dayton-based Woodard Real Estate Resources known as Water Street Redevelopment LLC. The proposed agreement features four elements: a $26 million, 50,000-square foot office/commercial building and a luxury rental apartment complex with 150 rooms; a $5 million, three-level parking garage to serve the two buildings; and a $2.5 million investment in public infrastructure improvements to the area. Construction of the office building is expected to begin in December, while construction of the garage and apartment complex is slated to begin in April 2014.
Bricker & Eckler LLP attorneys are serving as legal counsel to the City of Dayton for the transaction and have been working with city officials to authorize a CRA abatement and a TIF program, and to arrange for financing for the infrastructure associated with the development. Please contact J. Caleb Bell at (614) 227-2384 or jbell@bricker.com for more information about economic development opportunities.
Dayton City Commission approves a $33.5 million downtown redevelopment project
