The firm is in the due diligence phase but has no specific plans for the property and cannot discuss details at this time, said Brent Crawford, principal with Crawford Hoying, which teamed up with Woodard Development to create the mixed-use Water Street District along the banks of the Mad River.
EARLIER: Downtown’s first skyscraper put on the market
The 23-story office tower last year was placed on the National Register of Historic Places because of its “exceptional historical importance,” which local officials say will make it easier to help fund a major renovation of the building.
New York-based Matrix Group owns the mostly vacant Grant Deneau Tower and originally proposed spending about $40 million to renovate the building into a mix of housing and office space with the help of historic tax credits.
But the company’s CEO and founder died in 2015, and the firm put the building on the market earlier this year.
RELATED: Historic listing paves way for renovation project
The tower, built in 1969, has about 222,000 square feet of rentable space, as well as a six-story, attached parking lot, which is one of its main selling points.
Another attractive feature is its location. The tower sits at the corner of Ludlow and West Fourth Street and faces the southern end of the Dayton Arcade.
If the arcade project moves ahead, which seems increasingly likely since the project was awarded millions more in tax incentives last month, the Grant Deneau Tower could be a very attractive place to live or work, according to local officials. The building also is a block from the proposed site of the Levitt Pavilion Dayton.
The tower also is a short walk from Sinclair Community College and downtown’s main commercial spine.
Because it is on the national register, it eligible for state and federal historic tax credits.
The tower was accepted for historic designation even though it less than 50 years old — which is the standard criteria for inclusion — because officials in their application demonstrated that building has “exceptional” historic importance.
The Grant Deneau is the city’s first modern skyscraper and pioneered mid-century modern architecture in the urban center.
RELATED: Water Street getting ready to expand
The building, renovated in 2008, has been mostly vacant since Premier Health moved its headquarters out in 2012.
But demand for housing in Dayton’s Central Business District is growing, and the city would help a developer rezone the property for a mixed use development with a strong residential component, according to a marketing brochure for the tower prepared by CBRE in Columbus.
The brochure says the most notable recent development in downtown is the Water Street District.
Water Street has 215 apartments along the river and 54 additional units are being constructed. The Delco Lofts apartment building, next to Fifth Third Field, opens this year, offering 133 apartments.
Water Street has an office building, anchored by PNC Bank, that contains Basil’s on Market restaurant, Snap Fitness and other offices. A hotel is planned and the Delco building will house Lock 27 Brewing.
About the Author