The city of Dayton is considering approving a special tax exemption agreement for a new office and retail building being constructed by one of downtown’s well-known developers.

Dayton considers tax breaks for downtown property

The city of Dayton is considering approving a special tax exemption agreement for a new office and retail building being constructed by one of downtown’s well-known developers.

The Dayton City Commission this week will vote on an agreement benefiting a two-story building planned for 537 E. Monument Ave.

Woodard Development and Crawford Hoying, the developers of the Water Street District, plan to spend about $3.5 million to construct the 25,000-square-foot building, which will have spaces for professional services offices and retail, according to city documents.

The city proposes providing the developers with a 15-year, 100 percent tax abatement on the increase in assessed value on the property because of the project. The city sold the 1.3-acre property, which is in the Water Street District, to the developers for $10.

MORE: Dayton expected to sell downtown property for $10 today

If approved, the new building will be one of only a handful of commercial projects in Dayton that have ongoing Community Reinvestment Area tax abatements.

Other projects include a $42 million investment in Water Street and the new $11 million Fairfield Inn & Suites by Marriott in the district.

Water Street, near the corner of East Monument Avenue and Riverside Drive, has apartments, offices, restaurants, PNC Bank and other amenities.

MORE: New Dayton office building coming to Water Street District

PHOTOS: Downtown Dayton’s first new hotel in decades opens soon, and here’s what you should know about it

Thank you for reading the Dayton Daily News and for supporting local journalism. Subscribers: log in for access to exclusive deals and newsletters.

Thank you for supporting in-depth local journalism with your subscription to the Dayton Daily News. Get more news when you want it with email newsletters just for subscribers. Sign up here.

X