Developers have submitted their plans for the next phase of the Water Street District in downtown, which calls for adding 54 new housing units along and near the Mad River, including some larger apartments.
Woodard Development plans to construct three new buildings each offering a mix of flats-style units, ranging in size between 800 and 1,250 square feet.
The housing will feature similar finishes to the 215 current apartments in the district, but the floor plans will vary.
The Water Street District, which has a residential vacancy rate below 2 percent, seeks to capitalize on downtown’s red-hot housing market with this expansion and the upcoming opening of the Delco Lofts next to Fifth Third Field.
“We really like this area, and this will take us to about 400 units in total,” said Jason Woodard, principal with Woodard Development.
Water Street, located north of the ballpark, has 215 apartments, including 30 townhomes. The district also has a four-story office building at Monument Avenue and Patterson Boulevard.
Woodard Development has submitted plans to construct a trio of three-story buildings east of its current residential facilities.
The new structures will look similar to the current residential complex.
Two buildings will directly overlook the bike path and river. The other will be almost perpendicular to the river, near the corner of Webster and Water streets, though one end will face the waterway.
Developers want to start construction at the end of March, beginning of April. But they will need to appear before the Dayton Plan Board for a major site design review.
The first units will probably open later in the fall, and others will come online in stages. The apartments are expected to lease for between $1,100 and $1,700 per month.
The Water Street District also will welcome 133 new apartments when the Delco Lofts building opens, expected for July 1.
FIVE QUICK BUSINESS READS
About the Author