Dayton’s elected leaders today are expected to sell property in one of the hottest sections of the city to a couple of the city’s busiest developers.
Woodard Development and Crawford Hoying, the developers of the Water Street District, want to construct a two-story office building at the corner of Monument Avenue and Webster Street, which until recently was a grassy lot.
The 25,000-square-foot building will offer Class A office space, the developers say, which is in high demand in that section of the city, known Webster Station.
The city is expected to approve a development agreement with the Water Street developers. Under the proposed agreement, the city will sell the 1.3-acre property for $10, and the developers will agree to invest $3.5 million into building a commercial building.
The developers already paid the city $10,000 for an option fee.
Woodard Development previously said the new building will offer options for companies that need more than 15,000 square feet of space.
Water Street has hundreds of apartments, and more are under construction. The district’s office building is full, and its restaurants are popular destinations.