One of downtown Dayton’s leading developers expects to buy an empty, six-story building on East Third Street and is under contract to buy another commercial property a short walk from there.
The acquisitions would add to Woodard Development’s already large presence in the northeast section of downtown, which is one of the most popular places to live, dine and visit in the region.
Woodard Development, one of the developers of Water Street, already has created new housing (Water Street Flats, Delco Lofts), new offices (PNC headquarters building, 444 E. Second St.) and new restaurant spaces (Basil’s on Market, Lock 27). Woodard’s partner on Water Street is Crawford Hoying, based in Dublin.
A new hotel, Fairfield Inn & Suites, opens soon, and work is underway on new housing next to Fifth Third Field, called the Centerfield Flats.
Woodard Development plans to purchase an old commercial property at 601 E. Third St. from the city of Dayton. On Wednesday, Dayton commissioners will vote on whether to approve the sale, for $10.
The structure has long been targeted for redevelopment, though past proposals to convert it into housing and other uses fell apart.
Woodard Development already owns the five-story building next door, at 607 E. Third St., which the company is working to renovate into new offices and restaurant space on the ground floor and basement.
Woodard also helped redevelop the Steam Plant Dayton on the same block (617 E. Third St.) into upscale offices and event space.
Jason Woodard, principal of Woodard Development, said he doesn’t know yet what he will do with the building, but it has a lot of potential.
“Behind the scenes we’re trying to figure out what works there and what is the right mix,” he said. “The interest in 607 has been awesome, so we hope to continue that with 601.”
The building is on the National Register of Historic Places.
Woodard also has confirmed that he is under contract to buy a two-story office building at North St. Clair Street and East First Street that currently houses Pinnacle Architects.
“We have the building under contract and are wrapping up our due diligence,” Woodard said.
The 12,000-square-foot building needs some renovations but is in good shape and sits in a very attractive location, he said. The plan is to keep it as office space.
The building is across the street from Memorial Hall, which Woodard Development has been granted the exclusive right to redevelop from Montgomery County.