Delco Lofts ready for pre-leasing next to Dragons stadium

Credit: DaytonDailyNews

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Delco Lofts

Credit: DaytonDailyNews

Developers of downtown Dayton’s newest loft apartments in the Water Street development have started accepting pre-leases on the units.

The 133 “Delco Lofts” units next to the Dayton Dragon’s stadium on East First Street are set to open in summer of 2017, developers Crawford Hoying and Woodard Development said Thursday.

“The Delco Lofts building is a one of a kind project that further adds excitement to the Water Street District,” Jason Woodard, of Woodard Development, said in an announcement. “The residential units will offer luxury apartments with commanding views while honoring the rich tradition of the Delco building.”

The lofts, whose lease rates range from $905 for an one-room apartment to $1,700 for a split-level loft, will feature 12-foot ceilings and 16-feet-wide floor-to-ceiling windows, the companies said.

The apartments are being built in the former building that house Delco Products and most recently a warehouse for Mendelson’s.

Residents will have private garages on the lower levels of the building and access to a top-floor event space in the former office of Charles Kettering, which offers what the developers called a “stunning views of the Dragon’s stadium and the riverfront.”

As previously announced, the building will also house the second location for Lock 27 Brewing, also expected to open in summer of 2017.

The developers received their final financing for the project this week, officials said.

The Delco rehabilitation project was awarded $3.2 million in state historic tax credits in the summer of 2015.

But the state said the project was eligible to receive the entire $5 million that developers had requested as other tax credit award winners from across Ohio withdrew their projects.

The state has officially allocated the Delco project the full $5 million, according to the Ohio Historic Preservation Office’s annual report. The project also will benefit from federal historic tax credits.

And on Tuesday, the Dayton/Montgomery County Port Authority sold $3.8 million in bonds to support the project as part of the Property Assessed Clean Energy (PACE) program.

The money from the sale will be used to pay for energy-efficient investments in the old industrial building.

The port authority bond was purchased by a subsidiary of an insurance company and will be repaid through assessments on the Delco property over a period of about 16 years, said Jerry Brunswick, the executive director of the port authority.

The developers plan to install thermal pane glass and a high-efficiency HVAC system, Brunswick said.

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