RELATED: Dayton Arcade lands $5M in state tax credits
The arcade possibly will be home to 150 businesses — most of which are expected to be very small — and hundreds of workers, said Bill Struever, principal of Cross Street Partners, one for the development partners for the arcade
Struever said they are very close to securing all the needed financing for the arcade’s first phase — so close they hoped to make an announcement about it at Wednesday’s press conference about the tax credits.
“There’s a couple of things we’re trying to button down, but we’re very close,” Struever said.
The arcade already has secured $20 million in low-income housing tax credits, $20 million in new market tax credits and should get nearly $10 million in federal historic tax credits. Developers, however, continue to work on obtaining or finalizing assistance from JobsOhio, the Dayton Business Committee and other sources.
RELATED: Dayton Arcade could house 2nd Warped Wing, Boston Stoker, DVAC
Some potential tenants include a second location for Warped Wing Brewery, a Boston Stoker Coffee Co. shop, the Dayton Visual Arts Center, a kitchen incubator, a collection of pop-up restaurants and a deli and grocer called Feelohs. Feelohs is the brainchild of Haitham Iman, the owner and chef at Carmen’s Deli and Bistro in the Kettering Tower.
The arcade, with eight interconnected buildings, has about 420,000 square feet of space.
The arcade’s redevelopment would be catalytic and would spark all sorts of new investment in the surrounding parts of downtown, realistically creating roughly 10,000 new jobs, possibly within five to 10 years, Struever said.
“If you starting getting density in these office buildings again, it’s a lot of new jobs,” he said.
About the Author
