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UD and the Entrepreneurs Center plan to create an innovation hub where university students, faculty and staff interact and collaborate with entrepreneurs, start-ups, small businesses, researchers and other creative and talented professionals.
UD’s letter of intent to be a tenant at the arcade means developers have the leasing commitments needed to close on financing and move forward with renovating the southern parts of the arcade, Struever said.
That includes rotunda and the Ludlow, Fourth Street, Kuhns, McCrory and commercial buildings, officials said.
“We are very close to having our funding pieces together,” Struever said.
RELATED: UD could be anchor tenant of Dayton Arcade
The first phases of the rehab project are expected to cost about $80 million with all the various housing components, Struever said.
For initial phases of the rehab project, developers have already secured more than $21 million in low-income housing tax credits, $9.7 million in federal historic tax credits and $2.5 million in federal funds pledged by the city of Dayton, according to the developers’ application for state historic tax credits.
Developers also say they have more than $16.5 million committed in loans from PNC Bank. They are currently seeking $5 million in state historic tax credits, which they almost won last year.
Developers have three-quarters of the new market tax credits they need, he said.
The arcade plans call for about 130 housing units for creative types and artists, most of which is affordable housing but there will be about 26 market-rate units. The complex will have restaurants and retail, co-working office spaces, UD faculty and staff offices, event spaces, galleries, a kitchen incubator and a roughly 6,000-square-foot bistro, deli and grocer called Feelohs.
Warped Wing Brew Co., Boston Stoker Coffee Co. and the Dayton Visual Arts Center have signed nonbinding letters of intent to occupy space in the complex.
Warped Wing is considering opening a second location where it would brew and serve beer. DVAC would make the arcade its headquarters, according to Struever.
RELATED: Arcade could house 2nd Warped Wing, Boston Stoker, DVAC