A Kentucky developer plans to build 153 new apartments on the former site of Garden Station, located across the street from the firm’s popular Wheelhouse Lofts mixed-use development.
Weyland Ventures is working to close on financing to construct a new, four-story apartment building in a section of the city that the real estate development firm is trying to remake into Oregon East — a new urban neighborhood that connects the Gosiger campus with the Oregon District.
Called The 503, the apartments will be at the corner of East Fourth Street and Wayne Avenue on land that has been vacant since Garden Station was evicted in late 2016 by the city of Dayton.
The Wheelhouse Lofts project was a success and confirmed Dayton has a market for new multi-family housing product, said Lee Weyland, Weyland Ventures’ director of business development.
“We believe in Dayton,” Weyland said. “We have been impressed with the market and see it’s maturing, and we think there’s a strong opportunity there.”
The development of Oregon East will strengthen the connection to the Oregon District and add to the vibrancy of downtown and easterly located neighborhoods, said Dayton City Manager Shelley Dickstein.
“Weyland has built a long-term relationship with Dayton and we appreciate their partnership and investment in our city,” she said.
Weyland Ventures, based in Louisville, Kentucky, wants to construct the apartment building on the Garden Station property that essentially has two wings, with a central area containing elevators, trash chutes and the main entrance.
The 503 will be a unique, loft-style product that has exposed concrete floors, 10-foot ceilings and modern finishes, Weyland said. The studio, one- and two-bedroom apartments are expected to range in size from roughly 500 to 1,000 square feet.
Because the 503 will be constructed using concrete slabs, it will have a different feel than “stick-built apartments” and will be made to last and to be more energy efficient, Weyland said.
The development is expected to take up the entire grassy site, which is bordered to the north by the railroad tracks and to the south by East Fourth Street.
“We are trying to build something that respects the historic character of the area,” Weyland said.
The 503 will have one level of secured parking and four levels of apartments.
Weyland Ventures hopes to close on financing for the project by the end of the year. The project will break ground once that happens, and construction is expected to last 16 to 18 months. The apartments could open in the second quarter of 2021.
Weyland Ventures first made its mark on Dayton in mid-2017 with the opening of the Wheelhouse Lofts, a 40-unit apartment building at 210 Wayne Avenue.
Weyland Ventures spent about $8 million converting the vacant former plumbing supply building into apartments and first-floor commercial space with the help of state historic tax credits.
Weyland Ventures has purchased a church across the street with plans to reuse the property. The firm currently is working on a $18 million rehab of the Dayton Motor Car building at 115 McDonough St. into cutting-edge office spaces for Gosiger and other companies.
Gosiger, a family-owned company, has its headquarters at 108 McDonough St.
Weyland Venture also plans to construct other new buildings in the neighborhood, and one site targeted for new construction is the parking lot south of the Wheelhouse.
The firm says it could have four to five phases of projects related to the Oregon East neighborhood.
“We definitely intend to create a dense, urban neighborhood,” Weyland said.
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