The company that bought the building from Miller-Valentine Group is a joint partnership of Lawyers Development Corp. and First Hospitality Group.
The partners worked together on a boutique hotel called Hotel LeVeque in Columbus, which is part of Marriott Hotels Autograph Collection.
The new downtown Dayton hotel is expected to have 118 rooms, a first-floor restaurant, two meeting rooms and a fitness center, said David Duncan, president of First Hospitality Group.
The interior of the building will be gutted and rebuilt and new mechanical, electrical and plumbing systems will be installed, he said.
The project will include new main entry doors and new storefront windows on the first floor. The renovation is expected to start sometime in the fourth quarter of this year.
MORE: Developers scoop up downtown Dayton properties
The Graphic Arts building at 221 S. Ludlow St. is going to be turned into new loft apartments, said Eric VanZwieten, head of marketing with Columbus-based Windsor Companies.
The firm plans to ask for $900,000 in state tax credits to help fund the rehab project.
The five-story building will offer around 22 new apartments and first-floor retail space, he said. Windsor Companies is the developer of the Fire Blocks District, which is a group of buildings centered around the 100 block of East Third Street.
Windsor Companies is working to renovate multiple vacant buildings into new apartments and bring new first-floor businesses and amenities into the district, such as restaurants and an entertainment destination where people can throw axes for sport.
MORE: Ax throwing and gaming, new restaurants, new bars planned for downtown Dayton, developer says
The Fire Blocks developer also has plans to apply for $150,000 to help fund the rehab of the Dayton Power and Light building at 18-20 S. Jefferson St.
The vacant three-story building is adjacent to the Century Bar, which is a well-known and popular bourbon bar at 10 S. Jefferson St.
Century plans to relocate into the DP&L building and expand. The first floor will be the nationally recognized bar’s new home.
The second floor will have a new cocktail lounge. The third floor is event to be an event and party space. The Century Bar’s current space is expected to become part of a new restaurant that plans to open in a vacant space at the corner of South Jefferson and East Third Street.
MORE: Sneak peek inside Century Bar’s future home