RELATED >>> Dayton Arcade wins big: State awrds project $4M in tax incentives
In December, the Dayton Daily News reported that Dayton Arcade’s development partners Cross Street Partners and Miller-Valentine Group were awarded $4 million in historic state tax credits on a proposed $41 million project to overhaul the collection of eight buildings in downtown Dayton. Those buildings, which once housed shops, a farmer’s market, apartments and offices, were closed 26 years ago.
The redevelopment plans include putting in pop-up restaurants and apartments around one anchor tenant yet to be announced.
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WSJ reports that developer Cross Street Partners rushed to finish long-term leases on the Dayton Arcade’s eight buildings at the end of last year in the hopes of qualifying under the old tax-credit rules.
WSJ reports that David Williams, senior director at Cross Street Partners, said the weakened tax-credit program could have threatened a carefully constructed financing plan, which includes multiple tax incentives.
“A hiccup like that can be pretty devastating,” Williams is quoted in the report.
The Dayton Daily News will continue providing ongoing coverage of the efforts to redevelop the Dayton Arcade, a collection of eight buildings