The company wants to rehabilitate and adaptively reuse the property with the help of historic tax credits, creating about 40 apartment units and space on the ground floor for restaurants or other businesses.
The developer’s longer-term plan is to erect new buildings on theparcel, potentially for housing, restaurants, art spaces, theaters and other types of “activity generators.”
The development seeks to build on the urban character and cultural vibrancy of the Oregon District.
“We see the plumbers building — 210 Wayne — and ultimately the rest of that block as an extension of that 24/7 activity zone, which provides people additional places to live, places to recreate and places to eat and drink,” said Barry Alberts, a partner with the real estate development group.
The developers have a strong track record of renovating historic buildings and creating mixed-use projects. They played an integral role in the resurgence of downtown Louisville.
The property
The city of Dayton owns the vacant property on Wayne Avenue.
Built in 1868, the building has been used to manufacture agricultural equipment, bicycles, auto parts, furniture and plumbing supplies throughout the years.
In June, the city nominated the property for inclusion on the National Register of Historic Places.
The Ohio Historic Site Preservation Advisory Board has recommended it be placed on the national register. The case is under review by the U.S. National Park Service.
The property, which has two connected buildings, characterizes industrial facilities of the mid- to late-19th Century and is associated with the history of the region and the industrial development of Dayton, according to the application.
The plan
Placement on the national register would make the property eligible for state historic tax credits, which is key to attracting financing, said Amy Walbridge, Dayton’s special projects administrator.
The state program provides a 25 percent tax credit for rehabilitation expenses to owners and tenants of historically significant buildings.
“That’s the way you do adaptive reuse projects, by leveraging financing opportunities you can find,” Walbridge said.
The group has the development rights to more than five acres of land between Wayne Avenue and Walnut Street.
The memorandum of understanding allows the company to do predevelopment work and come up with a design concept, city officials said. The company is working on finalizing a development plan and will apply for historic tax credits after the property is placed on the register. The group wants to have a development agreement with the city completed by the end of this year. Construction ideally would start in early to mid-2015.
The plan:
- Restore the old manufacturing facility and create urban lofts, with brick walls and timber work on the upper floors, similar to the Cannery Lofts apartments, located just up the road, said Alberts, the group's partner.
- Create a restaurant space on the ground floor, with an internal atrium and a patio and covered area outside. There could be multiple commercial spaces.
The project could be between $10 million to $12 million but it is impossible to say for certain at this point, Alberts said.
If the Weustoff and Getz Co.project is a success, City Properties Group is interested in future phases of development, requiring new construction.
Alberts said new buildings potentially could be home to a mix of housing, dining and spaces for arts, entertainment and recreational offerings. The full build out could take about five years, he said, but when finished, the area would have its own unique identity.
“When we develop in an area of a city, we are not there to do one building and go away, or sell it after five years,” he said. “We keep and manage every project we do, and we always look to build value in second or third or fourth phases.”
Louisville development
City Properties Group was behind some of the most celebrated restoration and revival projects in downtown Louisville.
Bill Weyland, the group’s managing partner, helped convert an abandoned building into the Louisville Slugger Museum & Factory in the mid-1990s.
The museum is next door to Glassworks, a multi-use building featuring working glass studios, glass galleries, event spaces, commercial spaces and housing. City Properties Group was the project’s lead designer and developer.
City Properties Group was co-developer and lead designer on Whiskey Row Lofts, a hip and popular downtown district featuring apartments, corporate entertainment suites, four restaurants and other spaces. The company is working on an eight-story Hilton Garden Inn.
Louisville business leaders say City Properties Group was a catalyst in transforming the city’s downtown.
“The resurgence of Louisville’s downtown over the past decade has been a major driver for economic growth and improved quality of place,” said James Reddish, vice president of economic development for Greater Louisville Inc., a business organization and economic development agency. “City Properties had an early vision for what Downtown Louisville could become.”
The Dayton City Commission must authorize transferring the Wayne Ave. property, which is contingent upon the developer obtaining the necessary financing, said Aaron Sorrell, the city’s director of planning and community development.
But the developer has impressive credentials, a sterling reputation and appears committed to Dayton, city officials said.
“With City Properties’ great track record of great, active, and lively adaptive reuse projects we are optimistic about the future of this great site,” Sorrell said.
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