5 things to know about the $46M plan for downtown building

The new owners of the Centre City building plan to spend more than $46 million renovating the downtown high-rise into 164 new apartments.

The state last year awarded $5 million in state historic tax credits to aid the project. Here’s a few things to know about what the owners hope to do.

RELATED:Downtown building wins tax incentives 

The new owners of the building at 40 S. Main St., Centre City Partners LP, propose creating on the first floor amenity spaces, a leasing office and four leasable spaces for retail shops. The basement will be reconfigured to offer dog care, tenant storage and mechanical areas. The owners intend to add canopies to the Main Street and Fourth Street entrances. No retail tenants have been secured yet. The Fourth Street lobby will be expanded.

2. New apartments / connected buildings

The project seeks to create 164 new market-rate apartments, offering 206 sleeping rooms. The property consists of four connected buildings that were built in multiple phases between 1903 and 1924. The buildings range in height from seven to 21 stories.

3. Centre City’s history

The Centre City building, also known as the United Brethren building, has been vacant since 2012. In more recent years, the building housed government offices and ground floor retail. But it was the home of the United Brethren publishing house’s offices and manufacturing operations. The building is listed on the national register of historic spaces. Centre City is a Chicago-commercial style building.

4. Funding sources / financial info

The developers say they need state and federal tax credits to make the project work, because the return on investment would be insufficient otherwise. They are pursuing more than $13 million in credits. About $6.5 million will come from the federal EB-5 program. The program puts foreign investors on the fast track to getting a green card if they fund U.S. business ventures that create jobs.

5. Part of broader revitalization strategy

The redevelopment of the Centre City building plays a significant role in The Nine, which is a plan for creating a nine-block, thriving urban neighborhood downtown. Centre City is across the street from Dave Hall Plaza, which is the future site of the Levitt Pavilion Dayton. When completed in 2018, the outdoor music amphitheater will host at least 50 free shows each year. The pavilion has been described as downtown's living room. The Centre City building would help activate the surrounding area.

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