The approval of $20 million in workforce/affordable housing tax credits through Ohio’s Affordable Housing Tax Credit Program triggered the next phase of the Dayton Arcade renovation project and cleared an important early funding hurdle for the project’s developers, Dayton-based Miller-Valentine Group, and Baltimore, Maryland-based Cross Street Partners.
With the housing tax credit approved and additional funding anticipated, developers can move into active planning for construction that could begin as soon as January.
“We still have a long way to go, but this is an important step in the process of bringing back to life this great building in the heart of Dayton,” said David Williams, Vice President, Urban Development, for Miller-Valentine Group. “This allows us to begin developing architectural drawings and move aggressively toward the start of construction early next year.”
That work would begin with the renovation of two buildings and about 113,700 square feet of space along West Fourth Street, turning those buildings into affordable housing for creatives, such as artists, makers, engineers, chefs, musicians and tech entrepreneurs. That is the first phase of a massive project expected to include residential units consisting of both affordable and market rate, 70,000 square feet of retail space, 45-60,000 square feet of office space and a 50-room boutique hotel component. In all, the renovation is expected to cover about 410,000 square feet across 8 buildings ranging from 3 to 14 stories.
“The announcement is a huge vote of confidence from the Ohio Housing Finance Agency and the City of Dayton,” said Josh Parker, Partner and Principal with Cross Street Partners. “Live-work housing designed for and affordable to creative entrepreneurs is key to reactivating the Arcade as a focal point of downtown life and creating an exciting new hub for arts and innovation in Dayton.”
“It’s one of the most iconic and recognized properties in Dayton, therefore, it’s no surprise that the renovation will require extensive planning and unique expertise,” said Mayor Nan Whaley. “Thanks to the vision of Miller-Valentine and Cross Street Partners, the Dayton Arcade will be reimagined as a vibrant mixed-used community that seamlessly connects the history of the site with modern functionality. I look forward to cutting the ribbon with them one day soon.”
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