Work to redevelop eight buildings of the Arcade downtown is expected to begin in early 2017 — if financing firms up.
Developer Miller-Valentine Group released fresh renderings Thursday that depict renovated Dayton Arcade buildings with a restored, expansive rotunda.
“We’re starting a synergy, an energy within this area that hopefully will feed upon itself,” said Dave Williams, vice president of urban development, Miller-Valentine Group. “We have some great areas that are really vibrant, but we have a lot of areas that needs vibrancy added to the mix.”
Housing will drive the redevelopment as the first stage on West Fourth Street, Williams said.
Cross Street Partners, a real estate services firm based in Baltimore, is assisting in the project.
Williams said last week the eight-building property will likely be split between 73,000 square feet for retail occupants; 66,000 square feet for office space; 165 residential units; and 50 hospitality rooms, a hotel component.
“Housing is now an anchor tenant component,” Williams said. “We know housing is there, but the question is, how deep? We think we’ve got plenty of room to go.”
Williams said the developer has not yet applied for historic tax credits from the state.
“It’s pretty, very pretty,” Kreutzer said of the building.