City of Dayton Approves Deal To Fund Arcade Redevelopment
The Dayton Arcade is now one step closer to reopening, thanks to a new agreement approved by Dayton City Commission.
Under the new professional service agreement, the city will provide 1 million dollars to developers Miller-Valentine Group and Cross Street Partners to aid in the historic building’s renovations.
The developers are already set to receive about 40 million dollars in tax credits for the project. They plan to turn the complex into housing and commercial space. Total costs have not been finalized. Developers are expected to close on the property this summer.
The Arcade opened in 1904 and has been vacant since the early 1990s. City officials has been exploring redevelopment options for the property for nearly 3 years. The city has already spent about 700,000 to make complex structurally sound.