City Commission Approves $10 Million Arcade Development Agreement
The Dayton City Commission agreed Wednesday morning to approve a $10 million loan to the development group in charge of renovating the Dayton Arcade. Commissioners will grant the loan to Cross Street Partners, Model Group and McCormack Baron Salazar “at the time the developer group closes its financing arrangements.”
City Manager Shelly Dickstein says the move by the city is a necessary one.
“The investment by the city is vital for the success of the project which will create hundreds of jobs, catalyze one million square feet of adjacent, vacant and underutilized space that surrounds the Arcade property, provide benefits to the community as a whole and create a central hub for the Dayton Innovation Entrepreneurial ecosystem,” Dickstein told city commissioners and Mayor Nan Whaley at the meeting.
The city says Arcade renovations, will take place in two separate phases. When completed, it will house mixed-use commercial and mixed-income residential properties.
The first phase of renovations, expected to cost about $95 million, will be to the Arcade’s southern buildings. They’ll contain “a mix of affordable housing, arts programming," and the Innovation Hub that will be managed by the University of Dayton and The Entrepreneurs Center.
The second phase of renovations will focus on the Arcades northern buildings.