Major Dayton development project secures $41M for second phase
The team leading the redevelopment of an iconic Dayton building has secured funding for the second phase of the project, which will include apartments, a hotel, and retail space.
The team in charge of redeveloping an iconic Dayton structure has received funding for phase two of the project. Next, the team will transform a pair buildings in the structure into a retail and hotel hub.
Cross Street Partners Model Group and Mira Development Company secured $41 million in funding to renovate the Dayton Arcade’s Third Street Arcade, Gibbons Annex, the last two buildings of the Arcade’s nine-building complex.
The Third Street and Gibbons Annex Buildings, built in 1902 and originally part of the Arcade development project, will be converted into a pedestrian connector and retail hub on the lower levels. The upper floors of the buildings will be home to a Hilton Garden Inn, with 94 rooms and a lobby entry from Third Street. Century Hotel Group wants to attract locals and tourists alike to downtown Dayton's growing food and entertainment scene by adding hotel rooms at the Arcade complex.
Danny Nagar, Century Hotel Group, said that this was a wonderful opportunity to revitalize and preserve an iconic area as well as remove roadblocks which had previously limited travel to Downtown Dayton. We're proud to be a part of this project, and we look forward to its impact on the local community as well as the guests who are eager to stay with us.
Retail space for small businesses will be located on the first floor of Third Street Building. This area is 7,500 square foot. Under the North Arcade’s iconic skylight, 15 small retail spaces will be available for local businesses.
Dave Williams, Vice President of Development at Cross Street Partners, said: 'We're very excited about the next phase of this project. But it wouldn't have been possible without the unwavering dedication of the Century Hotel Group team and Mira Development.
The Arcade was a key component in the revitalization and reactivation Courthouse Square, as well as the central business district of downtown Dayton. The North Arcade construction is underway and should be completed by late 2024.