Dayton Arcade one step closer to completion
The Dayton Arcade has secured $41M in funding for the North Arcade's Third Street Arcade and Gibbons Annex, the final two buildings in the complex.
Third Street entrance to Dayton Arcade close to completion
The development team behind the historic Dayton Arcade has secured the necessary funding for the $41M renovation of the North Arcade’s Third Street Arcade and Gibbons Annex, the final two buildings in the Arcade’s nine-building complex.
The Arcade’s Third Street and Gibbons Annex Buildings were built in 1902 as part of the original Arcade development. The historic Third Street Building façade, designed by Frank Mills Andrews in the Flemish guildhall style, is one of the most recognizable buildings in the city of Dayton. Retail was shuttered in 1990 with the rest of the development.
Long seen as the last piece of the Dayton Arcade puzzle, completion of this second phase will allow the Arcade to serve as the retail hub and pedestrian connector in the center of downtown Dayton once again. The upper floors will be home to a 94-room Hilton Garden Inn with a lobby entrance from Third Street.
The first floor of the Third Street Building will house the Arcade’s retail marketplace, with 7,500 sf of small business retail space. Under the North Arcade’s iconic skylight will be small spaces for around 15 local and unique retail opportunities.
“We are very excited about this phase of the project, but it would not have happened without the unwavering commitment of the hotel team of Century Hotel Group and Mira Development,” says Dave Williams, Vice President of Development for Cross Street Partners.
“These projects don’t happen without strong leadership and support and that has continued from both the City, County, CityWide Development, and the Port Authority. The State and Federal Historic and New Market tax credits along with the Ohio Department of Development grant programs were critical sources in completing the North Arcade’s capital stack. It is a great finish to an amazing project and will be catalytic for the Main Street corridor, as well as providing much needed support for the Convention Center.”
The Arcade is a vital component for the reactivation of Courthouse Square and the revitalization of downtown Dayton’s central business district. Construction on the North Arcade has already commenced with anticipated completion of late Q2/Q3 2024.
For leasing inquiries regarding the North Arcade Marketplace, contact the Arcade’s broker Aaron Savino at aaron.savino@apexcommercialgroup.com.
To receive the most up-to-date development information, visit arcadedayton.com.
