Water Street District (Dayton)

The Water Street District is a mixed-use development under construction in Downtown Dayton, Ohio.

History

The land the development sits on is in Downtown Dayton, along the bank of the Great Miami River and the confluence of the Mad River at the intersection of East Monument Avenue and Riverside Drive.

Ballpark Village

A mixed-use development was proposed on the land in November 2006, termed Ballpark Village, with Los Angeles-based Mandalay Entertainment Group and Cincinnati-based Bear Creek Capital as developers. The announcement on the $230 million development on the bank of the river had come on the heels of a $51 million development several blocks away as a new headquarters for CareSource.[1] In all, the development was to consist of three projects: a big box retailer on the north side of the river, a 200-unit upscale condominium, and a 300,000-square-foot entertainment complex with restaurant, retail and office space, with 1,000 parking spaces. It was expected to be the largest commercial development in the city's history[2]

Over the next year, the developers conducted due diligence while the city negotiated to purchase land for the development, with the process being extended from six months to over one year. Several companies including Thompson Hine LLP signed letters of intent to move into the building.[3] Plans for the development were finished in early 2008 and submitted to developers.[4] After lengthy discussions, Bear Creek Capital backed out of the project due in part to trouble financing the project. Mandalay and the city initially opted to push ahead with the project,[5] however in November 2008 after tenants pulled out of plans to move into the building, it was postponed indefinitely in the midst of the Great Recession.[6] As of 2010 there were no plans to restart the project.[7]

Water Street District

Formal groundbreaking for Water Street District on March 19, 2015

The City of Dayton purchased land on the site of the development in May 2013, raising the possibility that a new development could be in the works there.[8] And the project was unveiled in July 2013, as a $36 million mixed-use project to be developed by Dayton-based Woodard Real Estate Resources and Columbus-based Crawford Hoying as developers.[9] Dubbed "Water Street District," the initial plan had been for a 50,000-square-foot office building, 161 luxury apartments and a 430-space parking garage[10]

Once the details solidified, the Water Street District project moved forward in early 2014 boasting a 50,800 SF commercial building, 215 residential apartments and town homes, and a parking deck to include nearly 600 parking spaces.[11] The commercial building was completed in early 2015 with the lead tenant, PNC Bank, to build out their offices by mid-2015. On March 19, 2015, representatives from Crawford Hoying, Woodard Real Estate Resources and the City of Dayton held a formal groundbreaking ceremony for the residential component of the project.

Housing and retail

References

  1. ↑ Teems, Yvonne (November 14, 2006), Massive development in works for downtown Dayton, Dayton, Ohio: Dayton Business Journal, retrieved October 13, 2014
  2. ↑ Teems, Yvonne (November 20, 2006), City abuzz about $230M deal, Dayton, Ohio: Dayton Business Journal, retrieved October 13, 2014
  3. ↑ Dirr, Jacob (December 3, 2007), Fate of $230M downtown development hinges on negotiations, Dayton, Ohio: Dayton Business Journal, retrieved October 13, 2014
  4. ↑ Dirr, Jacob (January 30, 2008), City finishes plans for $230M Ballpark Village, Dayton, Ohio: Dayton Business Journal, retrieved October 13, 2014
  5. ↑ Dirr, Jacob (May 1, 2008), BallPark Village loses developer, Dayton, Ohio: Dayton Business Journal, retrieved October 13, 2014
  6. ↑ Dirr, Jacob (October 31, 2008), The Merc approaches start date, Dayton, Ohio: Dayton Business Journal, retrieved October 13, 2014
  7. ↑ Cogliano, Joe (June 23, 2010), Pending projects could create thousands of jobs, Dayton, Ohio: Dayton Business Journal, retrieved October 13, 2014
  8. ↑ Navera, Tristan (May 15, 2013), Exclusive: City to keep options open for BallPark Village with land purchase, Dayton, Ohio: Dayton Business Journal, retrieved October 13, 2014
  9. ↑ Navera, Tristan (July 10, 2013), New development in Ballpark Village area set for downtown Dayton, Dayton, Ohio: Dayton Business Journal, retrieved October 13, 2014
  10. ↑ Navera, Tristan (July 10, 2013), Restaurants, companies interested in downtown Dayton development, Dayton, Ohio: Dayton Business Journal, retrieved October 13, 2014
  11. ↑ Water Street District Dayton, Crawford Hoying, retrieved March 19, 2015 External link in |publisher= (help)

External links

Coordinates: 39°45′58″N 84°11′09″W / 39.766111°N 84.185833°W / 39.766111; -84.185833

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