$100M mixed-use development secures millions in funding
The development secured funding for part of the project.
The project, a $100 million mixed-use development in downtown, has received millions of dollars for a portion of its funding.
The Dayton- Montgomery County Port Authority announced on Tuesday that it had closed an $8.4-million funding agreement for the construction and renovation of a public parking garage with 480 spots, which will be part of a large mixed-used development called "The Delco District" at 340 E. 1st Street within the Water Street District.
Delco Garage received $25 million from the Ohio Enterprise Bond Fund, managed by the Ohio Department of Development.
The development will be worth nearly $100 million when it is completed by 2024. It covers 536,000 square foot. The project also includes a 160 unit apartment building, 77,000 square foot of office space, and nearly 20,000 square foot of retail on the ground floor. The project is being developed by Dublin-based Crawford Hoying Development Partners LLC, and Dayton-based Woodard Development.
In a press release, Russ Hunter said, "We are thrilled to continue our dedication to the downtown Dayton region." The Delco building is our biggest investment to date in the Water Street District. The parking garage is what makes it possible to renovate the entire building.
Joseph M. Geraghty said that the project will "significantly improve the quality of living and vitality of downtown Dayton." The future is bright, he said, with this development and other recent projects, such as Centerfield Flats AC Marriott Hotel, Moeller Brew Barn Brackett Builders, The Sutton Delco Lofts Day Air Ballpark, and the Fairfield Inn & Suites.
Geraghty stated in the press release that the project "increases Dayton's intrinsic value as the center of the region".
According to DBJ's research, Delco, formerly Mendelson’s Liquidation Outlet is the biggest commercial development in Dayton, ranking most recently No. 6.