Water Street, one of the largest development projects in downtown Dayton in years, is getting ready to break ground. Last week, the Dayton City Commission approved an agreement with the project’s developer, Water Street Redevelopment L.L.C., a joint venture of Dublin-based Crawford Hoying Development and Dayton-based Woodard Real Estate Resources.
Water Street is a residential, commercial and retail mixed-use project located in Dayton’s Water Street District. At a cost of $33.5 million, the project will be constructed on nine acres of city-owned land along the Great Miami River downtown, between Patterson Boulevard and Webster Street. It will feature at least 150 luxury rental apartment units with views of the river, city and stadium; 50,000 square feet of Class A office and commercial space; a three-level parking garage with as many as 480 spaces; and public infrastructure improvements.
The office building and residential complex will cost $26 million, and will be developed with private equity and financing obtained by the developer. The garage will cost $5 million. It will be owned by the city of Dayton for the first 17 years, after which the developer has the option to buy it. Another $2.5 million will be invested in public infrastructure improvements such as utilities, roadway improvements, lighting and landscaping.
“We’re very excited to move this mixed-use project forward,” Shelley Dickstein, Assistant City Manager for Strategic Development, said in a statement for the press. “Water Street features the type of upscale housing and office choices that people are looking for. It will further strengthen the vitality of the area, which is within easy reach of many other downtown amenities, like the river, Fifth Third Field, Five Rivers MetroParks and Tech Town.” Jason Woodard, principal at Woodard Real Estate Resources, added that “we believe the riverfront location, coupled with the high demand for downtown housing, will make Water Street a popular destination for today’s professionals looking for that live, work and play experience downtown.”
The Water Street project is expected to help revitalize downtown Dayton. The developers hope to start construction of the office building in December. Construction on the garage and residential complex is scheduled to start in April 2014.
Photo credits: Crawford Hoying Development