“We’re excited about capturing and attracting new jobs,” said Dayton City Manager Shelley Dickstein.
The Dayton City Commission recently approved a development agreement with Delco Commercial LLC to provide $2.5 million from a development fund in the city’s general fund.
Developers Crawford Hoying and Woodard Development are investing about $100 million into the former Mendelsons property — which has more space than the Dayton Arcade’s nine interconnected buildings combined.
The development team is turning the seven-story structure at 115 Madison St. into a mix of uses, including housing, office and retail space and a parking garage.
The building, just south of Day Air Ballpark where the Dayton Dragons play minor league baseball, will have 160 new apartments and 482 public parking spaces.
The development agreement says the developer will make “every reasonable” effort to hire city of Dayton residents.
The developer will try to ensure that at least 15% of all of the employees hired by the tenants of the Delco building are city residents, the agreement states.
“This requirement shall be included in every future commercial tenant (lease),” the agreement states.
Credit: Tom Gilliam
Credit: Tom Gilliam
A Montgomery County advisory committee recently recommended giving $400,000 to the Delco project from the Montgomery County ED/GE (Economic Development/Government Equity) program.
These funds would help bring an unidentified anchor office tenant to the building that is expected to employ about 110 workers.
Up until this point, Dayton has not provided direct city funding for projects in the Water Street District, says a memo from Steven Gondol, Dayton’s director of planning, neighborhoods and development.
The funding from the city is anticipated to be used to pay for mechanical upgrades and new machinery, equipment, furniture and fixtures.
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