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Dayton Arcade Secures $41 Million To Fund Next Step

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Dayton Arcade’s giant is one step closer to being fully awoken once more.

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.

Danny Nagar of Century Hotel Group says “It has been a privilege to partner with Mira Development Company, Model Group, and Cross Street Partners in the redevelopment of the NorthArcade. By adding hotel rooms to the Arcade complex, we hope to invite locals and tourists to experience the strong food and entertainment scene that continues to grow here. This felt like a great opportunity to preserve and revitalize an iconic area and remove some of the roadblocks that have previously reduced travel to Downtown Dayton. We’re honored to be involved in this project and look forward to the impact that this will have on the local community and the guests that we’re eager to host.”

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.

Celebrating the Revival of The Arcade

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With the first phase of the restoration of the Dayton Arcade nearing completion, ThinkTV, the Dayton Metro Library and Cross Street Partners have teamed up for a week-long celebration of the history and future of the iconic Dayton Arcade.

An exhibit of the Dayton Arcade’s rich history will be on display at the Dayton Metro Library, 215 E. Third Street. The exhibit, featuring memorabilia from the early history of the Arcade and the Save the Arcade campaign, will be on display through February in the Dayton Room on the Main Library’s second floor. The photographs, art and artifacts can be viewed in the windows of the Dayton Room. Visitors who wish to go inside the room should call the library at 937-463-2665 to schedule a time for their visit.

“We’re pleased to host this look at the Arcade’s grand past,” said Special Collections Manager Jamie McQuinn. “The Dayton Room is home to hundreds of vintage photos of the city of Dayton, and the Arcade has long been one of its greatest gems.”

To continue the week-long celebrating, ThinkTV will premiere the first of their three-part documentary – Dayton Arcade: Waking the Giant – at 9pm on Monday, November 16, on ThinkTV16. It will also be made available on the ThinkTV website and on the PBS Video App. The first part of this exclusive, local documentary gives a behind-the-scenes look at the beginning phases of the restoration of the Dayton Arcade with the remaining two-parts of the documentary expected to premiere later in the year of 2021.

“The Dayton Arcade documentary is a story that reflects the hope, resilience and future of the Dayton community. Capturing this story while this transformation has been happening behind historic walls has been nothing short of a privilege for our team to work on,” ThinkTV President and CEO Kitty Lensman said.

Excitement is stirring in anticipation of the reveal of the Dayton Arcade’s transformation. Cross Street Partners oversaw this massive project from the beginning and have worked to ensure that the historical beauty has been preserved while maximizing functionality.

“Cross Street Partners, Model Group and McCormack Baron Salazar are working to recast the building in much the same way it was initially developed in the first decade of the 20th century — with a mix of retail, offices, event space and apartment housing. The first phase of the project, the South Arcade, will consist of an innovation center with the University of Dayton as a higher education partner in addition to a 110-unit residential LIHTC and market rate development for artists and creative entrepreneurs. The second phase, the North Arcade, will include a shared commercial kitchen program, a marketplace retail and restaurant environment, and micro-lofts or hospitality user space,” said David Williams, senior director of development of Cross Street Partners.

To learn more about ThinkTV’s three-part documentary, visit www.thinktv.org/dayton-arcade. For additional information about the Library’s exhibit, visit www.DaytonMetroLibrary.org or call 937-463- 2665. Details about the renovation of the Dayton Arcade can be found at www.arcadedayton.com and @DaytonArcade on social media.