The Dayton Arcade is 1 for 2 in winning state historic tax credits, but failure to win an award in the upcoming funding round could jeopardize the developers’ timeline for revitalizing the property.
The group working to redevelop the historic complex will ask the state this fall for $5 million in additional historic preservation tax credits, just as it did in late 2016 and early 2017.
The arcade was denied credits in 2016, but managed to earn $5 million in state historic incentives in June.
City officials and development leaders say the goal is to have all of the financing components for an overhaul of the arcade in place by the end of the year in order to close on the property.
Daytonians, who have waited 26 years for something positive to happen to the vacant complex, evidently will have to wait about 15 more weeks to know if the proposal to rehab the arcade will take place.
Previous efforts to restore the arcade have never come as far as the current one.
The project actually is moving ahead at a record speed for a project of this complexity, since there’s so many moving parts, said Dave Williams, vice president of urban development with Miller-Valentine Group.
“It’s the money, it’s the planning, it’s the budgeting, it’s the design,” Williams said. “Think about the design alone: Designing 400,000 square feet doesn’t happen overnight, and you don’t have a budget until you have a design, and you don’t get money until the budget is all done.”