Developers are spending $90 million to restore seven buildings in southern parts of the Dayton Arcade, representing 398,104 square feet of space.
The south arcade will get 110 housing units across four buildings: the Lindsay, Ludlow, Commercial and Fourth Street buildings.
The vast majority of apartment units will be affordable artist housing; the rest will be market-rate units. Housing will cover about 137,000 square feet of space.
The arcade’s anchor tenant is the Arcade Innovation Hub LLC, a joint venture between the University of Dayton and the Entrepreneurs Center.
The hub will take up 76,135 square feet of space in the Rotunda building, the McCrory building and part of the Kuhns building. The hub will contain academic space for entrepreneurship and school programs and institutes and a co-working space.
UD and the Entrepreneurs Center plan to invest more than $10 million over 10 years to cover rents, operating expenses, equity support for the closing and furniture and equipment.
The Innovation Hub is UD’s largest investment in downtown in its history.
“Our innovation hub will fuel economic growth and spark creativity by enabling students, faculty and staff from across campus, including engineers, artists and business majors, to work alongside local entrepreneurs,” said UD President Eric Spina.
There is 215,000 square feet of leasable space in the south arcade, including the hub. There will probably be around 20,000 square feet of retail space.
The arcade’s rotunda will have about 15,000 square feet of event space.
Other tenants in the arcade could include a coffee shop, restaurants and visual arts center. Leases haven’t been signed, but some groups previously signed letters of intent