A proposal to convert part of the Dayton Arcade into housing has secured a whopping $20 million in tax credits, which officials hope to use to jump-start the large-scale redevelopment of the iconic complex.
The Ohio Housing Finance Agency announced this morning it has awarded the Dayton Arcade rehabilitation project $1 million in annual tax credits for a period of 10 years to create affordable housing.
Developers propose adaptively reusing the Arcade complex to create housing, retail, hospitality, offices and art and commercial spaces. The first phase of the project, the Art Works Lofts, will feature about 66 housing units designed for artists and creative types.
But the state deemed the multi-stage renovation proposal so promising and transformative that it also committed an additional $10 million in tax credits over 10 years to help fund a second phase of housing.
“Art Works Lofts will not only provide much needed affordable housing for individuals and families, it will also create employment opportunities, generate economic activity and importantly, will serve as the impetus for further redevelopment in downtown Dayton,” said Kelan Craig, director of planning, preservation and development with the Ohio Housing Finance Agency.
Developers said they were optimistic the project would score well, but were thrilled by the decision.
“We’re excited about the news and we’re excited about the next steps,” said Pete Schwiegeraht, senior developer with MV Residential Development.
The future of the long-vacant Arcade complex, located in the heart of downtown, brightened considerably on Wednesday when the Ohio Housing Finance Agency announced it has awarded $20 million in tax credits to help fund an ambitious renovation project.
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