Model Group lands $13.9M Ohio tax credit for Dayton Arcade district redevelopment

Model Group lands $13.9M Ohio tax credit for Dayton Arcade district redevelopment

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The Dayton Arcade was “the beating heart” of a vibrant downtown Dayton for nearly a century following its completion in 1904, according to the project website. The complex shuttered in the early ‘90s.

The Ohio Department of Development on Jan. 29 announced Model Group and the Dayton Arcade among 15 projects to have won a total of $100 million through the Transformative Mixed-Use Development (TMUD) program. Cincinnati’s convention center hotel and Carew Tower redevelopment also won millions in tax credits from the same round.

The current development promises to rehabilitate the arcade district’s 10 historic buildings, comprising 810,000 square feet across two city blocks on the north side of Fourth Street between Ludlow and Jefferson streets.

The development team includes Model Group, headquartered in Cincinnati’s Over-the-Rhine neighborhood, as well as Baltimore-based Cross Street Partners and St. Louis-based McCormack, Baron, Salazar.

The arcade district is proceeding in four phases. The first phase, the south arcade, began construction in April 2019. The first tenants moved in early 2021. It includes an innovation center, event space, offices, retail and housing. An incubator for food entrepreneurs, 6888 Kitchen, is partially complete.

The second phase of the project, the north arcade, will bring a 94-room boutique hotel, more restaurant space and marketplace retail space to the Gibbons Annex and the Third Street Building. Mason-based Century Hotel Group is behind the Hilton Garden Inn by Hilton Dayton Arcade.

The third phase, the Centre City building, is in the planning stage. It is expected to create 200 mixed-income housing units.

The fourth, the Air City garage, also in the planning stage, is expected to create 380 parking spaces.

https://www.bizjournals.com/cincinnati/news/2024/01/30/dayton-arcade-model-group-state-tax-credits.html?cx_testId=40&cx_testVariant=cx_6&cx_artPos=6#cxrecs_s

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