A $100-million mixed-use development downtown secured millions in funding for part of the project.
The Dayton- Montgomery County Port Authority on Tuesday announced it closed on $8.4 million in funding for the renovation and construction of a 480-spot public parking garage accompanying a massive mixed-used development, coined “The Delco District,” at 340 E. 1st Street in the Water Street District.
The millions in Tax-Exempt Revenue Bonds through the Southwest Ohio Regional Bond Fund add to $25 million in Delco Garage funding from Ohio Enterprise Bond Fund (OEBF), managed by the Ohio Department of Development.
The development, which will represent a nearly $100 million investment upon its expected completion by the end of 2024, encompasses 536,000 square feet. In addition to the parking garage, the project includes a 160-unit apartment building, over 77,000 square feet of office space and almost 20,000 square feet of ground-floor retail. Dublin-based Crawford Hoying Development Partners LLC and Dayton-based Woodard Development are developing the project.
“We’re thrilled to continue our commitment to the downtown Dayton area,” said Russ Hunter, executive vice president of design and development at Crawford Hoying, in a news release. “The Delco building will be our largest investment in Water Street District so far. This parking garage makes the renovation of the entire structure possible.”
Joseph M. Geraghty, executive director of the Dayton- Montgomery County Port Authority, said the development will “add significantly to the quality of life and vitality in downtown Dayton.” With this, in addition to other recent projects and amenities – like Centerfield Flats, AC Marriott Hotel, Moeller Brew Barn, Brackett Builders Inc., the Fairfield Inn & Suites, The Sutton, Delco Lofts and Day Air Ballpark – “the future looks bright for us,” he said.
It “increases the intrinsic value of Dayton, the region’s center,” Geraghty said in the release.