Water Street District (Dayton)

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The Water Street District is a mixed-use development under construction in Downtown Dayton, Ohio.

Mixed-use development Type of urban development strategy

Mixed-use development is a term used for two related concepts:

Downtown Dayton is the central business district of Dayton, Ohio. Major reinvestment in the downtown area began heavily in the mid-1990s, and continues today with $2 billion in residential, commercial, health, and transportation developments that has or is taking place in the downtown area.

Dayton, Ohio City in Ohio, United States

Dayton is the sixth-largest city in the state of Ohio and the county seat of Montgomery County. A small part of the city extends into Greene County. The 2018 U.S. census estimate put the city population at 140,640, while Greater Dayton was estimated to be at 803,416 residents. This makes Dayton the fourth-largest metropolitan area in Ohio and 63rd in the United States. Dayton is within Ohio's Miami Valley region, just north of Greater Cincinnati.

Contents

History

The land the development sits on is in Downtown Dayton, along the bank of the Great Miami River and the confluence of the Mad River at the intersection of East Monument Avenue and Riverside Drive.

Great Miami River river in the United States of America

The Great Miami River is a tributary of the Ohio River, approximately 160 miles (260 km) long, in southwestern Ohio and Indiana in the United States. The Great Miami flows through Dayton, Piqua, Troy, Hamilton, and Sidney.

Confluence Meeting of two or more bodies of flowing water

In geography, a confluence occurs where two or more flowing bodies of water join together to form a single channel. A confluence can occur in several configurations: at the point where a tributary joins a larger river ; or where two streams meet to become the source of a river of a new name ; or where two separated channels of a river rejoin at the downstream end.

Mad River (Ohio) river in Ohio, United States of America

The Mad River is a stream located in the west central part of the U.S. state of Ohio. It flows 66 miles (106 km) from Logan County to downtown Dayton, where it meets the Great Miami River. The stream flows southwest from its source near Campbell Hill through West Liberty, along U.S. Route 68 west of Urbana, past Springfield, then along Ohio State Route 4 into Dayton. The stream's confluence with the Great Miami River is in Deeds Park.

Ballpark Village

A mixed-use development was proposed on the land in November 2006, termed Ballpark Village, with Los Angeles-based Mandalay Entertainment Group and Cincinnati-based Bear Creek Capital as developers. The announcement on the $230 million development on the bank of the river had come on the heels of a $51 million development several blocks away as a new headquarters for CareSource. [1] In all, the development was to consist of three projects: a big box retailer on the north side of the river, a 200-unit upscale condominium, and a 300,000-square-foot entertainment complex with restaurant, retail and office space, with 1,000 parking spaces. It was expected to be the largest commercial development in the city's history [2]

Los Angeles City in California

Los Angeles, officially the City of Los Angeles and often known by its initials L.A., is the most populous city in California; the second most populous city in the United States, after New York City; and the third-most populous city in North America, after Mexico City and New York City. With an estimated population of nearly four million people, Los Angeles is the cultural, financial, and commercial center of Southern California. The city is known for its Mediterranean climate, ethnic diversity, Hollywood, the entertainment industry, and its sprawling metropolis.

Cincinnati City in Ohio

Cincinnati is a major city in the U.S. state of Ohio, and is the government seat of Hamilton County. Settled in 1788, the city is located at the northern side of the confluence of the Licking and Ohio rivers, the latter of which marks the state line with Kentucky. The city is the economic and cultural hub of the Cincinnati metropolitan area, the fastest growing economic power in the Midwestern United States based on increase of economic output, which had a population of 2,190,209 as of the 2018 census estimates. This makes it Ohio's largest metropolitan area and the nation's 28th-largest. With a city population estimated at 302,605, Cincinnati is the third-largest city in Ohio and 65th in the United States. Cincinnati is also within a day's drive of 49.70% of the United States populace, the most of any city in the United States.

Real estate development multifaceted business encompassing activities related to buildings and land

Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others. Real estate developers are the people and companies who coordinate all of these activities, converting ideas from paper to real property. Real estate development is different from construction, although many developers also manage the construction process.

Over the next year, the developers conducted due diligence while the city negotiated to purchase land for the development, with the process being extended from six months to over one year. Several companies including Thompson Hine LLP signed letters of intent to move into the building. [3] Plans for the development were finished in early 2008 and submitted to developers. [4] After lengthy discussions, Bear Creek Capital backed out of the project due in part to trouble financing the project. Mandalay and the city initially opted to push ahead with the project, [5] however in November 2008 after tenants pulled out of plans to move into the building, it was postponed indefinitely in the midst of the Great Recession. [6] As of 2010 there were no plans to restart the project. [7]

Due diligence Standard of care before entering into a contract with another party

Due diligence is the investigation or exercise of care that a reasonable business or person is expected to take before entering into an agreement or contract with another party, or an act with a certain standard of care.

Great Recession Early 21st-century global economic decline

The Great Recession is a period of general economic decline (recession) observed in world markets during the late 2000s and 2010s. The scale and timing of the recession varied from country to country. The International Monetary Fund (IMF) has concluded that it was the most severe economic and financial meltdown since the Great Depression and it is often regarded as the 2nd worst downturn of all time.

Water Street District

Formal groundbreaking for Water Street District on March 19, 2015 Water Street District Dayton - Residential Groundbreaking.jpg
Formal groundbreaking for Water Street District on March 19, 2015

The City of Dayton purchased land on the site of the development in May 2013, raising the possibility that a new development could be in the works there. [8] And the project was unveiled in July 2013, as a $36 million mixed-use project to be developed by Dayton-based Woodard Real Estate Resources and Columbus-based Crawford Hoying as developers. [9] Dubbed "Water Street District," the initial plan had been for a 50,000-square-foot office building, 161 luxury apartments and a 430-space parking garage [10]

Once the details solidified, the Water Street District project moved forward in early 2014 boasting a 50,800 SF commercial building, 215 residential apartments and town homes, and a parking deck to include nearly 600 parking spaces. [11] The commercial building was completed in early 2015 with the lead tenant, PNC Bank, to build out their offices by mid-2015. On March 19, 2015, representatives from Crawford Hoying, Woodard Real Estate Resources and the City of Dayton held a formal groundbreaking ceremony for the residential component of the project.

PNC Financial Services North American bank

PNC Financial Services Group, Inc. is a bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 19 states and the District of Columbia with 2,459 branches and 9,051 ATMs. The company also provides financial services such as asset management, wealth management, estate planning, loan servicing, and information processing.

Housing and retail

Related Research Articles

Dayton International Airport airport

Dayton International Airport, formerly Dayton Municipal Airport and James M. Cox-Dayton Municipal Airport, is ten miles north of downtown Dayton, in Montgomery County, Ohio. The airport is in the city limits of Dayton, in an exclave of Dayton not contiguous with the rest of the city. Its address is 3600 Terminal Drive, Dayton, Ohio 45377. The airport is headquarters for American Eagle carrier PSA Airlines.

Gateway Sports and Entertainment Complex

The Gateway Sports and Entertainment Complex is an entertainment complex located in downtown Cleveland, Ohio. It opened in 1994 and is owned by the city of Cleveland and Cuyahoga County and is managed by the Gateway Economic Development Corporation, a non-profit group with board members who are appointed by county and city leaders.

Oakland Ballpark a proposed baseball stadium in Oakland, California

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Moraine Assembly

Moraine Assembly was a General Motors automobile factory in Moraine, Ohio, United States, a suburb of Dayton. A Frigidaire appliance plant had originally operated on the site from 1951 to 1979. Starting in 1981, the Chevrolet S-10 small pickup was produced along with Shreveport Assembly. From 2001 through 2008, the plant produced the GMT360 SUVs. In 2014, the closed plant was acquired by Fuyao Glass to produce glass for vehicles.

St. Louis Ballpark Village

Saint Louis Ballpark Village (BPV) is a dining and entertainment district in downtown St. Louis, Missouri, owned by the investment group that controls the St. Louis Cardinals, the city's professional baseball team. Located on the 200 and 300 blocks of Clark Street, it sits across the street from and is meant to complement Busch Stadium, the team's home field, on the site of the demolished Busch Memorial Stadium.

The Greene Town Center also known as The Greene, a mixed-use, office, retail, dining and entertainment center in Beavercreek, Ohio

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Panorama Tower Skyscraper in Miami, Florida, USA

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Kettering College

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Dayton Arcade United States historic place

The Dayton Arcade is a collection of five buildings in Dayton, Ohio. The Historic Arcade is a historic, architecturally elegant complex in the heart of Dayton's central business district. Built between 1902 and 1904, it was conceived by Eugene J. Barney of the Barney & Smith Car Company and consists of five interconnecting buildings topped by a glass-domed rotunda, 70 feet (21 m) high and 90 feet (27 m) in diameter, below which two balconied upper floors circle the central enclave. As president of the Arcade Company, Barney made sure the Arcade had the latest innovations, including elevators, a power plant and a cold-storage plant. The architect was Frank M. Andrews, known also as architect for many of NCR's factory buildings and the American Building at Third and Main Streets in Dayton.

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Miami Valley Hospital South (MVHS) is a hospital in Centerville, Ohio. It is a branch of Miami Valley Hospital in Dayton, Ohio and is managed by Premier Health. Designed and constructed in 2007 as an outpatient facility with an emergency department, the facility grew faster than expected and became a full service hospital with as office building for physicians and a five-story patient wing added between 2009 and 2013. As of 2013, the hospital is a 579,000-square-foot (53,800 m2) complex on a 115-acre (47 ha) campus adjacent to Interstate 675. It has 60 beds and features a number of specialty care options including oncology, cardiology, sports medicine, and maternity care to cater to the suburban community surrounding the hospital.

Anacostia Waterfront Corporation

The Anacostia Waterfront Corporation (AWC) was a government-owned corporation established in 2004 by the government of District of Columbia, to revitalize neighborhoods next to the Anacostia River and to coordinate the environmental rehabilitation and use of the river. The corporation was intended to have a 20-year lifespan, during which it would oversee an $8 billion public-private redevelopment plan covering the Anacostia River waterfront, as well as numerous parcels of land in the city east of the river. However, a change in mayoral administrations and frustration with the slow pace of redevelopment resulted in abolition of the corporation after three years.

Downtown Summerlin

Downtown Summerlin is a 400-acre (160 ha) commercial and residential neighborhood located in Summerlin South, an affluent suburban area on the western outskirts of Las Vegas, Nevada.

Fuyao Glass Industry Group Co. Ltd is a manufacturing company in the People's Republic of China, engaged in the production of float glass, automobile glass and construction glass. It is one of the largest auto glass producers in the world, with customers including large international automobile manufacturers such as Ford, General Motors, Subaru and Volkswagen Group. It was established in 1987 as a joint venture company and is headquartered in Fuqing, Fujian. It was listed on the Shanghai Stock Exchange in 1993 and on the Hong Kong Stock Exchange in 2015.

Spire (Seattle building)

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References

  1. Teems, Yvonne (November 14, 2006), Massive development in works for downtown Dayton, Dayton, Ohio: Dayton Business Journal , retrieved October 13, 2014
  2. Teems, Yvonne (November 20, 2006), City abuzz about $230M deal, Dayton, Ohio: Dayton Business Journal , retrieved October 13, 2014
  3. Dirr, Jacob (December 3, 2007), Fate of $230M downtown development hinges on negotiations, Dayton, Ohio: Dayton Business Journal , retrieved October 13, 2014
  4. Dirr, Jacob (January 30, 2008), City finishes plans for $230M Ballpark Village, Dayton, Ohio: Dayton Business Journal , retrieved October 13, 2014
  5. Dirr, Jacob (May 1, 2008), BallPark Village loses developer, Dayton, Ohio: Dayton Business Journal , retrieved October 13, 2014
  6. Dirr, Jacob (October 31, 2008), The Merc approaches start date, Dayton, Ohio: Dayton Business Journal , retrieved October 13, 2014
  7. Cogliano, Joe (June 23, 2010), Pending projects could create thousands of jobs, Dayton, Ohio: Dayton Business Journal , retrieved October 13, 2014
  8. Navera, Tristan (May 15, 2013), Exclusive: City to keep options open for BallPark Village with land purchase, Dayton, Ohio: Dayton Business Journal , retrieved October 13, 2014
  9. Navera, Tristan (July 10, 2013), New development in Ballpark Village area set for downtown Dayton, Dayton, Ohio: Dayton Business Journal , retrieved October 13, 2014
  10. Navera, Tristan (July 10, 2013), Restaurants, companies interested in downtown Dayton development, Dayton, Ohio: Dayton Business Journal , retrieved October 13, 2014
  11. Water Street District Dayton, Crawford Hoying, retrieved March 19, 2015

Coordinates: 39°45′58″N84°11′09″W / 39.766111°N 84.185833°W / 39.766111; -84.185833