Water Street Development Moving Forward Ahead Of Schedule
The Water Street development on Dayton’s river front is moving forward ahead of schedule following the Dayton City Commission's approval of the plan development last week.
Water Street as planned would be huge: 50,000 square feet of office space, hundreds of parking spaces and 161 residential units in the first stage of the project, which would be located right next to RiverScape MetroPark near the fork of the Great Miami and the Mad Rivers. The mixed-use project aims to compete with suburban developers.
Shelley Dickstein, assistant city manager for strategic development with the City of Dayton, says even if the project draws companies who are already nearby, it would still benefit the city because suburban developers are "raiding" downtown.
"It’s no secret that many of our downtown businesses are approached by other developers outside of the city, trying to pull them into their new office product," she said.
She says negotiations between the city and the developers, Crawford and Hoyne and Woodard Real Estate, are moving quickly. Jason Woodard, the local leader for the project, did not immediately respond to a request for comment, and all parties say no leases have been signed yet on the space and no tenants can be confirmed.
The $33.5 million project would connect the baseball field and the RiverScape area with pedestrian walkways and include outdoor public spaces and some retail zoning. The project's first stage includes $2.5 million in infrastructure improvements, some of which will be funded by the state of Ohio, and $5 million for a parking garage.
Correction: A previous version of this story listed the cost of the project as $36 million. The first stage of the project is now estimated at $33.5 million, according to a release from the City of Dayton Nov. 25, 2013.