You have reached your limit of free articles this month.

Enjoy unlimited access to myDaytonDailyNews.com

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and bonus content- exclusively for subscribers. Starting at just 99¢ for 8 weeks

X

Welcome to myDaytonDailyNews.com

This subscriber-only site gives you exclusive access to breaking news, in-depth coverage, exclusive interactives and bonus content.

You can read free articles of your choice a month that are only available on myDaytonDailyNews.com.

$30M downtown housing plan secures financing

Apartments, town homes will be near river and ball park.


Water Street developers have secured the financing to build 215 market-rate apartments, the first of which are expected to open by the end of summer.

Columbus-based Crawford Hoying Development Partners and Dayton-based Woodard Real Estate Resources said they closed on bank financing late last month for the $30 million residential part of the mixed-use development project, which is located north of Fifth Third Field.

The apartment complex will offer one- and two-bedroom units as well as town homes and features, such as a pool and space for meetings, outdoor grilling and fitness activities. The apartments are expected to cost about $785 to $1,579, depending on their size and amenities.

The new housing will capitalize on significant and growing interest in living downtown close to the river, RiverScape MetroPark, the ball park and major employment centers, said Bob Hoying, principal with Crawford Hoying, a real estate company.

“We’re excited to get started … we hope to deliver our first units later this year,” Hoying said.

Developers said they were confident the Water Street project would receive financing, but they admit the process took longer than expected. They said the size of the project grew, which likely slowed things down.

Original plans for Water Street called for about 150 apartments, in addition to the four-story office building and public parking garage. Overall investments were expected to be about $33.5 million.

Today, the project will cost about $45 million, with the residential component alone running about $30 million, said Jason Woodard, principal of Woodard Real Estate Resources.

With financing in place, the construction timeline will depend in part on the weather.

Site work is already underway, and vertical construction should begin in three or four weeks, Woodard said.

About 24 apartment units should open by late summer, and additional units should open by the end of the year, he said. All 215 units should be completed by late spring or early summer of 2016.

The apartment complex will consist of a pair of four-story buildings, as well as some town homes.

The office building nearby is nearly complete, and anchor tenant PNC Bank may move in by the summer. The company will occupy the top two floors.

Woodard said another company has signed a lease for space on the first floor of the building, but he declined to identify the tenant.

Dirt work will begin on the parking garage in the next couple of weeks, and the structure should be complete by the end of August, Woodard said.

“By spring, things will be really hot and heavy as it relates to construction underway,” said Shelley Dickstein, Dayton’s assistant city manager.


Reader Comments ...


Next Up in Local

Turning a page on books about dogs
Turning a page on books about dogs

When my husband, Ed, and I adopted Teddy in 2014, we received numerous “dog” books from family and friends. RELATED » Karin Spicer on letting a dog sleep in owners’ bed The books ranged from understanding behavior (American College of Veterinary Behaviorists “Decoding Your Dog”) to dog games and tricks (Sophie Collins&rsquo...
BET Awards 2017: What time, what channel, who is nominated, performing
BET Awards 2017: What time, what channel, who is nominated, performing

Some of the biggest artists in rap, hip hop, pop, R&B, movies and TV will be at the BET Awards on Sunday. Remy Ma, DJ Khaled, New Edition and more  are scheduled to be at the show at the Microsoft Theater in Los Angeles.  Here’s what you need to know before the show: What time: 8 p.m. ET What channel: BET, with live streams on BET.com...
Butler County sheriff warns of bond scam
Butler County sheriff warns of bond scam

Butler County Sheriff Richard K. Jones is warning the public that a scam artist is trying to trick people into paying a bond that they do not owe. Jones announced that a victim of a recent scam arrived at the sheriff’s office looking for Sgt. Owens and stated he had paid his fines and was there to meet him. “He indicated that he had received...
Housing concept hits a wall
Housing concept hits a wall

Local developer Steve Bruns’ proposal to offer what he described as “unique” European-style Tudor homes in a Tipp City subdivision was stalled by existing homeowners. RELATED » Scoreboard ordinance proposed More than 50 of the current residents of the Rosewood Creek subdivision located near Peters Road at the city’s western...
Advocates want more from Hamilton solar power plan
Advocates want more from Hamilton solar power plan

Hamilton, which operates its own utilities, is moving toward buying electricity from residents who generate solar power on their properties, and this week held a public-input meeting to see what people think about the rules the city may implement. Those who attended the meeting said they were glad Hamilton will be buying the solar power, but expressed...
More Stories