Construction has started on downtown Dayton’s $36 million riverfront Water Street District Development, which will add to the city a new Class A office product and mixed retail and housing options.
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PNC’s voice in what happens to downtown regional HQs
PNC Bank’s downtown Dayton regional headquarters building, at 6 N. Main St., is for sale.
Plans are for the bank offices to move to leased space at the Water Street District Development along the riverfront east of North Patterson Boulevard, when a commercial building under construction there is completed in 2015.
However, the move won’t create just another empty building downtown. The difference between the future of the PNC building, and other buildings downtown, is PNC owns it, said David Melin, the bank’s Dayton regional president.
“We have the luxury of being able to say now what can we do with this building that’s right for downtown and the region and find an investor that really that’s their core business. What do they want to do with this building?” Melin said.
That’s “different than some of the other buildings that have been vacant downtown that are owned by out-of-town investors. They could really care less about Dayton. They looked at it as an investment return and either they got their return or they didn’t.”
The Main Street building, more than 30-years-old, was formerly a National City Bank building. PNC obtained it through its acquisition of National City, which was completed in 2008.
“We will be a partner in the solution,” Melin said. “It’s not ‘put a for sale sign in the window and say make me an offer.’”
“We live here, we work here, we invest in the community, so we’ve got a vested interest in making sure the building is maintained,” he said.
As far as speculation about ways to repurpose the PNC office building, Melin says to think big.
“It really gets to what is the best and highest use of the building? And is there an investor that we could work with that sees that vision and has that long-term horizon?”
“I just want to make sure we’re clear on that. We had to do what made sense for us and we believed in staying downtown. Now we need to take the next step and say, now what?” Melin said.
The PNC Financial Services Group Inc. is the Dayton metropolitan’s third largest bank by $1.5 billion deposits held in the market, according to the Federal Deposit Insurance Corp.