Dayton Arcade developer seeking critical state tax credits for next phase

Developer Cross Street Partners of the Dayton Arcade redevelopment says state historic tax incentives are “hugely critical” to the project going forward, the Dayton Daily News reports. The second phase, to rehab the north arcade and create “new housing, offices and a shared-use commercial kitchen,” could be “a $28 million to $30 million investment,” said Dave Williams, Cross Street’s senior director of development. Williams said like the $90-million first phase of the project, historic tax incentives are required for the next phase to be economically feasible, according to the article. Failure to win tax credits in the current round of awards would “likely delay the financing package” by about six months. For more, read the full article.

Economic Development, Financial Incentives, Project Finance, State Updates