MIDDLE MARKET HIGHLIGHT, MARCH 2007

Dayton, Ohio
Dan Marcec

The city of Dayton, Ohio, currently is seeing a groundswell of activity in its commercial real estate sector, with many new developments and redevelopments cropping up throughout the city. Located near the intersection of interstates 70 and 75, the city is home to many businesses seeking Dayton’s major distribution and logistics advantages. According to the city’s 2005 Community Profile, the greater Dayton economy recently “has been revolutionized by the growth of companies embracing and specializing in new technologies. Information technology, aerospace, healthcare and manufacturing are just a few of the strong sectors in Dayton’s multifaceted economy.”

In general, the city focuses on economic development efforts in several ways. The Community Profile notes that the Dayton office of economic development (OED) focuses on locating new businesses, as well as supporting growth of existing businesses by “targeting growth industries, developing long-term business relationships and providing incentives to business owners.” In addition, the OED offers business incentives assistance to companies based on several factors, including investment size, jobs created and growth potential.

“There is much excitement in the Dayton economic development community, [including] the transition from automotive industry dependence to high-tech research and development in partnership with entities such as the University of Dayton, Wright State University, Central State University, Ohio State University and Wright Patterson Air Force Base,” says Max Fuller, senior development specialist with the office of economic development. In addition, “the rebirth of downtown, with exciting office, retail and condo developments, is in the works, including the $230 million Ball Park Village and the $55 million CareSource building. Brownfield clean-up also is providing new development opportunities, such as the Tech Town site.”

Some of the developments to which Fuller refers are significant to the growth in Dayton’s commercial real estate market. The Ball Park Village is being developed by Mandalay, and it will be one of the largest redevelopment efforts ever undertaken in the area. The mixed-use project will consist of three major parcels, and it will feature a mix of commercial, retail, residential and entertainment components. The three areas of land — all situated on the Great Miami River — include the Parkside site, a 37-acre parcel currently owned by the Dayton Metropolitan Housing Authority that is to be redeveloped as a big box-anchored retail center; the Deeds Point site, a 12-acre piece of land that will feature multifamily housing consisting of condominiums and apartment complexes; and the Webster Station site, located on 23 acres of land adjacent to Fifth Third Field, which will be developed into a mixed-use office, retail and residential project including off-street parking and restaurant facilities.

Another project in downtown Dayton is the new $55 million CareSource building. CareSource Management Group is a company that employs 600 workers in Dayton, and its new corporate headquarters at the corner of Main Street and Monument Avenue eventually will support the company’s projected growth to 1,100 employees in the area.

Encompassing more than 300,000 square feet of office space, the project will be constructed in two phases and will be breaking ground in the first quarter of this year with completion expected by fourth-quarter 2008.

Tech Town is a 35- to 40-acre brownfield development site in Dayton, on which up to 580,000 square feet of product can be developed for technological, academic and industrial use.

The Tech Town site, located immediately east of Dayton’s central business district, is a 35 to 40 acre site capable of supporting 380,000 square feet to 580,000 square feet of space. Of that projected build-out, between 170,000 square feet and 260,000 square feet could go to technology development, while a 50,000 to 100,000-square-foot academic component may go in as well. The overall vision for Tech Town is to create a high-tech urban campus to encourage business growth and attract as many as 2,500 employees.

Finally, “commercial corridors, such as Brown Street, Wright-Dunbar National Heritage Park and the Oregon District are also seeing exciting new business development,” Fuller says. “In addition, the city of Dayton is partnering with neighborhood anchors, such as Miami Valley Hospital and the University of Dayton on redevelopment projects like the Genesis Project. It’s an exciting time to be in Dayton.”


©2007 France Publications, Inc. Duplication or reproduction of this article not permitted without authorization from France Publications, Inc. For information on reprints of this article contact Barbara Sherer at (630) 554-6054.