Dayton to borrow $6M to pay for Water Street garage

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courtesy Crawford Hoying

The city of Dayton is moving forward with the financing to pay for the new downtown garage for Water Street.

Tristan Navera

Staff Reporter- Dayton Business Journal

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The city of Dayton is moving forward with the financing to pay for the new downtown garage for Water Street.

Commission approved Wednesday a bond purchase agreement borrow $6 million from the Ohio State Transportation Infrastructure GRF Bond Fund Program. Of that, $2.5 million comes through State Loan proceeds and $3.5 million from State Infrastructure Bank Bond Program proceeds. The funding will help pay for the acquisition and construction that supports the three-story 429-space garage that will serve the Water Street development.

With the agreement, the expected parking garage has the financing to begin construction, the latest step for Water Street, which recently looks to have expanded with the sale of the former Delco building at 329 E. First St. to the developers, who say they want it to become a residential and commercial building.

As part of the $33.5 million Water Street development, the city is building the garage while the developers construct the 50,000-square-foot office building and attached residential units, said Jason Woodard of Woodard Real Estate Resources, which is developing Water Street alongside Columbus-based Crawford Hoying.

Woodard said the parking garage will begin some work before the end of the year but most of the construction will begin in the spring. The office building is well underway and the 219 luxury residential units will follow in the spring.

Fifth Third Securities Inc. serves as underwriter on the bond purchase agreement.