Fidelity Plaza Adaptive Reuse Development

Fidelity Plaza Adaptive Reuse Development

Dayton, OH
Under Contract
  • Property Type: Apartments
  • Year Built : 1919/1929
  • Property Size: 97,446 SF / 101 Units

Overview

Capstone Apartment Partners is pleased to present an exciting redevelopment opportunity in the Oregon District, a continuously growing entertainment district of Downtown Dayton. The opportunity consists of one continuous building built in two phases at 211 S Main Street, which represents 97,000± SF of space for an adaptive reuse multi-family development. Current ownership has a preliminary budget proposal, care of Kiesland; please reach out to Andrew Mauk CCIM (amauk@kiesland.com) for more information about construction cost estimates and budgets. Additionally, the asset sits in the Downtown Dayton Community Reinvestment Area (CRA), and once the residential component of the project is complete, the project will receive a 15-year, 100% real estate tax abatement. For the qualifying commercial portion of the building, 100 percent of taxes can be exempted for 15 years in exchange for a 25% annual service payment to Dayton Public Schools and a negotiated compensation agreement. The project has also qualified for State Historic Tax Credits, which substantially reduces the basis of the project for prospective developers. Lastly, the property sits in a Qualified Opportunity Zone, which provides additional breaks on taxes for capital gains after a predesignated hold period. 

The asset sits adjacent to the Dayton Convention Center, is one block from the Dayton Arcade and Levitt Pavilion, and has walkable access to all the Oregon Entertainment District has to offer. Like many Midwest apartment markets, Dayton has proved resilient in the face of the challenges presented by the COVID-19 pandemic, and there is strong ongoing demand for higher-end new construction units in Dayton’s urban core. This adaptive reuse development opportunity provides an excellent avenue for incoming investors to participate in the growth and reinvigoration of Dayton’s downtown multi-family market.

Contact Information

Stash Geleszinski, CCIM Managing Director P: 513.506.2872
O: 800.746.3175 ext. 705
stash@capstone-companies.com
Sherief Gouda Senior Advisor P: 513.252.1427
O: 800.746.3175 ext. 708
sherief@capstone-companies.com
Nathan Murphy Senior Advisor P: 513.460.5941
O: 800.746.3175 ext. 707
nathan@capstone-companies.com
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