Wednesday, November 15, 2006

City of Dayton Initiates Unprecedented
Downtown Redevelopment Project
$230 Million Effort Features Housing, Retail, Commercial and Entertainment

Release Date: Wednesday, November 15, 2006
Contact: Shelley Dickstein, Special Projects Administrator, 333-3600

The Dayton City Commission today announced one of the largest redevelopment efforts ever undertaken in this region – a $230 million project that would create a mixture of housing, retail, commercial and entertainment venues along Dayton’s downtown waterfront.

At tonight’s Commission Meeting, the City Commission adopted a Preliminary Development Agreement with two development partners, one of which is the lead principal of the Dayton Dragons baseball team – Mandalay Baseball Properties, LLC.

The development agreement was approved between the City of Dayton, Bear Creek Capital, LLC, and Ballpark Consultants, LLC (Mandalay). A preliminary site plan submitted by the developers calls for the creation of a dynamic mixed-use development, including a retail-entertainment center, modern residential units, and a mixed commercial-retail center.

The estimated total project investment is $230 million, with approximately $197 million for development activity and the remainder for utility and infrastructure improvements. The use of any City of Dayton General Fund tax dollars are expected to be minimal.

Other partners engaged in this initiative include the Downtown Dayton Partnership, CityWide Development Corporation, Montgomery County and the Miami Conservancy District.

Under terms of the agreement, the parties will pursue a three-pronged redevelopment of land along the Great Miami River in the northeast quadrant of downtown. The three specific parcels of property are defined as the following:

· Parkside Site, 37 acres of land currently owned by the Dayton Metropolitan Housing Authority. This site will be redeveloped as a retail center featuring “big-box” anchor stores. Projected investment: $40 million.
· Deeds Point Site, 12 acres of land owned by the City of Dayton and operated as park space. This property is intended to be developed as high-density, multi-family residential units, including condominiums and/or apartment complexes. Projected investment: $77 million.
· Webster Station Site, 23 acres of land adjacent to Fifth Third Field and currently comprised of mixed uses. This area will be developed as a mixed-use entertainment, retail, office and residential project, including restaurants and off-street parking facilities. Projected investment: $80 million.

“This is absolutely fantastic news,” Dayton Mayor Rhine McLin said on behalf of the City Commission. “This project has the potential to transform the downtown landscape to a degree few people have thought possible. The combination of housing, retail, commercial and entertainment venues along the beautiful waterfront presents a host of opportunities for residents of Dayton and the surrounding region.”

“We are especially excited about once again partnering with Mandalay on a major downtown revitalization project,” said Rashad Young, Interim City Manager. “Mandalay first had the vision and courage to invest in Dayton when they decided to bring the Dayton Dragons to town, and that investment has certainly paid off. We are confident that this latest redevelopment partnership will enjoy the same level of success.”

Based on the preliminary development agreement, the City of Dayton and the Developer will, over a six-month period, conduct various undertakings, including site assembly, economic feasibility studies, etc.

“Nothing of this magnitude has been attempted before in this region,” Mayor McLin said. “However, the developers on this project are proven professionals with the experience to complete such a large-scale, high-impact development. They each boast a track record of performance and building strong relationships within the communities where they work. We are excited about the credentials and the portfolio of successes they bring to the table, and we share the vision for what downtown Dayton can become.”

Ballpark Consultants, LLC, a wholly owned subsidiary of Mandalay Baseball Properties, is known for constructing new state-of-the-art ballparks for its baseball franchises, as well as spearheading development of real estate in and around communities where those stadiums are located.

Bear Creek Capital is a Cincinnati-based real estate firm, which has been highly successful in developing residential, retail, office and mixed-use properties across the nation, with specific experience in redeveloping several urban communities. The company has approximately 10 million square feet of real estate assets.

Architectural work on the project will be performed by the Development Design Group, an international design group with a history of achievement and successful waterfront renewal projects.

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