DAYTON PROPERTY TO BE CONVERTED INTO OFFICES
One of downtown Dayton’s most prolific developers plans to renovate a vacant building in the fast-growing Webster Station neighborhood to create new offices and spaces possibly for retail or dining options.
Woodard Development, one of the developers of the Water Street District, has acquired the former Lotz Paper Co. building at 607 E. Third St., which sits next to the renovated steam plant near the Cannery Loft apartments.
Woodard Development wants to transform the upper floors of the five-story building into unique and “innovative” office spaces, said Jason Woodard, principal of the firm.
“It’s an area we really like,” Woodard said. “It’s right there in the path of growth and innovation.”
Woodard’s projects, including the $100 million Water Street District, have helped make Webster Station one of the hottest neighborhoods in the region for new housing, as well as a dining and entertainment destination.
Development and city officials say they hope the new investment continues to spread to other vacant properties in the neighborhood, which officials want to make into an “innovation district.” Woodard is in negotiations with the city of Dayton for another empty commercial property that is next door to the building he just acquired.
Woodard Development has taken control of the Lotz paper building next to the former Dayton Power & Light steam plant, which has been renovated into offices and a swanky new event space.
Woodard’s plans are to renovate the vacant building into new office space. The building, which is about 35,000 square feet, will be called the Avant-Garde.
The Lotz building has unique features, including exposed brick walls, wood floors, a brick colonnade and an especially high ceiling on the top floor, said Woodard.
There is strong demand for new office space in Webster Station because it is becoming an “innovation hub” with Tech Town nearby, the tenants at the 444 building and the Entrepreneurs Center, Woodard said.
“Growth companies in the technology space — that’s who we anticipate” wanting this space, Woodard said.
Construction on the Lotz building should begin in second quarter and is expected to take about six to eight months, Woodard said.
The building is in good shape but has some cosmetic and repair needs and some flooring will need to be replaced, Woodard said. The search for tenants is already underway.
The first floor and lower levels will be converted into spaces possibly for public retail or restaurant use.
Woodard Development and partner Crawford Hoying have already built nearly 350 apartments just a few blocks from the Lotz building in the Water Street District, and more are under construction or in development.
The Water Street District also has a fully occupied office building and some first-floor restaurants. A hotel is currently under construction near RiverScape MetroPark.
Woodard in 2016 purchased and renovated a commercial building at 444 E. Second St., which is now fully leased as offices.
Woodard Development moved into the property, which is near the 600 block of East Third Street and also is home to Mile Two, the Air Force Research Laboratory and Wright Brothers Institute.
John Riazzi, developer of the former Dayton Power and Light steam plant on East Third next to the property, said he has been in regular contact with Woodard and his Dayton partner Scott Laubie about their unfolding plans.
“I’m very excited about obviously additional development and particularly commercial space next to the steam plant,” Riazzi said. “I think there’s a great opportunity for that block. We share kind of a courtyard, and ... we’ve worked out the parking with the city.”
Riazzi said that while the former steam plant will often be busy with gatherings, meetings and other activity in the evenings, he sees the new development as complementing it with daytime business.
“That’s what I would think,” he said. “And obviously, because we share the courtyard, they’re very pleased with how the steam plant turned out.”
He said the former Lotz Paper building is beautiful inside. “There are a lot of neat architectural features to it that I think will be the kind of office space that people these days are looking for.”
The structures at 601 and 607 E. Third St. are former light industrial buildings that are on the National Register of Historic Places. Both are vacant and have been for many years.
Lotz Paper used the building as a warehouse and distribution facility from about 1916 to 2001.
Woodard Development has a purchase option for the six-story structure at 601 E. Third St., which is the McIntire Co. building. The city of Dayton owns the empty facility.
Woodard is in negotiations with the city for the property, and he said he does not know what his plans would be for the facility if he does acquire it.
Tech firms already are clustered in the Webster Station neighborhood, which is home to Tech Town and also a variety of design and creative firms.
Businesses that rely on young creative professionals need unique and interesting workspaces to attract quality candidates, local development leaders said.
The 607 E. Third St. building “oozes personality” with its original wood floors, exposed brick walls and an ornate front facade, Woodard said.
Webster Station is home to many like-minded individuals who are seeking opportunities where they can work in an open environment that encourages creative thought, support and opportunity, said Steve Nutt, senior vice president for CityWide Development.