The Cannery Converts 19th Century Warehouses
OhioBACKGROUND
Dayton`s downtown nestles into a bend in the Great Miami River, a vital transportation link for the businesses there a century ago. To the south at the intersection of Third Street and Wayne Avenue, the Barney Power Block, originally a wholesale grocer`s warehouse, still anchors the corner of a group of former commercial warehouses now known as The Cannery. The six turn-of-the-century industrial buildings originally housed a concentration of wholesale grocers who supplied Dayton and other mid-western communities with the canned foods of the day. One hundred years later, a preservation-minded development group is transforming these buildings into a market-rate residential apartment complex, with accompanying retail and commercial spaces. This project is one of the largest redevelopment efforts in the City of Dayton.
PROPERTY DESCRIPTION
The six buildings along East Third Street were built between 1893 and 1911 in the open beam and brick construction that was typical of industrial architecture of the period. The Barney Power Block, sitting snub-nosed on the corner of Third Street and Wayne Avenue, has a façade design featuring Romanesque influences that were later modified by art deco additions. The other warehouses, varied in size, display an array of arched and rectangular windows and decorative capitals that create a sense of both architectural richness and continuity. This block is within walking distance of the Central Business District, a new minor league baseball stadium and the nearby riverfront development project.
PROJECT GOALS
The Cannery at Webster Station houses 156 market-rate loft apartments and 36,000 square feet of first floor retail space. The upper floor hallways include work spaces that can be rented by residential tenants who operate small businesses. Rooftop terraces, open-air bridges, a business center and a party room are included in the amenities offered to residents.
PRESERVATION AND COMMUNITY IMPACT
The Cannery`s redevelopment is enhancing the attractiveness of Dayton`s downtown, which has been plagued with many abandoned commercial structures. The restoration of these historic industrial warehouses supports the City Commission`s Vision 2003 goals to create neighborhoods, to expand downtown as a center for Dayton`s cultural and artistic activities, and to revitalize the neighboring waterfront. This project connects the existing entertainment districts of the Oregon Historic District and the Jefferson Street Neon District.
HPS AND OTHER NATIONAL TRUST INVOLVEMENT
HPS was financial consultant to Webster Station Development Group Ltd., the for-profit developer, from the beginning of the project. HPS conducted a financial analysis of the project, prepared the lender/investor presentation package, helped secure HUD 221(d)(4) financing and a grant from the City of Dayton. The developer also received a National Trust Loan to acquire a parking garage. A farmer`s market operating from the garage has provided critical cash flow and visibility for The Cannery during the predevelopment period.
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Properties: 6 former wholesale grocery warehouses built between 1893 and 1911 and a parking garage Location: 424-520 East Third Street in downtown Dayton, near the Oregon Historic District and Jefferson Street Neon District Developer/Owner: Webster Station Development Group, Ltd., a for-profit developer Historic Status: Eligible for National Register status Project Goals: 156 market-rate loft apartments; 36,000 square feet of first floor retail space Total Project Cost: $19.2 MM
Financing: Project Completion: 2001 |
For more information contact:
Community Partners
National Trust for Historic Preservation
1785 Massachusetts Avenue, NW
Washington, DC 20036
202-588-6054
community_partners@www.preservationnation.org
Or Contact:
Beth Duke
bethduke@erinet.com
