
New Housing Development to Dramatically Transform Downtown Blocks
Dayton Daily News, April 11, 2013
An $18 million student housing complex will be built in downtown Dayton at the site of the former Dayton Daily News building and adjacent property, Cox Media Group Ohio announced yesterday afternoon.
The complex, which will be located on the corner of Ludlow and Fourth streets, will breathe new life into this portion of the center city while increasing housing options -- a key strategy in the Greater Downtown Dayton Plan, a blueprint for the future of our center city.
Cox Media Group Ohio plans to sell the property to the nonprofit United Housing and Community Services Corporation of California, which would partner with Missouri-based Student Suites to build the 350-bed housing complex located just a few blocks from Sinclair Community College.
The historic 1908 “bank” building at the corner of Fourth and Ludlow streets would be renovated while the press rooms to the west and the large 1950s newspaper office building attached to the north would be demolished, as would the city-owned Schwind building further north at 25 S. Ludlow St. In their place, Student Suites would construct a five-story, U-shaped, 200-apartment building with a courtyard, also using the existing 93-space parking lot to the west of the building.
“We are delighted with the plan for revitalization of this key segment of downtown Dayton,” said Julia Wallace, market vice president of Cox Media Group Ohio. “The historical legacy of the Dayton Daily News property will be preserved and this could bring hundreds of people downtown 24-7.”
Wallace said Cox will donate $1 million to the project. Aaron Sorrell, director of planning and community development for the city of Dayton, said city commission will consider its own $1 million contribution, aimed at acquiring and demolishing the largely vacant Schwind building. The bulk of the project -- $13.5 million -- would be financed through tax-exempt bonds, according to Sorrell, with the remainder of the money coming from the developer and possibly a federal historic tax credit.
“The market is unquestionably there,” Sorrell said. “The market studies that have been done over the years have shown a huge demand for student housing. ... This project of 350 beds just scratches the surface of the demand.”
“We thank Cox Media Group for its ongoing commitment to downtown Dayton,” said Downtown Dayton Partnership President Sandy Gudorf. “First, the company committed $1 million toward River Run, the next phase of development at RiverScape MetroPark. Now, the company again is helping us transform our center city into the type of vibrant, active place increasingly in demand today.
“We also thank our partners at the City of Dayton,” Gudorf added. “This project is sure to have a striking long-term impact on this entire section of downtown, as new development -- particularly new housing -- tends to lead to additional growth nearby. We are very excited about what this means for the future of our downtown.”
Read the complete Dayton Daily News story about the project here.


