Riverfront plan more ambitious
Manhattan Harbour will be a 'destination'
By Scott Wartman
swartman@nky.com
DAYTON - The number of homes and businesses planned for Dayton's riverfront has grown during the past two years.
As the developer of the massive retail/housing development known as Manhattan Harbour waited for government approvals, the plan has evolved from 800 homes to 2,000 housing units and 230,000 square feet of commercial space for the 142-acre area in front of the floodwall.
The developer, Cincinnati-based DCI Properties, has most of its approvals and anticipates starting construction on buildings and roads within the next year.
The slow economy and housing market hasn't intimidated DCI Properties and its president, David Imboden.
Rather, a tax incentive known as tax-increment financing and the help of Dayton officials has allowed the development to grow in size, Imboden said.
The developer, in return, hopes to build a residential and entertainment destination with a hotel, retail and homes ranging in price from $200,000 to $2 million.
"We can reach out to draw people from Louisville, Lexington and Indianapolis," Imboden said. "They can come in for a weekend."
Tax-increment financing, or TIF, allows cities to direct the increase in tax revenues generated by the development back into the development's infrastructure. In the next month, the city will work out the percentage of tax that goes back into the project and submit a TIF application to the state in August, said Dayton Mayor Ken Rankle.
Massive project
Imboden said the $1 billion Manhattan Harbour development couldn't happen without TIF, which will fund at least $60 million worth of improvements, including the street construction.
DCI has already invested $23 million into the site, installing a large sewer pipe.
Once DCI gets approval from the state on the TIF, it will start trucking in 800,000 to 1 million cubic yards of dirt from a site under the Combs-Hehl/Interstate 275 Bridge. The dirt will raise the level of the development 13 feet and out of the floodplain.
Imboden hopes to start this soon after August. The fill will take about six months.
The high costs, including the $40 million-plus main boulevard, prompted the developer to add more homes, retail and entertainment to make the project worthwhile, Imboden said.
"We took a site that was not buildable and made it buildable," he said.
A destination
At the same time as the filling, the developer will start constructing the roads, which will take about 12-18 months, he said. The project will have walking and biking trails the length of the project, an amphitheater and scenic overlooks. Also within the next year, DCI will start constructing some buildings, Imboden said. The large number of homes will require DCI to sign on about four or five other developers onto the project, Imboden said.
Among the first buildings to go up will be a 20-story residential tower with retail space at the bottom in front of Watertown Marina, which DCI bought this year. It marks the eastern-most entrance to Manhattan Harbour and will be the development's tallest building.
DCI is currently renovating the marina, but the current businesses will remain open.
The marina area will have a resort atmosphere with retail buildings overlooking the harbor along a boardwalk, Imboden said. He envisions jazz clubs, piano bars, shopping and other attractions on the boardwalk. He said he will talk with an operator who could run a ferry back and forth to Cincinnati.
"It is going to be a destination where people can plan their weekends," Imboden said.
Also some of the first buildings will be a continuous-care retirement community and four-story townhome flats, Imboden said.
A 10-year project
The first businesses and residences could be ready in spring 2010, Imboden said. Total build-out could take 10 years.
"We see the economy getting better," Imboden said. "We won't have units for two years."
The Dayton Planning and Zoning Commission a week ago approved a zone change for the development. The city council will have a first reading of the zone change on Tuesday, Dayton's mayor said.
"It is exciting," Rankle said. "It is going to put Dayton on the map and generate much-needed income."