As reported in the Dayton Business Journal:
The city of Dayton will consider selling a big piece of vacant industrial real estate to a developer who could be eyeing its rehabilitation.
The city commission will decide Wednesday on an agreement to sell the vacant McCall building at 2333 McCall St. in the Westview Industrial Park. The 350,000-square-foot property has been vacant since 2010 and the city has been attempting to sell it since that time, city documents show.
Milwaukee-based development group Phoenix Investors, through an LLC, would buy the building and surrounding 24.4-acre property for $300,000, according to city documents. The group specializes in revitalizing underutilized industrial properties, and has a portfolio of 9 million square feet of industrial space across 18 states, according to city documents, with this project being their first in Ohio.
The building was built in the 1960s as part of the McCalls Printing campus, later known as Dayton Press. The city bought that building in 2001.
“The building has suffered from substantial deferred maintenance and vandalism, which has made it difficult to attract a new tenant or owner-occupant,” City Economic Development Director Ford Weber said in a letter to City Manager Shelley Dickstein supporting the sale.
Phoenix has the necessary capital and expertise to renovate the facility and make it marketable again.
The property sits immediately south of U.S. Route 35. City documents show Phoenix will have 90 days to finish its due diligence so the closing could happen before the end of November, and documents indicate the sale is “on a speculative basis” and that it would look to attract the facility for industrial, light manufacturing and warehousing uses.
Messages seeking comment were left with Phoenix Investors, but not immediately returned.
“When Phoenix takes the title to the site, they will begin to make necessary improvements to make it look more presentable to industrial prospects,” Weber said in the letter. “We will continue to work with Phoenix and our local development partners to identify suitable prospects. When a new tenant is found, Phoenix will make additional improvements to meet their tenant’s needs.”
Dayton has targeted revival of the building for some time. In 2013, it looked to have found that when it moved to sell the building to Tipp City-based Process Equipment Co. for an expansion. But that company pulled out of the project later that year as costs escalated.
But the city has invested significantly in revival of West Dayton and that has seen significant recent progress, including the continuing project to redevelop the nearbyDelphi Home Avenue site along Route 35, as well as a federal grant to help pave the way for major redevelopment of the DeSoto Bass neighborhood in the Inner West.
“This project represents a significant new investment in West Dayton,” Weber said in the letter.