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Project Details
Economic Development
Wright-Dunbar Development Fund
The Wright-Dunbar Development Fund will create access to capital for economic development along the historic West Third Street corridor in the Wright-Dunbar business district. Through a combination of grants and loans, the fund will provide gap financing for large-scale community and economic development projects focusing on housing, commercial, retail and/or mixed-use development projects. The fund will leverage over $38M in committed investments to the district through 2027.
Organization Details
City of Dayton
101 W. Third Street
Dayton, Ohio. 45401
Montgomery
Same
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Government
Organization Contact Details
Veronica Morris
Acting Manager, Economic Development
City of Dayton
937.333.3912
101 W. Third Street
Dayton, Ohio. 45401
Montgomery
Lamonte Hall, Jr.
Assistant to the City Manager
City of Dayton
937.333.3794
lamonte.hall@daytonohio.gov
Location Details
Dayton
Montgomery
Ohio 10th
Financial Details
10000000
88000000
Developer Equity – $16.8M - pending
Bank Debt - $47.2M - pending
Local Government - $8M - committed
CityWide Loan Fund - $6M - pending
Construction or Capital
Yes
With PDAC support, the City of Dayton will work with CityWide to establish a new loan fund via our CDFI to incentivize economic development in the Wright-Dunbar business district. Fund investors will include government, banks, credit unions, foundations, and private philanthropy.

The primary use of the funds will be for new construction or building renovations. CityWide will lend up to 40% of total project costs with 10% of this amount structured as a forgivable loan. Borrowers will be required to have 10% equity in the project. Depending on the type of project, loan terms will be ten years with amortization periods between 15-25 years.

CityWide will form a committee comprised of West Dayton community leaders and banking professionals to review and approve loans through the fund.
Yes
Within the next 6-12 months
There are no other programs or grants available to fund this project.
Community Details
The Wright Dunbar District is a gateway community and portal for all of West Dayton. The business district, located along West Third Street, is a major artery that connects to the downtown and is the entry into the City from West Dayton. It traditionally served as a major retail area, professional services, institutional and residential corridor. While most of the retail services that once existed along West Third Street over the decades are gone, the Wright Dunbar Business District has been experiencing a progressive reactivation that began in the 1990’s. The last 10 years have begun to see market-driven interest, activity, and reinvestment. Continued investment in the district will advance the long-desired goal of creating sustainable small business opportunities for this truly diverse community and make it a more vibrant city asset.

The City, in collaboration with Wright Dunbar Incorporated (WDI), the Wright Dunbar Neighborhood, the National Park Service, the National Aviation Heritage Alliance, and CityWide Development Corporation, are nearing the completion of a refreshed, updated vision for Greater Wight Dunbar (Wright Dunbar 2.0). The draft visioning document has guided, shaped, followed, and responded to the West Dayton Neighborhoods Vision plan created by Urban Design Associates.

The proposed Wright Dunbar Development Fund leverages multiple planning efforts as well as significant recent and proposed investments within the area including the $21.7M West Third Street Bridge, the Wright Dunbar West Third Street Cycle Track project, and a new 6-tenant Food Hall (the West Social Tap & Table). Through the City and its partners, over $34.7M will be invested in this area over the next four years. Projects supported through the Wright-Dunbar Fund will create 300 housing units, activate 35,000 square feet of retail space, and create 364 construction jobs and 50 permanent jobs.
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26 to 50
None
26 to 50
The determination of our job creation numbers is based on similar development projects throughout the City.
$25,001-$50,000
No
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Montgomery
Additional Details
No
Veronica Morris
937.333.3912
veronica.morris@daytonohio.gov
No
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