Wednesday, February 18, 2009

Arcade Goes on the Block, Schiffler not Bidding.

It looks like another page is about to turn in the sorry history of the Arcade

The DDN reports on the pending auction of the Arcade complex for back-taxes...and be sure to check out the always entertaining comments section for a healthy dose of urban nihilsm.

We knew it would come to this, but the twist is that the person many thought would be the sole bidder, Bob Schiffler, will not be bidding. Schiffler owns adjacent properties between the Arcade and Main (Kuhns, McCrorys, and the recently aquired 25 S Main sliver high-rise) and the failed Schwind renovation across Ludlow.

The thinking was that Schiffler was going to put together a adaptive re-use deal. Instead it turns out Schiffler wasn't able to interest a large tenant to make the project viable. So Schiffler is out of the picture (but still next door).

Instead a Chicago developer expressed interest during one of the downtown planning sessions. And a trio of Dayton people, one involved in the entertainment/attractions industry, has resurfaced with a plan to turn the arcade into an family entertainment complex.

Check out their blog for more info: The New Arcade Dayton

So, next installment: a bidding skirmish (I wouldn't call it a war) for the Arcade, and a new owner.

Should be interesting.



Anonymous said...

It will be interesting. I still think Shiffler has something up his sleeve. I talked with him a long time ago, and he has a passion for this complex. But he is a realist. He'll be at the bidding, but he says he won't be bidding. We'll see.

Anonymous said...

The smart move is to let the lien-holder take possession of the property and then negotiate directly with them for a discounted price. That is likely the strategy for anybody seriously looking at this project.

I think it could happen...

Brian said...

Normally I'm opposed to the idea of putting in a Casino somewhere, but to be honest, I can't say it would be a bad idea. Maybe a little glitz might be enough to turn people's focus downtown. Of course that would open a completely different can of worms, but it definately would stand out in the region...