Thursday, March 12, 2009

The Arcade Has Been Sold

Big front page news. One of the Daytons' best buildings has been sold to two Wisconsin businessmen, Gunther Berg and Wendell Sturtz, dba Dayton Arcade LLC. The two have been doing renovations in their Wisconsin town, and apparently have a good rep there (see the Dayton Most Metro Arcade thread for more intel on the track record).

Yet, the question is where is the $50M - $60M needed to restore the complex going to come from? Local businessman and downtown re-developer Bob Schiffler backed out on bidding for the property reportedly due to lack of tenants needed to make the financing work.

One guesses we maybe a year or two to see what happens with the Arcade, which continues to deteriorate.

Ultimately, the worse case is what happened to the Ecki Building. The Arcade becomes such a public nuisance that the city buys the building (or inherits it after a future failed sheriffs sale) and demolishes it.

1 comment:

James said...

It never was what it was supposed to be, although there was some fun in it, in the early 80's, when it reopened. I rather liked it in the 70's when there was a discount store under the tar-papered dome. The fish market was very lively (and smelly), and Disher's Delicatessen was still there. In the Third Street Arcade there was a mysterious bar called the Cozy Box, or some such thing. It was what it needed to be. I have the souvenir program for the 1904 opening. Yes - such things exist and are even sold on eBay.