Wednesday, May 6, 2009

The Arcade Has Finally Been Sold

The Badger State boys actually did come up with the $600K + bucks to pay for the Arcade, in the face of an undertow of local skepticsm. Some good discussion on this at DMM Forum (or you could pop a blood vessel by getting angry at the inane negativity at the DDN readersLink comments).

Berg and Sturtz ended up forming the "Wisconsin Financial Freinds of the Arcade" to raise money from freinds and associates up in Plymouth, (which is sort of a suburb of of Sheboygan), as well as contributing their own money to the cause, beyond the $1,000 down payment.

For all the talk about "Dayton Originals" and "keeping it local" , this is a 100% out-of-town effort. There was hope that Bob Schiffler would be the angel, but he backed out as it didn't work out for him, for whatever reason. And let's see what he does with the old Moraine Embassy and 25 S Main buildings; already a full plate. Instead two small-time renovators from rural Wisconsin made the sole bid, paid the down payment, and actually came up with the balance of the back taxes.

Berg and Sturtz may yet bring the Arcade complex back to life. It's an audacious move considering the national and local economy, especially risky real estate deals. But they just might do it.

The dicey part is what happens if and when the restoration is done and the doors are open.

There is a lot of nostalgia around the Arcade, people remembering the old days and wishing it were so again. Well, to make it so they have to use the building.

If people are opening a business or professional practice or already own one they need to consider locating in the Arcade. And if people are going on a shopping trip they need to go shopping at the Arcade (assuming there will be shops again). If they want to buy a condo or rent an apartment they need to consider the Arcade. The building just wont be economically viable if there is no income coming in from tenants.

Berg and Sturtz might be brining money in from Wisconsin but they aren't going to be bringing in tenants. That's something for the greater Dayton community to provide. And its up to us to patronize those tenants, too.


Anonymous said...

Construction efforts began on Moraine Embassy yesterday. The owners and staff are in good spirits and hoping that business will increase now that construction workers are there, and soon to be across the street at The Arcade. You know how those construction guys and gals like to drink...

- Adam

Joe said...

The Embassy bar is coming back?! Awesome! I wasn't old enough to enjoy it when it was open. It's the one on Ludlow north of the old DDN building,right?

The Arcade redevelopment is great, great news. I barely remember it before it closed. It is interesting that it is an out-of-town effort. I would love to thank the partners that are undertaking this.

Jefferey said...

Yes, that is the Embassy.

The place did remain open while the building was first undergoing renvoation and then that period of stop-work.