Dayton Fire Department crews said the collapse occurred at about 2 p.m. Saturday, forcing a temporary evacuation.
Chris Riegel, the chief executive who oversees both digital technology company Stratacache and its namesake tower, said he expected the building to be open Monday, although he also said he made arrangements for those of his 300 employees in that building whose offices were feared to be exposed to possible falling debris.
Stratacache Tower, 40 N. Main St., is adjacent to the building at building at 34 N. Main. The intersection of Second and Main streets is one of downtown’s busiest locales.
“We’re moving all of our people outside of the risk zone for debris if anything else comes down,” Riegel said. “We’re also offering all of our people the ability to work from our Needmore Road center if they want to go up there as an alternate.”
About 550 people total work in Stratacache Tower. Company management posted signs in the Stratacache Tower parking garage that say access to floors 7 and 8 and the rooftop of the strucuture are prohibited.
An AES Ohio spokeswoman said that part of downtown is served by electric service infrastructure located underground. “It did not have any impacts as a result of the storm,” said the spokeswoman, Mary Ann Kabel. “Those buildings are served by our downtown network, and they are not impacted.”
The Montgomery County Land Bank took possession of the 34 N. Main building about nine years ago.
The land bank recently has overseen the use of about $1.6 million in state demolition funds to remediate asbestos inside the office tower.
The city of Dayton spent about $500,000 to buy the building from receivership in 2016. Dayton officials said the city purchased the building in large part to keep it out of the hands of any other irresponsible owners.
Under Ohio law, land banks can hold properties tax free, which reduces holding and redevelopment costs.
The land bank plans to transfer ownership of the building back to the city in the near future.
But the city has asked the land bank to hold onto the property for a while longer as redevelopment opportunities are explored, said Paul Bradley, executive director of the Montgomery County Land Bank.
Bradley, earlier this year, said remediation work on the building is complete.
“It’s very well primed for redevelopment,” he said. “It’s a cool building.”
Steve Gondol, Dayton’s director of planning, neighborhoods and development, recently said the building is for sale.
Riegel, who has extensive downtown holdings, said over the weekend he had no interest in the building.
A land banking agreement approved in 2016 said that the land bank would hold onto the property for about five years.
The agreement said health and safety would be a top maintenance priority, and the city will have “sole and complete” responsibility for maintaining and making all repairs and replacements to the property and will maintain it in good and safe condition.
The 14-story tower was built in 1926 to house the Third National Bank and Trust company. Later, the property became the Society Bank Building and then KeyBank.
After that, it was briefly was called the Paru Tower.
The land bank also has possession of the Centre City building, located on the first block of South Main Street.
Several years ago, parts of the facade of the Centre City building fell off and ended up in the street. The city of Dayton approved spending $2.5 million to repair and stabilize the 21-story building, and fencing was erected around the building for safety reasons.
The land bank is going to oversee remediation work of the Centre City building.
In the last 15 years, other downtown buildings have
