Dayton non-profit CityWide, which often acts as the city of Dayton’s development partner, will be expected provide another $750,000 for the 260 one-, two- and three-bedroom units planned in the area of 325 Homewood Ave.
The site is near where the old Julienne High School once stood before the former school was demolished in 2012.
The Port Authority will also be the tax-exempt issuer of revenue bonds for the development, in which the proceeds will go to construction. Further, the Port intends to craft a capital lease for the project, sparing the builder sales taxes on construction materials.
The Dayton Daily News first reported plans for the development late last year.
“Economic development doesn’t happen without places to house the workers,” Tony Kroeger, Dayton’s planning division manager, said in December 2024. “If you don’t have quality, attainable housing for workers, you’re going to be constrained.”
Michigan-based real estate development firm Magnus Capital Partners plans to redevelop the 13-acre vacant site in northwest Dayton at 325 Homewood and 707 Forest Ave.
Envisioned is a development with a gym, rooftop terraces, a dog park, a game room, an art studio, a cafe for residents, indoor and outdoor play areas and more.
Overall project costs have been put at around $77 million. Federal and state low-income housing tax credits will be put to work, as will an expected investment of $2 million from the city of Dayton, according to Port Authority documents on the project.
“This is a very impactful project,” Joseph Geraghty, Port Authority executive director, told trustees before they voted.
About the Author
