Nationwide, walkable cities rich with culture and entertainment options are the preferred living environment. The Greater Downtown Dayton Plan focuses on using existing amenities and adding features that will make our city an urban neighborhood with 18-hour-a-day vibrancy attractive to people and businesses.
Downtown’s neighborhood is growing. Condo and apartment options across the greater downtown have increased by 320 units since 2010 and the population in downtown’s core has been increasing since 2000. The number of downtown condos alone has increased by 75% since the launch of the Greater Downtown Dayton Plan, with many of these new units selling before construction even finished. Consistently increasing sales prices show demand remains strong.
The historical neighborhoods surrounding downtown also provide excellent opportunities for urban living. Many of these homes have been carefully restored, and on weekends owners are often hard at work renovating the homes yet to be refurbished. This work is paying off – in a period from 2011 to 2014 when most of the residential property in the region dramatically declined in value, the 1,875 residential properties in the ten historical districts increased in value by 14.4%. ( Source: Dayton Daily News).
Apartment seekers contend with a competitive market downtown. 240 units have come online since 2010, but demand is still outpacing supply. For four straight years, downtown Dayton has had the tightest apartment market in the region; typically at an occupancy rate of 96 to 98%. Seeing an investment opportunity, developers have plans in the works to add another 445 units.
Plan goals include:
- Create an urban neighborhood with 18-hour-a-day street activity by developing 2,500 new housing units between 2010 and 2020.
- Increase the residential population in downtown’s core by 50% by 2020.
- Create a multimillion-dollar fund to assist in the development and financing of housing projects in the greater downtown.
Learn more at downtowndayton.org/plan.