DAYTON — The City of Dayton regained control of its second-tallest building, the former Mead and KeyBank Tower, on April 1.
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This comes after Stratacache owner Chris Riegel withdrew from a 2023 agreement to take over the property, opting to focus on his core business instead of real estate holdings.
The city is now responsible for the upkeep and maintenance of the 26- to 27-story property.
This development highlights growing concerns over office space vacancy in the city, with leaders hoping to turn around the building and the momentum of its block.
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The building was completed in 1975 and became the headquarters for the Mead Corporation.
The city held a 99-year land lease agreement on the property, which was a common practice at the time.
After Mead left town, Society Bank, later KeyBank, moved into the tower before also vacating the building.
Cole Hetman, Dayton Development Coordinator, said city staff are evaluating the building.
“Currently in the due process of understanding the building’s conditions,” Hetman said. “We were looking at the mechanical operating systems, and we also need to evaluate what our holding costs are going to be.”
He also noted that city staff is conducting engineering and usage studies to provide commissioners with information on a path forward for the property.
Sam Pratt, a Dayton resident and downtown advocate who moved to the city from the suburbs, observes that not only this tower is vacant, but every building facing Courthouse Square is empty.
Pratt believes in downtown, but notes a disparity in development.
“We’re developing a lot of new residential areas which are filling up as soon as they build them, but we don’t have any businesses anymore,” Pratt said.
Hetman indicated that various options are being considered for the tower’s future.
“Are we looking at apartments potentially? There are all different scenarios that are on the table,” Hetman said.
Dayton leaders are optimistic about potential re-use, drawing on lessons learned from the successful redevelopment of the Arcade with private partners.
The city is also in the process of redeveloping the Centre City Building using a similar approach.
Dayton leaders anticipate providing commissioners with information on the building’s conditions and potential uses in the future.
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