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EDA hears market study for triangle lot; schedules joint closed work session with City Council
Summary
IG Commercial gave a market update recommending sub‑150,000-square‑foot build‑to‑suit niche industrial as the strongest near‑term demand for the Triangle Lot. The EDA voted to hold a joint closed work session with the City Council to discuss potential purchase and public‑purpose requirements; the motion passed unanimously.
The Dayton Economic Development Authority heard a market presentation from Zach Stegard of IG Commercial about the Triangle Lot and surrounding South Dayton area and voted to schedule a joint closed work session with the City Council to discuss potential purchase negotiations and next steps.
Stegard told the EDA the market currently favors sub‑150,000‑square‑foot build‑to‑suit industrial facilities and smaller niche manufacturing projects rather than very large speculative warehouses. He cited a recent case study in which a developer (Opus) leased 87,000 square feet of a 132,000‑square‑foot building to a single tenant as an example of demand for flex/industrial product in the submarket. Stegard also said that smaller multi‑tenant or specialized industrial projects and hybrid uses (for example, entertainment/retail hybrids such as indoor recreation) can be viable, but location, access to Interstate 94, city utilities and shovel‑readiness will strongly influence developer interest.
EDA members asked about timing, tax base and whether the city should buy the property before lining up a user. One member urged caution about purchasing land prematurely, noting carrying costs and the possibility that a preferred user might be secured through a conditional purchase. Staff and counsel explained that the parcel now is held under a restricted‑use deed tied to a transit hub use and that, under state statute discussed at the meeting, the county board determines present market value when a county‑owned parcel is negotiated. Counsel and staff said the city must identify a public purpose for purchase negotiations; once purchased under statute, deed restrictions would be lifted and the city could determine final use.
The EDA asked IG Commercial to provide a follow‑up analysis estimating the site’s market value and offering scenarios comparing sale of the whole parcel versus subdividing it into multiple lots; IG Commercial agreed to provide that information. EDA staff recommended a joint work session with city council members and proposed a small negotiating committee (less than a quorum of either body) to work with staff on any negotiations with the county. The EDA moved and seconded a motion to hold a joint closed work session with Council to discuss the Triangle Lot acquisition and negotiation strategy; the motion carried unanimously.
Key details discussed at the meeting: the buildable portion of the site was described as roughly 6.5 acres after excluding a monument sign area, IG Commercial’s use preference is for niche industrial/flex under 150,000 square feet, and the EDA’s readiness to buy the parcel depends on establishing a public purpose acceptable to the county and a negotiation strategy. Staff will organize the joint work session and prepare closed‑session materials outlining public purpose options, valuation estimates and recommended negotiation parameters.
