DAYTON, Ohio (WDTN) – For many years, there’s been talk of the Dayton Arcade re-opening, but now it might actually happen. Wednesday, Dayton City Commissioners approved a new lease agreement with developers to re-vamp the property and ultimately re-open it.

The doors at the Dayton Arcade have been locked for years. They even put up a gate so people don’t trespass. But, soon the gates could be removed–and the historical highlight in downtown Dayton could once again be up and running.

It’s one of the Gem City’s most historic buildings, but the public hasn’t been able to enjoy it for it decades. The City of Dayton is now hoping to change that by entering into a new 50-year lease with two developers–Cross Street Partners and the Miller-Valentine Group.

“We are certainly very interested in building on the momentum,” Dayton City Manager Shelley Dickstein said. “That the developers have been able to create.”

The two developers will now have the control over the property that’s need to help attract outside funding. Dickstein says developers have already secured $40 million in tax credits. She estimates that the total costs to re-develop the arcade is about $75 million.

The city says it’s now up to the two developers to attract potential tenants.

“They have been actively working to attract tenant leases and programmatic elements that would energize the project,” Dickstein said. “That work has yet to be completed, but they are well on their way.”

Right now, the building is classified as a mixed-use. That means parts of it could be developed into apartments, and the other parts could be used for retail shops and commercial office space.

Dickstein says it’s important for the city that the Dayton Arcade comes back to life.

“To be able to bring back these iconic buildings with vibrancy and that’s mixed use that’s gonna breathe life into it,” Dickstein said. “The area around it is absolutely a win-win-win for the city and the region.”

Dickstein says the developers are currently working on another application to secure an extra $5 million. If and when they secure that money, we’ll be sure to update you.