“We’re pleased with the response,” said Aaron Sorrell, Dayton’s director of economic development. “We’ll dig into those in the next month and go from there.”

Earlier this year, the city of Dayton issued a request for qualifications to adaptively reuse the 14-story Paru Tower, likely into a mix of housing on the upper levels and commercial or office space below.

The building could become multi-floor town homes, flats-style housing and innovative office spaces, city officials said.

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Three firms formally applied to work with the city on redeveloping the property. The city expects to select a developer in coming months.

Weyland Ventures is the new name of City Properties Group. The group is constructing loft-style housing at 210 Wayne Ave. in the old Weustoff and Getz facility.

The new housing, and a new pub and restaurant, would be the first step towards creating a new entertainment and urban living district called Oregon East.

Weyland Ventures’ ambitious proposals is expected to cost $40 million and would occur in multiple phases.

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The Paru Tower is enticing because it is in good shape and a prime location and offers some unique opportunities for new housing and other uses, said Barry Alberts, principal with Weyland Ventures, which is a major player in Louisville.

The firm has been credited with re-energizing downtown Louisville with projects including the Louisville Slugger Museum & Factory and the Whiskey Row Lofts, which has a blend of hip restaurants, apartments, event spaces, office and live-work spaces.

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Coon Restoration specializes in historic adaptive reuse projects and may be most well-known for its work to restore and reopen the Onesto Hotel in Canton.

The Onesto has been converted into 45 luxury apartments, retail, event spaces and other uses. The restoration of the hotel’s majestic grand lobby has been highly celebrated, which features brass railings, terrazzo flooring and marble stairs, benches and walls.

Coon Restoration also worked on the Mercantile Lofts, Journal News Building and Fifth Third Bank Building in Hamilton and is restoring the Goetz Tower in Middletown.

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There is significant unmet demand for high-quality housing in downtown Dayton, and this is a marquee building that tells a story that people will gravitate to, said Zach Via, estimator and project manager with Coon Restoration.

“But this is not just a business venture with us,” Via said. “Our owner and founder, Steve Coon, has a passion for rebuilding downtowns in Ohio.”

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A local group of financial and business professionals and residents have partnered together to apply to redevelop the property.

The tower has strong potential to be converted into apartments, condominiums, hotel or hospitality rooms or some mix of these uses, as well as commercial, retail or restaurant space on the lower levels, said John Lumpkin, a wealth management financial advisor in Dayton who spoke on behalf of the group.

Lumpkin said the partners want to make a positive impact on downtown at a time when it is undergoing a resurgence — all while returning a “gorgeous” building to productive use.

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“This is in the Central Business District, right in the heart of where a lot of things are happening,” said Lumpkin, who noted CareSource’s planned expansion, the growing Water Street District and the investments in RiverScape MetroPark. “It’s too nice of a structure with too much potential to sit there dark in the middle of the city.”

The city of Dayton bought the Paru Tower for $500,000 after the previous owner, self-described Hindu mystic Annamalai Annamalai, lost the property in a bankruptcy estate action.

Annamalai, also known as Dr. Commander, is serving a lengthy prison sentence for tax fraud and a variety of other crimes.

He announced big plans for the tower, but they did not move forward, and the building has sat empty for years.