PNC's new Dayton HQ
PNC Bank launches new Water Street District development
PNC Bank Regional President David Melin looked out a glass-walled conference room to a spectacular view of the city’s skyline and noted nearby redevelopment efforts at the Dayton Metro Library and Dayton Children’s Hospital, as well as the RiverScape River Run recreation improvement project that his company helped sponsor.
“All this investment we’ve made in the community, we’re now in a location where we’ll be able to see it and use it,” Melin said last week.
PNC Bank’s new regional headquarters, which will open Monday at the Water Street District development along downtown Dayton’s riverfront, offers panoramic views of the city skyline and the confluence of the Great Miami and Mad rivers, including Riverscape MetroPark, Five Rivers Fountain and Fifth Third Field.
The bank will anchor the first phase of the $45 million Water Street project, occupying the top two floors of the four-story, 50,000-square-foot commercial building at the corner of Patterson Boulevard and East Monument Avenue.
This newspaper was given an exclusive tour of PNC’s new headquarters in advance of Monday’s opening to the public.
PNC is relocating from the 6 N. Main St. building designed by famed architect I.M. Pei and also consolidating employees from a number of other leased facilities in the region.
“We’re actually adding a number of employees to downtown,” Melin said. PNC does not disclose the number of workers at any of its sites.
PNC intends to sell the North Main Street location, but is approaching the process in a “thoughtful manner” to ensure the best outcome for the downtown business district, he said.
Melin said the move allows PNC to create interaction between lines of business. “From a productivity standpoint, the layout of this building allows us to co-locate a lot of teams that work together very closely,” creating efficiencies, he said.
PNC will occupy 25,000 square feet of office space on two floors, plus a new 3,000-square-foot, full-service retail bank branch in the building’s first-floor lobby.
Company officials declined to disclose the cost of the office relocation project.
Water Street, developed by Columbus-based Crawford Hoying and Dayton-based Woodard Development, will include 215 luxury apartments, office and retail space, and a new parking structure.
“We both have a focus on urban infill-type projects and saw it as a great opportunity for a tremendous project to embrace the river here in Dayton,” said developer Jason Woodard.
Woodard said it is “incredibly exciting” to see PNC opening at Water Street. He expects the mixed-use development to have four additional commercial tenants, including retailers on the first floor.
On Wednesday, law firm Bricker & Eckler LLP announced it has signed a lease for a 6,500-square-foot office at Water Street. A Snap Fitness location previously was announced for the first floor.
The Dayton building incorporates design elements from the new PNC corporate headquarters opening in September in Pittsburgh, giving it a similar look and feel, Melin said.
To maximize the natural light of the brick-and-glass building, there are no offices along the exterior walls. Seven conference rooms of varying sizes, including a round meeting space on the third floor that overlooks the city skyline, have names such as “Patterson” and “Kettering” to honor Dayton’s history.
Dayton is an important market for PNC, which shares similar values and focus areas with this region, including manufacturing, logistics and defense, Melin said.
“The Dayton market is very similar to who we are as a company. We’re a Main Street bank, not a Wall Street bank,” he said.
PNC Bank is a member of Pittsburgh-based PNC Financial Services Group Inc. The parent company had assets of $351 billion and about 53,500 employees in the U.S. and abroad as of March 31, according to company documents.
PNC is the third largest bank by deposits in the Cincinnati and Dayton metropolitan areas, and in Clark County, according to the Federal Deposit Insurance Corp.
Melin said PNC is a Top 12 employer in the Dayton region. The company also has a large mortgage servicing center in Miami Twp.
The company looked at multiple sites for its new regional headquarters, but selected Water Street because of the building’s location and views, and to remain in the urban core and be a “key employer downtown,” he said.
Office furniture and excess supplies from PNC’s former location are being donated to a number of area nonprofit groups, as well as local school teachers.
In addition to the RiverScape River Run project, PNC supports a number of community initiatives that include the Grow Up Great early childhood education and Link Dayton bike sharing programs.
“Not only are we here from a business standpoint, but we are also here to make our communities grow and re-invest back into those communities,” Melin said.
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