The City hopes to select a redeveloper and negotiate a sale and redevelopment agreement by October 2021
YOUNGSTOWN, Ohio (WKBN) – Youngstown Mayor Tito Brown on Friday welcomed several regional and outdoor real estate developers interested in the redevelopment of the 20 W. Federal Building downtown.
The building was built in 1926 as a luxury department store by the Strouss-Hirschberg company. Decades later, it was the headquarters of the local Phar-Mor company. Its biggest tenant is now the VXI call center, and the city still has a few offices there.
The 332,000 square foot building is in the city’s main shopping district next to Youngstown State University and over $ 500 million in new and renovated apartments, hospitality, civic and entrepreneurial investment.
One of the tour participants was local architect Paul Hagman, who said the property was ideally located.
âReally in the center of downtown. You have access on three sides of the building, âHagman said.
While Hagman isn’t looking to buy the building himself, he can spread the word to others.
âI think we all have huge networks. Part of the success of this project is going to be reaching out to these networks and trying to attract people interested in building development, architects, developers, the whole lineup, âHagman said.
Architect Anissa Neider also took part in the tour, who worked on the project to turn part of Phelps Street into a pedestrian plaza. She is also involved in renovating the former Republic Steel warehouse on East Federal, turning it into the headquarters of Penguin City Brewing. Neider says finding the right developer will be crucial.
âThis is downtown Youngstown. As I mentioned in the Penguin proposal, this Youngstown. We’re coming back and we’re better than ever, âshe said.
Youngstown and its real estate consultant, Steadfast City Economic & Community Partners (St. Louis MO), issued a call for tenders for redevelopers on April 1. Friday is one of two scheduled developer visits, the other date being May 3 when more city developer teams are scheduled.
âWe are delighted to welcome these potential investors to downtown Youngstown Ohio,â said Mayor Brown. âThe interest we have seen from the regional and national real estate development community is a testament to Youngstown’s trajectory, entrepreneurial spirit and boundless future.
The city’s building maintenance team provides interested redevelopers with an overview of current building conditions, from basement to roof, and there will also be a question and answer session.
Also available on the website is a leaflet detailing the desired uses for the building based on the community’s contribution and a financial plan for its redevelopment, including architectural designs developed by Steadfast and the local architectural firms of Youngstown Strollo Architects and BSHM.
âOur team of collective consultants have been meeting with Youngstown stakeholders since last August and there is great enthusiasm in the community,â said Allison Gray, vice president of Steadfast City Economic & Community Partners. “Downtown Youngstown Ohio, with its strategic location at the center of a mega-political region of seven million people, its continued evolution as one of the leading centers for entrepreneurship in the United States and its proximity to a world-class university make it a great long-term investment. ”
Youngstown is looking to identify a redeveloper or team of redevelopers capable of acquiring the property and leading its transformation, with proposals expected June 1.
The City hopes to select a redeveloper and negotiate a sale and redevelopment agreement by October 2021.