The City hopes to select a redeveloper and negotiate a sale and redevelopment agreement by October of 2021
YOUNGSTOWN, Ohio (WKBN) – On Friday, Youngstown Mayor Tito Brown welcomed several regional and out-of-town real estate developers interested in redeveloping the 20 W. Federal Building downtown.
Built in 1926 as a luxury department store by Strouss-Hirschberg Company, the 332,000-square-foot building sits within the city’s principal retail district adjacent to Youngstown State University and more than $500M in new and renovated apartments, hospitality, civic and entrepreneurial investments.
Youngstown and its real estate consultant, Steadfast City Economic & Community Partners (St. Louis MO), issued an RFP for redevelopers on April 1. Friday is one of two scheduled tours with developers, the other date being May 3 where additional out-of-town developer teams are scheduled to attend.
“We are excited to welcome these potential investors to downtown Youngstown Ohio,” said Mayor Brown. “The interest we have seen from the regional and national real estate development community is a testament to Youngstown’s trajectory, entrepreneurial spirit, and limitless future.”
The city’s building maintenance team is providing interested redevelopers a look into current building conditions from the basement to the rooftop and there will also be a question and answer session.
Also available on the website is a prospectus detailing desired uses for the building based on community input and a financial plan for its redevelopment, including architectural drawings as developed by Steadfast and local Youngstown-based architectural firms Strollo Architects and BSHM.
“Our collective consulting team has been meeting with Youngstown stakeholders since last August and there is great community excitement for this,” said Allison Gray, vice president of Steadfast City Economic & Community Partners. “Downtown Youngstown Ohio with its strategic location in the center of a megapolitan region of seven million people, continued evolution as one of the leading entrepreneurial centers in the U.S., and adjacency to a world class University makes this a great long-term investment.”
Youngstown is seeking to identify a capable redeveloper or team of redevelopers to acquire the property and lead its transformation, with proposals due June 1.
The City hopes to select a redeveloper and negotiate a sale and redevelopment agreement by October of 2021.