$5-million tax credit awarded to downtown Youngstown hotel proje - 21 News Now, More Local News for Youngstown, Ohio -

$5-million tax credit awarded to downtown Youngstown hotel project

Posted: Updated:
COLUMBUS, Ohio -

The Ohio Development Services Agency has awarded a $5 million Ohio Historic Preservation Tax Credit to rehabilitate a downtown Youngstown building, and turn it into a hotel.

The NYO Property Group plans to spend nearly $25.5-million to restore the historic Stambaugh Building, located at 44 East Federal Plaza.

Noted Detroit Architect Albert Kahn designed the Stambaugh Building in 1907 with eight stories. Just five years later, an additional four stories were announced for the fully-leased building.

Today, all but a small portion of the first floor is without tenants. Due to increased demand for hospitality space in the area and the need for a hotel downtown, NYO Property Group has acquired the property and plans to convert the building into a full-service hotel with 120 rooms.

CEO, Dominic J. Marchionda says, "The need for a full-service hotel to serve the area is certainly no secret, and we are excited to be able to move this project forward with this award from the State.  The attraction, the draw, to downtown is the beauty and quality of these old buildings and how accessible everything is by foot, letting people enjoy a day, evening or night partaking in all that our Wick Avenue cultural corridor, university campus, central business, entertainment and innovation district has to offer."

."All the memorable events held at Stambaugh Auditorium, YSU, Covelli Center, Mill Creek Park, DeYor theater, Regional Chamber, YBI ---their patrons and other visitors will now have somewhere to lodge overnight and stay comfortably, right here in our city center, really allowing them to experience first hand what this new Youngstown has to offer." said Marchionda in a statement.

NYO says it has been working with Paul Hagman of RBF CoLab Architecture and Design, a Youngstown-based design firm, to prepare the tax credit application and the hotel design. 

Marchionda and the NYO Property Group own several other buildings, and listed projects in the Youngstown area, including some in the planning and design stages.

Flats at Wick - opened 2010 ($9 Million)

Realty Towers -  opened 2010 ($8.5 Million)

Erie Terminal - opened 2012 ($9 Million)

Wick Building - under construction ($16 Million)

16 Wick Avenue - planning phase (costs unknown)

Legal Arts Center - planning phase (costs unknown)

Stambaugh Building - design phase  ($25 Million)

According to NYO, the $5-million award is the maximum amount allowed under the program and is the largest historic preservation tax credit awarded in the Mahoning Valley since the program began.

$1.1 million for East Liverpool project

A $1.1 million Ohio Historic Preservation Tax Credit was also awarded to a $6.5 million dollar effort to renovate the Ogilvie Block in East Liverpool.

Pennsylvania-based New Castle School of Trades plans to bring its vocational training programs to the building, including commercial/industrial maintenance, welding and commercial drivers’ license programs.

The Ogilvie Block is located on the 100 block of East Fifth Street. The buildings once housed the storied Ogilvie Department and 5&10 Stores, once the largest retailer in Downtown East Liverpool.

After Ogilvie ceased operations in the late 1980’s, the buildings served various other tenants, but are now completely vacant and deteriorated.

 It is estimated the project will create more than 20 permanent and 12 part-time jobs.

  • More From wfmj.comMore>>

  • Corbett: I kept no-new tax pledge the 'best I can'

    Corbett: I kept no-new tax pledge the 'best I can'

    Wednesday, August 20 2014 9:48 PM EDT2014-08-21 01:48:38 GMT
    Pennsylvania Gov. Tom Corbett says he believes he fulfilled the spirit of his 2010 campaign pledge not to raise taxes or fees, but he won't renew that sweeping vow in his current bid for a second term.More >>
    Pennsylvania Gov. Tom Corbett says he believes he fulfilled the spirit of his 2010 campaign pledge not to raise taxes or fees, but he won't renew that sweeping vow in his current bid for a second term.More >>
  • $2M offered to Ohio farmers to help reduce algae

    $2M offered to Ohio farmers to help reduce algae

    Tuesday, August 19 2014 10:07 PM EDT2014-08-20 02:07:19 GMT
    TOLEDO, Ohio (AP) - The federal government is offering $2 million to Ohio farmers to help prevent farm runoff that contributes to potentially harmful algae blooms. Farmers in 20 counties in the western Lake Erie watershed can apply for some of the funds to plant cover crops to reduce nutrient runoff and erosion. The federal money, provided by the Natural Resources Conservation Service, is aimed at reducing future algae blooms. U.S. Sen. Sherrod Brown and Toledo Rep. Marcy Kaptur announced th...More >>
    TOLEDO, Ohio (AP) - The federal government is offering $2 million to Ohio farmers to help prevent farm runoff that contributes to potentially harmful algae blooms. Farmers in 20 counties in the western Lake Erie watershed can apply for some of the funds to plant cover crops to reduce nutrient runoff and erosion. The federal money, provided by the Natural Resources Conservation Service, is aimed at reducing future algae blooms. U.S. Sen. Sherrod Brown and Toledo Rep. Marcy Kaptur announced th...More >>
  • 5K-8K gallons of fuel oil spills into Ohio River

    5K-8K gallons of fuel oil spills into Ohio River

    Tuesday, August 19 2014 10:06 PM EDT2014-08-20 02:06:15 GMT
    CINCINNATI (AP) - An estimated 5,000 to 8,000 gallons of fuel oil spilled into the Ohio River, closing about a 15-mile section of the waterway southeast of Cincinnati. A Coast Guard spokeswoman says that the section of river was closed to river traffic Tuesday to enable cleanup and response. A Duke Energy spokeswoman says the spill from a Duke power plant in New Richmond, about 20 miles southeast of Cincinnati, happened late Monday night. Duke Energy spokeswoman Sally Thelen says the spill oc...More >>
    CINCINNATI (AP) - An estimated 5,000 to 8,000 gallons of fuel oil spilled into the Ohio River, closing about a 15-mile section of the waterway southeast of Cincinnati. A Coast Guard spokeswoman says that the section of river was closed to river traffic Tuesday to enable cleanup and response. A Duke Energy spokeswoman says the spill from a Duke power plant in New Richmond, about 20 miles southeast of Cincinnati, happened late Monday night. Duke Energy spokeswoman Sally Thelen says the spill oc...More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 Worldnow and WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms