$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

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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.

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