Youngstown looks into downtown hotel proposal - 21 News Now, More Local News for Youngstown, Ohio -

Youngstown looks into downtown hotel proposal

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YOUNGSTOWN, Ohio - Right now there is no place for people to stay overnight in the city of Youngstown, but that may soon change. 

It's something Youngstown's been lacking for years.

"We really did need a hotel. We're too big of a place, not a huge place, but we're too big not to have one," said Annie Gillam of Youngstown's City Council.

NYO Property Group recently received a $5 million historic preservation tax credit from the state to restore the old Stambaugh building downtown and turn it into a hotel. The company plans to put $25 million into the building to turn it into a full service hotel with 120 rooms.

"The first $5 million in construction costs and building costs would be tax free for the builder who are the Marchionda's, who I think have done an excellent job in growing the downtown, and making this a place where you can not only come to grab something to eat but you can stay and see a concert make it a destination place," said state Senator Joe Schiavoni.

In a time when the city seems to be doing more demolition of old buildings, historians should be happy with this proposal.

"Using a building that's already up, and refurbishing a building like Stambaugh, it would be great for the whole downtown area. I know preservation folks would be thrilled with it, we'll be thrilled with it, and we hope the project carries to fruition," said Youngstown mayor John McNally.

NYO has restored other buildings in Youngstown, so they do have something of a success record with the city. Past projects include The Wick Building, Erie Terminal and Realty Towers, each a $9 million investment.

It's not a done deal yet, however. NYO is currently negotiating with several different hotel chains to make it happen, but local lawmakers believe the tax credit was what NYO was looking for to push the project forward.
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