Tressel: YSU may be interested in buying Erie Terminal, Flats at Wick
Youngstown State University President Jim Tressel tells 21 News he is interested in the possibility of the university purchasing two downtown Youngstown buildings owned by NYO Property Group.

YOUNGSTOWN, Ohio - Youngstown State University President Jim Tressel tells 21 News he is interested in the possibility of the university purchasing two downtown Youngstown buildings owned by NYO Property Group.
On Thursday, 21 News reported that the Erie Terminal building and the Flats at Wick are both listed for sale by Platz Realty Group.
Tressel said as it stands, the university doesn't have enough space for all of the students that want to live on campus.
"Both buildings have been primarily students. We've always had our eye on things like those, but it's been no problem because we're not really in the housing business. We like people who are in the housing business. Now that we see that they're for sale, there'll be certain steps we need to take," Tressel said.
First, among those steps, Tressel said, is to get appraisals on the buildings. Those appraisals are required before YSU could take any action because they are a state entity. At that point, Tressel said it the Board of Trustees would have to decide if they wanted to move forward.
"Fortunately, we don't have much indebtedness, we're lucky, there's a lot of universities that have a lot. So, are we interested in taking on a little more indebtedness and perhaps putting in a bid on Flats, Erie Terminal, both, who knows?"
Tressel said he's hoping they can get an appraisal done between now and the next Board of Trustees meeting in September.
He added that these buildings could be an attractive solution to providing more student housing since the university doesn't generally build new structures, but that they routinely buy existing buildings.
"Our footprint, we've always wanted to own most of what's in our footprint and right now if you look as far east as the Hollow with the Courtyard Apartments and most of the land in the Hollow, and as far north as Lyden House, Cafaro House and obviously the Flats are right there in that footprint. And if you look south in our footprint, it is down to Wood Street, which is the edge of the College of Business and the Erie Terminal is a nine-iron from right there, so it would be a natural thing for us to discuss," Tressel said.
Erie Terminal is located on West Commerce and is primarily apartments, but also holds food establishments like The Kitchen Post and One Hot Cookie. It is listed at $6.35 million.
The Flats at Wick on West Madison Avenue is listed at $8.5 million. That building is primarily housing for YSU students.
NYO properties is led by developer Dominic Marchionda and also owns First National Bank, Realty Tower, and the Wick Tower.
Marchionda is awaiting trial on 67 charges including aggravated theft, tampering with records, money laundering and telecommunications fraud stemming from his alleged illegal use of money from the city of Youngstown's wastewater fund for construction of several developments, including the Flats at Wick.