The city of Youngstown is calling it "the first of its kind," a project that would flip a vacant former bookstore building into a multi-use fresh food market and living space off Elm Street and Madison Avenue on the city's north side. 

"That would include fruit, produce, a deli... they will also offer some prepared hot foods," Youngstown Economic Development Director Sharon Woodberry said."

The food market would be on the ground floor, and the second and third floor would hold eight apartment units designed for campus living, but available for any tenant.

Youngstown's Economic Development division is asking the city to loan $2-million dollars from its general fund to "802 Elm Development," a group formed just for the project.

The funds would go through the city's already existing "float loan program" structured for investing in economic development, with no risk to the city's finances according to Woodberry and city Councilwoman Lauren McNally. 

"The loan is backed by what we call an irrevocable letter of credit from the bank, so we already fleshed the project out, looked at the numbers, performed our due diligence knowing the funding is in place for the project," Woodberry said, "The city does not put the money into the project without a guarantee that the bank will pay the funds back."

McNally said she is excited for the opportunity to expand more into the north side of the city and address the need for accessibility to fresh food. 

"We know that the need is there and it's been there for a while and this is helping to fulfill something we've been missing for a while," she said, "People can pick stuff up easily and quickly, and that doesn't exist downtown and that doesn't exist on really any side of town."

Woodberry said the new upcoming owner, a Pittsburgh-based real estate agent, is not new to investing in properties and said the city spent the last eight months making sure it's a good fit.

City Council is expected to vote on the proposal this week. If passed, construction would take up to 10 months once finalized by the end of the  year.