YOUNGSTOWN, Ohio - The Mahoning Valley Historical Society (MVHS) held a press conference Tuesday morning where they formally announced the purchase of the IBM Building on East Federal Street in downtown Youngstown.

MVHS Executive Director Bill Lawson says this purchase of the 43-year-old building was over two years in the making, with the Historical Society finally closing on the purchase on November 17.

Lawson went on to say the Historical Society is no stranger to the IBM building, with MVHS utilizing various areas of the building for several years.

"[MVHS] has a presence here going back to 1999 when we took over management of the business and media archives of Mahoning Valley project, which was located here on the third floor. And we managed that project until 2006 when we took ownership of the business and media archives collection," Lawson said.

Lawson went on to say that project was moved up to the carriage house behind the Arms Family Museum in 2015. MVHS kept the space and expanded it to create space for three-dimensional collections stored at the site.

Looking ahead, Lawson says he sees great potential for the building thanks to its current condition and large size, as well as its proximity to booming businesses that are stimulating the city's economy.

"This side of town has been functioning economically more quietly, but more recently that has changed in terms of some of the new developments on some of the outer end of this side of town with Penguin City and the Youngstown Flea, so we like that in terms of an opportunity to add to and be part of a very stable business institution district on the east end of Downtown Youngstown," Lawson said.

Lawson announced that MVHS is kicking off a capital funding campaign with a goal of $10 million, but that goal is subject to change.

The funds will be used for improvements and future developments for the IBM building as well as renovations to the Arms Family Musuem and renovations enhancements to the parking lot next to the Tyler History Center.

When it comes to the improvements and future developments to the IBM building, these include the creation of a climate-controlled for its three-dimensional collections, exterior repairs and renovations and creating new museum exhibition space on the ground floor.

"This is a challenge for [MVHS] but we are not shy of challenges," Lawson said.