City OKs Tax Abatement for Strollo’s Wells Project
YOUNGSTOWN, Ohio — The city’s Board of Control this morning approved an enterprise zone agreement with the companies redeveloping the Wells Building downtown.
The agreement provides a 10-year, 75% abatement of real property taxes to Strollo Architects Inc. and Wells Associated Renaissance Partners LLC, to support redevelopment of the building into new offices for Strollo and apartments.
According to the city, the project will involve a total investment of nearly $5.04 million, and Strollo will retain 18 jobs and create two additional jobs within three years. City Council approved the enterprise zone agreement in December and work on the building got under way that month.
“It’s going to be one of the most spectacular buildings down here,” says Kirk Kreuzwieser, vice president and principal at Strollo Architects and a partner in Wells Associated Renaissance Partners, the managing company for the project.
Asbestos work in the building, which was built in 1917, is complete and interior demolition is being done now, Kreuzwieser reports. Construction of a new stair tower has started and construction of a new elevator shaft will begin shortly.
Plans call for the project to be completed by August.
“We’re uncovering various issues that need to be addressed,” he relates. “When you do a renovation you uncover new things.” Work on exterior features such as windows and the building’s terra cotta finish will begin when the weather improves, Kreuzwieser says.
The project was awarded a $1 million state historic preservation tax credit in 2011.
In addition to the tax abatement approved this morning, the city provided the project a $100,000 performance grant through the Youngstown Initiative program and a $200,000 water/wastewater grant, says T. Sharon Woodberry, director of community planning and economic development.
Copyright 2017 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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