This Month’s Problem Solver
Port Authority Provides Financing for Hotel Project
For years, the Stambaugh Building, once one of the crown jewels of downtown Youngstown, sat empty and deteriorating – a reminder of the business district’s glorious past and uncertain future.
In 2012, developer Dominic Marchionda, CEO of Youngstown-based NYO Property Group, saw an opportunity to transform the neoclassical office building into what he calls “a game-changer” for Youngstown. After purchasing the building, Marchionda announced plans in 2014 to turn Stambaugh into the first downtown hotel since the Voyager Motor Inn closed in 1974.
“The problem we faced initially was gaining the credibility about the need for a hotel in downtown Youngstown,” Marchionda says.
He found a ready audience for his idea and a partner in finding an appropriate financing package with the Western Reserve Port Authority.