2 Riverfront Properties Listed for Sale Near Downtown
YOUNGSTOWN, Ohio – Two hospitality properties now on the market could provide an opportunity to extend downtown Youngstown’s success, real estate professionals handling the properties say.
The former Anthony’s on the River and the B&O Station and associated properties are being activity marketed.
The D’Amico Agency has listed the B&O site for $1.625 million on behalf of its owners, the Arroyo family, while Cocca Real Estate, which is handing Anthony’s on the River following the recent death of its owner, Anthony Saadey, is seeking $775,000 for that site.
“This is an opportunity opening up for somebody,” said Fred D’Amico, an agent with D’Amico Realty. “This is an opportunity to revitalize this side of the bridge.”
The B&O property, along the Mahoning River on Mahoning Avenue just west of the Spring Common Bridge, is used for weddings, banquets, parties and other gatherings and events. The asking price for the property includes the historic railroad station, which has a fully functioning brewery and commercial kitchen; the Box Car Lounge, built in 2006; and an outdoor stage and pavilion added five years ago, according to the property listing.
That $1.625 million list price includes the three acres of land and two liquor licenses. Adjacent to the B&O site are four acres of city-owned park property.
Pieces of the property also could be sold separately, D’Amico said.
Mayor John McNally said the B&O is “a great facility for someone who wants to try to make a go of that location,” although he acknowledged the utilities are probably “tough” for the main building.
“If packaged the right way, I would imagine some people are going to look at it,” the mayor said.
Just east of the B&O property, on Oak Hill Avenue, is the former Anthony’s on the River building, a 10,000-square-foot building with meeting rooms and offices.
Closed for about a decade, the building itself and the equipment inside the former restaurant and banquet center remain in excellent condition, as are the office spaces, Teresa Cocca-Kay, real estate broker, said. The commercial grade kitchen inside would probably cost in excess of $500,000 to build new, she added.
“It sits on almost two acres of property right on the river. You can view the river from the windows,” she said.
The broker sees several options for the property, including use as a banquet center, restaurant, offices or even apartments, she said. The site has parking for more than 100 vehicles, she also said.
D’Amico acknowledged the growth in downtown activity in recent years. “This is just an extension of where the development can go,” she said.
Having the properties located on the river is “a great asset to our city” and they represent an opportunity for whoever has the vision, D’Amico remarked.
“The vision is one thing. You do have to come up with a business plan, but there’s opportunities here,” he continued.
Pictured: The B&O Station.
Copyright 2017 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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