$2.6M Condo Development Planned for Lowellville
LOWELLVILLE, Ohio — The village could soon be home to its first ever condominium development.
Mayor Jim Iudiciani says that he’s optimistic work will begin this year on a 12-unit residential complex on land the village recently acquired from the Lowellville School District.
“Demand seems pretty good,” Iudiciani says. “People seem very interested.”
The village purchased 1.2 acres on the north side of the Mahoning River bordered by McGill Street to the west, E. Walnut Street to the north, First Street to the east and E. Grant Street to the south.
Iudiciani says the village paid $83,000 for the land and spent another $50,000 on paving two of the school districts parking lots as part of the deal.
Savko Home Builders, Austintown, is looking to build four freestanding, three-bedroom villas at the corners of the lot, Iudiciani says. Four buildings with two units each would fill out the rest of the development. All of the buildings are ranch style, and do not include a basement or second floor.
The villas are priced at $287,000, while the smaller condominium units should price at $187,000.
Under the proposed deal, the village will grant the developer the land, Iudiciani says. The project is expected to cost $2.6 million.
“This is one of the many economic development strategies the village is utilizing to grow its tax base, the school system and the village,” he says.
The mayor adds that the development would provide the school district with $20,000 annually through property taxes.
Iudiciani says that all of the zoning measures are approved, and a public informational meeting regarding the development is scheduled for Saturday at 11 a.m. at City Hall.
Lowellville is moving to capitalize on new improvements to the village, specifically the removal of the Mahoning River dam, which has opened up recreational opportunities for sportsmen and residents.
In December, Lowellville celebrated the completion of a new canoe and kayak livery on the north side of the river. Future plans call for potentially developing another 13 acres there into a public park.
Copyright 2023 The Business Journal, Youngstown, Ohio.