2 Valley Projects Land Historic Preservation Tax Credits
YOUNGSTOWN, Ohio – The landmark Mahoning National Bank building downtown and the former YMCA building in Warren have together secured $4 million in state historic preservation tax credits toward the renovation of both properties.
The Mahoning National Bank building project received a $2 million tax credit toward total renovation costs of $12.9 million, according to a press release issued through Gov. Mike DeWine’s office Wednesday.
Built in 1910 and designed by celebrated Detroit architect Albert Kahn, the building owners plan to renovate the 13-story structure into 71 residential apartments and reserve the first four floors for commercial and office space.
An entity named 22 Market Street Ohio LLC acquired the building in December 2022 for $2.3 million.
Renovation work is currently underway at the building at 26 Market St., and Huntington Bank is preparing to move back into its original space on its ground floor sometime next month. Two years ago, the bank relocated to smaller offices in the Stambaugh Building. However, those operations are now closed because of the Realty Tower explosion May 28.
The renovation project includes preserving the building’s historic wood paneling, decorative brass doors and Grecian-style marble, according to the release.
A second Valley project, the renovation of Warren’s YMCA building, also received state tax credits amounting to $2 million toward a total cost of approximately $18.8 million. According to the state, a developer plans to repurpose the building into 42 residential units.
The building at 210 High St. was constructed in 1928 in Second Renaissance style and once housed a pool, locker rooms, basketball courts, lounges, 68 dormitory rooms, classrooms, handball courts, a gymnasium and a kitchen and grill. Some of those amenities, such as the gym and basketball court, would be renovated for reuse by the building’s future tenants.
DeWine’s office on Wednesday announced it had issued more than $68.5 million in historic preservation tax credits to 35 projects across the state.
Copyright 2024 The Business Journal, Youngstown, Ohio.
