2 Valley Projects Receive Historic Preservation Tax Credits

YOUNGSTOWN, Ohio – The plan to convert downtown’s landmark First National Bank building – historically known as Central Tower – into a mixed-use residential and office complex has received $2 million in historic preservation tax credits, Gov. Mike DeWine’s office announced Wednesday.

The tax credits would help offset costs for the approximately $20.2 million project, the state said.

Central Tower, which houses First National Bank’s downtown Youngstown offices on its ground floor, is the city’s tallest building. Built in 1929, the Art Deco-style tower was initially constructed for the Central Savings and Loan Co. and stands 224 feet high with 17 stories.

The landmark building at 1 W. Federal St. was designed by architect Morris Scheibel and was listed on the National Register of Historic Places in 1980.

While the upper floors have continued to serve as office space, the building has experienced significant vacancies over the years. The project calls for converting the upper floors into 64 apartments and office space on the lower floors.

No additional details on the project were available.

FNB Youngstown LLC, an investment group that provides a Tenafly, N.J., address, purchased the building in September 2023 for $1.37 million, according to records.

Historic preservation tax credits were also awarded to an effort to redevelop the Masonic Temple in Niles into multipurpose community space. The project was awarded tax credits of $1.16 million toward a $4.95 million rehabilitation effort.

The Masonic Temple was constructed in 1922 and used by the Mahoning Lodge No. 394. The project calls for restoring the building’s architecture and transforming the building into a mixed-use facility focused on social and community engagement, as well as economic activity.

The Central Tower and Niles Masonic Temple projects were among 37 across the state awarded a total of $56,125,248 in historic preservation tax credits, according to DeWine’s office.

“By preserving our historic buildings, we’re retaining the unique identity of Ohio’s communities,” DeWine said in a statement. “Through the tax credit program, we’re ensuring that future generations can experience the character and stories that shaped our state in the spaces where they happened.”

Pictured at top: The First National Bank building in downtown Youngstown.

Published by The Business Journal, Youngstown, Ohio.