Chase Tower Goes Back on Market After Sale Falls Through
YOUNGSTOWN, Ohio – The Chase Tower is back on the market after a sale to a Florida buyer fell though.
A second online auction is scheduled for Aug. 9 to 11 for the 135,300-square-foot downtown building, according to the Ten-X Commercial website.
An unidentified redevelopment investment group based in Miami bid a reported $1.15 million for the historic building during a previous three-day auction that ended April 21. Three bidders participated in the auction, which was conducted via the Ten-X Commercial website.
“The first buyer fell though,” Lou Frangos, chairman of the Cleveland-based Frangos Group, which owns the building, confirmed Friday morning. Representatives of the winning bidder flew in from Florida, inspected the property and “told us they were not only satisfied but impressed with the building’s current condition,” he said. He also heard they met with city officials.
Their only stated concern was a supposed lack of parking, which he said is not an issue because of the availability of street and paid parking. The deal fell though about 10 days ago when the previous buyer had requested an extension that was granted in exchange for a “substantial nonrefundable payment” that was ultimately forfeited.
Designed by Walker & Weeks Architects and constructed in 1928, the building has 14 floors and 128,741 rentable square footage, according to the Ten-X listing. From its construction until recently, its ground floor housed Chase Bank and the various banking entities that preceded it. In May, Chase moved its downtown Youngstown office to the Realty Tower.
Other features of the property include being listed on the National Register of Historic Places and being “ideally positioned” to receive Ohio historic tax credits, according to the Ten-X listing.
In addition to relisting the property for auction, Frangos said he is talking with other parties “that have expressed some interest” in the building.
Mark Marvin, president of Downtown Development Group in Warren, declined to comment Friday regarding whether he was in discussions with Frangos on Chase Tower. His company submitted one of two proposals in response to the city’s request for proposals to acquire and redevelop 20 Federal Place, which is adjacent to Chase Tower, and he acknowledged last month he is looking at other downtown Youngstown properties.
Copyright 2021 The Business Journal, Youngstown, Ohio.