City Council to Consider RFP for 20 Federal Sale, Redevelopment
YOUNGSTOWN, Ohio – City Council will consider legislation next week to move forward on a proposed $34.5 million redevelopment of the city-owned 20 Federal Place building.
The ordinance, which council members will consider at their March 17 meeting, would authorize the city to issue a request for proposals from developers to purchase and redevelop the 20 West Federal St. building, which the city acquired in 2005.
“The city is looking to no longer own the building,” said Hunter Morrison, an urban planning consultant working for the city’s community planning and economic development department.
Cities and counties are “not particularly apt at this business,” as illustrated by the financial woes surrounding the Hilton Cleveland Downtown Hotel, he continued. The building would be better served “in the hands of a development entity that would manage it to its highest and best use,” he said.
Redevelopment plans for the seven-story, 332,000-square-foot former department store building were outlined Tuesday at the city’s design review committee meeting. The proposal was prepared by St. Louis-based Steadfast City Economic & Community Partners, in collaboration with the city, local firms Strollo Architects and BSHM Architects Inc. and Scarlet Oak Capital Impact in Columbus.
Steadfast drafted the redevelopment plan under contract with the Appalachian Regional Commission, which last year selected Youngstown as one of 16 technical assistance recipients through its Opportunity Appalachia initiative.
The plan outlined a potential mix of retail, dining, office and residential tenants for the building. It included a proposed capital stack involving private funding as well as money from various tax credits, grants and Opportunity Zone fund investments.
Copyright 2023 The Business Journal, Youngstown, Ohio.