City Gives Developers Tours of 20 Federal Place
YOUNGSTOWN, Ohio – Regional and out-of-town real estate developers interested in redeveloping 20 Federal Place are touring the property Friday, the first of two scheduled days of tours as Youngstown officials seek a developer for the 95-year-old building.
The city and its real estate consultant, St. Louis-based Steadfast City Economic & Community Partners, issued a request for proposals April 1. The city and Steadfast will host additional development teams May 3.
Built in 1926 as a luxury department store by Strouss-Hirschberg Co., the 332,000-square-foot building at 20 W. Federal St. “occupies a prominent site within the city’s principal retail district adjacent to Youngstown State University” and more than $500 million in new and renovated apartments and hospitality, civic and entrepreneurial investments, according to a statement issued by the city.
The city’s goal is to “identify a capable redeveloper or team of redevelopers to acquire the property and lead its transformation,” with a June 1 deadline for proposals. The plan is to select a redeveloper and negotiate a sale and redevelopment agreement by October.
In March, Steadfast representatives outlined plans for a proposed $34 million redevelopment of the seven-story building prepared under a contract with the Appalachian Regional Commission.
Read the Investor’s Prospectus for 20 Federal Place HERE
The tours, which will include question-and-answer sessions, will provide interested developers “a look into current building conditions from the basement to the rooftop,” according to the city’s statement.
A compiled set of the questions and answers will be available as an addendum to the redevelopment RFP on the city’s website, which also features a prospectus detailing desired uses for the building based on community input and a financial plan for its redevelopment including architectural drawings as developed by Steadfast and local architectural firms Strollo Architects and BSHM Architects.
“We are excited to welcome these potential investors to downtown Youngstown, Ohio,” Mayor Jamael Tito Brown said in the statement. “The interest we have seen from the regional and national real estate development community is a testament to Youngstown’s trajectory, entrepreneurial spirit, and limitless future.”
“Our collective consulting team has been meeting with Youngstown stakeholders since last August and there is great community excitement for this,” said Steadfast vice president Allison Gray. “Downtown Youngstown, Ohio, with its strategic location in the center of a megapolitan region of 7 million people, continued evolution as one of the leading entrepreneurial centers in the U.S. and adjacency to a world class university makes this a great long-term investment.”
More on the Proposed Redevelopment of 20 Federal Place
April 13: City Releases RFP for $34M 20 Federal Place Redevelopment
March 10: 20 Federal Re-Envisioning Aims for Best Use of Space
March 9: Proposal Unveiled to Give $34M Makeover to 20 Federal
Copyright 2024 The Business Journal, Youngstown, Ohio.
