City Officials, Consultant Will Assess 20 Federal Proposal
YOUNGSTOWN, Ohio – City officials and the consultant the city has been working with on 20 Federal Place since 2020 will assess a Dallas company’s response to the city’s request to acquire and redevelop 20 Federal Place.
Bluelofts Inc. submitted the sole response to the RFP package the city released in August for the city-owned building by Monday’s 4 p.m. deadline, according to Doug Rasmussen, CEO and managing partner of Steadfast City Economic and Community Partners. The company is a multifamily developer that has current or completed projects in Dallas, Fort Worth, Cleveland, St. Louis and Atlanta.
Of the total list of potential developers contacted, nine requested additional information, Rasmussen said. Of those, four went deeper into their own personal underwriting.
“We were expecting one to four [responses], so it was right in line with where we thought we would land,” he said.
The city has been working with the St. Louis consulting firm since 2020 on redevelopment of the property, when it was engaged under an Appalachian Regional Commission initiative to develop a market-driven redevelopment strategy for the property. The building has been undergoing demolition and remediation work since 2023, funded by a nearly $7 million state brownfield remediation grant awarded to Mahoning County Land Bank in 2022.
Based on his early read of its RFP response, Bluelofts proposes redeveloping the former office tower and department store building for up to 125 housing units, ranging from one to three bedrooms, with a floor of co-working space, Rasmussen said. About half of the units would be dedicated to workforce housing, with rents affordable for tenants such as nurses and teachers, while the rest would be market-rate housing.
It also proposes about 450 square feet of retail space.
“I’m pleased with what I’ve seen so far in the proposal,” said Stephanie Gilchrist, city economic development director. “We just need to dig a little bit deeper and everyone get together to ask the right questions, but so far so good.”
Concepts proposed over the years have envisioned using some of the floors for office space, with a potential rooftop restaurant and observation deck.
“There could have been a variety of different types of asset classes proposed here,” he said. “We always envisioned residential would be a part of this. It’s just a question of what the other uses could potentially be.”
Gilchrist said she likes what Bluelofts has done in other cities “to bring community to one place” and looks forward to further discussions with the developer and the Steadfast City consultant. City officials will have their biweekly meeting with the consultant Wednesday.
Following a more thorough review of the proposal, he and his team will meet with Bluelofts representatives and city officials.
He could not provide any information Thursday regarding a potential purchase price or redevelopment cost.
“We’re excited to review and analyze the submission we’ve received. It appears to be a thorough and well-thought-out proposal,” he said.
The RFP calls for respondents to make a presentation Nov. 20 to City Council, with a redeveloper selected later in the month.
“So far, I think it really matches the vision and matches who we are as a community and city,” Gilchrist said.
Copyright 2024 The Business Journal, Youngstown, Ohio.
