City Releases RFP for $34M 20 Federal Place Redevelopment
YOUNGSTOWN, Ohio – The city of Youngstown has scheduled question-and-answer sessions Thursday and Friday for parties interested in acquiring and redeveloping 20 Federal Place.
Plans for the sessions were included in a request for proposals the city released April 1 for the downtown Youngstown building, with a 4 p.m. June 1 deadline for responses.
In March, representatives of St. Louis-based Steadfast City Economic & Community Partners outlined plans for a proposed $34 million redevelopment of the seven-story, 332,000-square-foot building.
Steadfast worked with the city, local firms Strollo Architects and BSHM Architects Inc., as well as Scarlet Oak Capital Impact in Columbus, to develop the proposal under a contract with the Appalachian Regional Commission. ARC last year selected Youngstown as one of 16 technical assistance recipients through its Opportunity Appalachia initiative.
According to text accompanying a video presentation on the Opportunity Appalachia Vimeo page, the proposed project cost is estimated at $34.5 million, with a requested equity amount of $750,000.
Built in 1926 by the Strouss-Hirshberg Co., the retailer operated a department store there until 1986, after which the building was converted for office use. The building has been on the National Register of Historic Places since 1986.
“The goal for 20 Federal Place is to reach the full economic potential of the Property through adaptive mixed-use redevelopment, while preserving its historic character” according to the RFP. “The building’s optimal location and diverse set of floor plates offers a wide range of suitable commercial and residential uses,” as outlined in the investor prospectus, which “will be used as a guide” to evaluate proposals.
Each submission must provide an operating pro forma for the proposed redevelopment, including rent and expense assumptions and annual cash flow for the project; evidence to support financing capacity and the financial strength; capacity to complete the proposed redevelopment; and proposed redevelopment timeline, including project phases and estimated completion.
Among the commitments each respondent must commit to are entering into a contract to purchase or option to purchase the building on terms acceptable to the city; seek any requested development incentive package as part of the redevelopment process, with the understanding that availability is “contingent upon approval by the available governing bodies” and ma or not be available’; complete precontractual reviews and negotiations with the city and any required city boards; and compete improvements within “a specified term” as negotiated in any redevelopment agreement reached with the city.
Additionally, the proposal must include confirmation that the respondent will purchase and redevelop the building, a summary of qualifications, description of similar past or current projects undertaken, narrative of the proposed improvement including proposed uses, description of experience using redevelopment incentive tools, an estimate of job creation and economic impact, and a parking plan to accommodate the full redevelopment demand.
The prospectus, also posted on the city’s website HERE, includes information on the building, city demographics, downtown and the proposal prepared by Steadfast.
March 10: 20 Federal Re-Envisioning Aims for Best Use of Space
Copyright 2022 The Business Journal, Youngstown, Ohio.