Historical Society Pushes for Restoration of Realty Tower
YOUNGSTOWN, Ohio – The board of directors and staff of the Mahoning Valley Historical Society have joined the voices opposing the demolition of the Realty Tower.
The downtown building has been vacated since a May 28 natural gas explosion that wiped out the ground floor, which was occupied by Chase Bank, and caused damage throughout the building. One person was killed in the explosion, and several others were injured.
Following an assessment by a structural engineer retained by the city, it was announced that the building’s owners decided to demolish the structure. But during a special meeting Thursday, City Council approved paying $4,900 from the discretionary funds of the 1st and 4th wards for an additional assessment of the building.
Councilman Julius Oliver, 1st Ward, said he was encouraged by what he heard from structural engineers representing Cincinnati-based firm Structural Systems Repair Group who inspected the building Thursday.
A final report from the firm is expected to be released soon.
The Mahoning Valley Historical Society on Monday called on the building’s owners, the city and stakeholders “to do everything in our power to repair and restore this building so that it may continue to contribute to the City’s economic, social and cultural viability.”
The full statement:
Mahoning Valley Historical Society joins our community in mourning the death of Akil Drake, the injuries to seven others, and the destruction of property and dislocation of residents resulting from the powerful explosion that struck the Realty Tower on Central Square in downtown Youngstown. Members of the MVHS Board of Directors and staff want the best possible outcome for all involved in the wake of this tragedy. Therefore, we are deeply concerned by the announcement from the owners of the Realty Tower that they intend to demolish the structure.
The building’s historical significance to the City of Youngstown is unquestioned, but that fact is not our primary concern at this time. Fifteen years ago the previous owner and developer invested $9 million (including the purchase price) in a restoration, rehabilitation and adaptive reuse project to make the 1924 Realty Building an active commercial and residential property in the heart of downtown Youngstown. That investment included substantial public sector economic development tools, such as state and federal tax credits, low interest loans, and a 12-year property tax abatement, worth in excess of $4 million to help make this project cost-effective.
Also of great concern is: how would Central Square and East Federal Street function if the Realty Tower is demolished and most likely replaced with a surface parking lot? What makes downtown Youngstown unique, aside from the beautiful and high quality finishes on its remaining historic structures, is its pedestrian-friendly sense of place. This sense is most well-preserved along Federal Street between Walnut Street to the east and the intersection of Mahoning and Fifth Avenues (Spring Common) to the west, and is directly related to the building density along the district’s main street. The current project to realign roadways downtown and provide larger surfaces for bicycle and pedestrian traffic when completed will make the downtown thoroughfares even more attractive and safe. Removing the landmark Realty Tower would very negatively affect the downtown streetscape.
Mahoning Valley Historical has joined many other entities – governmental, for-profit and non-profit – in making substantial financial commitments for the future of our organizations and the downtown district. Between 2007 and 2017 MVHS invested over $4.5 million in creating the Tyler History Center at 325 West Federal Street. More recently the Historical Society has purchased the former IBM Building, a 1980 Urban Renewal-era office building at 250 East Federal Street, to provide space for the continuing growth of our collections, exhibits, and educational programs. Plans include an investment of at least $7.5 million of public and private funds over the next three-to-five years to meet our current needs, with more expansion and improvements to come over the next two decades.
We call on the owners of the Realty Tower, City officials, and people in the private sector with a stake in the future of downtown Youngstown, to do everything in our power to repair and restore this building so that it may continue to contribute to the City’s economic, social and cultural viability.
Copyright 2024 The Business Journal, Youngstown, Ohio.
