Port Authority to Buy Downtown Youngstown Buildings for $6M
POLAND, Ohio – The Western Reserve Port Authority will purchase City Centre One and the Commerce Building in downtown Youngtown for $6 million, under terms of an agreement approved by the port authority’s board of directors Wednesday morning.
The port authority will pay $3.5 million for City Centre One and $2.5 million for Commerce in transactions that are expected to close by the end of the year, according to Anthony Trevena, WRPA’s executive director.
This strategic acquisition strengthens the east end of downtown as a key driver of economic development and professional services at this critical time, according to a statement issued by the port authority.
Many businesses and community organizations have been rooted in these properties for decades. Ohio One’s office and maintenance staff will continue to manage the properties.
“It’s no secret that the port authority’s responsibility is to step into those arenas where we are doing a community benefit,” Trevena said after the meeting at The Lake Club. This particular section of downtown Youngstown has issues with the closure of Eastern Gateway Community College and the condition of the parking deck building where it is housed, as well as the recent loss of the Realty Tower.
“WRPA has been a great tenant, and we are excited to be a part of their transition into a great owner in downtown Youngstown,” said Richard Mills, president of Ohio One Corp. “Their dedication to our region helps to ensure that City Centre and the Commerce Building will remain in good hands.”
Ohio One Corp., which is based downtown, built City Centre One in the 1970s. The developer acquired the former Haber furniture store building in 1987 and redeveloped it for office space.
“For nearly 50 years, the Mills family and Ohio One Corp. have managed these properties with the utmost pride and professionalism,” Trevena said. “We are committed to upholding that same standard of excellence as we move forward.”
This strategic acquisition strengthens the east end of downtown as a key driver of economic development and professional services at this critical time, according to the WRPA statement. Many businesses and community organizations have been rooted in these properties for decades.
“This acquisition, along with other regional efforts such as the continued operation and development of the Youngstown-Warren Regional Airport and the BDM Steel site redevelopment for Kimberly-Clark, reaffirms our commitment to driving growth and increasing property values across Mahoning and Trumbull counties,” said Marty Loney, chairman of the WRPA board of directors.
In other business, the WRPA board finalized the execution of final documents related to a capital lease with Top Property Holdings, which plans to construct a $7.5 million, 80,000-square-foot speculative building in North Jackson.
The board formally accepted the recently announced $2.2 million U.S. Economic Development Administration Grant to be used for construction of an aviation training center at Youngstown-Warren Regional Airport that would provide space for Pittsburgh Institute of Aeronautics and the airport’s recently launched flight school. A groundbreaking is expected by spring, Trevena said.
In addition, the board approved accepting a $244,100 Appalachian regional Commission grant, with local matching funds of $104,668. The funds will be used to purchase a $270,866 full-motion flight simulator and a $34,755 tabletop simulator for the flight school.
The full-motion simulator will be “totally adaptable” for training on any aircraft for which the school would be expected to offer training, said Mike Hillman, president and owner of FBO Jets, the airport’s fixed-base operator.
“This can be adapted within a few minutes to half an hour from a 737 up to a Citation jet,” he said.
Pictured at top: City Centre One and the Commerce Building in downtown Youngtown.
Copyright 2024 The Business Journal, Youngstown, Ohio.
