YOUNGSTOWN, Ohio – A week after being awarded a $4.25 million tax credit, the state of Ohio awarded another $2 million from a separate program Wednesday.
The tax credit awarded from the Transformational Mixed-Use Development Program was part of more than $110 million awarded to 13 projects across the state, according to a news release from Gov. Mike DeWine.
“Ohio’s continued success depends on communities that are vibrant, welcoming, and ready for growth,” DeWine said in the news release. “Through the Transformational Mixed-Use Development Program, we’re proud to help our local partners reimagine these properties as places where families can live, friends can gather, and Ohio’s next generation of entrepreneurs can invest in their futures.”
FNB Youngstown LLC, a Tenafly, N.J. investment group, plans to redevelop the historic 17-story downtown building into a mixed-use development featuring apartments, office space, retail and First National Bank of Pennsylvania’s eastern Ohio headquarters, which occupies the ground floor of the building.
“The Transformational Mixed-Use Development Program gives communities the tools to turn ambitious ideas into reality,” said Lydia Mihalik, director of the Ohio Department of Development, which administers the TMUD and historic preservation tax credit programs. “These projects will attract new investment, expand housing and business opportunities, and create stronger, more vibrant communities across Ohio.”
Last week’s historic transformation tax credit represented an increase from the $2 million that had been awarded from the program in December 2024.
The developer was able to apply for the additional funds under a contingent reapplication, an ODOD spokesperson said. Work is expected to begin this summer, with an estimated completion date of Feb. 28, 2028.
FNB Youngstown purchased the building for $1.37 million in 2023, according to public records. Built in 1929, the 17-story building, the tallest downtown, was listed on the National Register of Historic Places in 1980.