YOUNGSTOWN, Ohio – The developer behind a planned $21.7 million renovation of Central Tower downtown is looking forward to moving ahead with the project following an increase in a state tax credit previously awarded to the project, the city’s economic development director said Thursday.
In a news release Wednesday, Gov. Mike DeWine and Lydia Mihalik, director of the Ohio Department of Development, announced that the renovation of Central Tower, 1 W. Federal St., had been awarded $4.25 million in Ohio Historic Preservation Tax Credits.
The project, which in December 2024 was awarded a $2 million tax credit from the program, will involve converting the tower from office use into a mixed-use development featuring 64 apartments on the upper floors and office space on the lower levels. First National Bank of Pennsylvania currently occupies the ground floor.
FNB Youngstown LLC, a Tenafly, N.J. investment group, 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.
Stephanie Gilchrist, director of economic development for the city, said she spoke with representatives of the developer Wednesday and reported they are looking forward to advancing the project and are continuing to line up financing. The developer sought the increase in the tax credit award from remaining dollars in the historical tax credit fund, she said.
“Right now it’s just continuing to secure those grants and tax credits though the state and building that capital stack, making sure that’s all tightened up before they begin any construction on that project,” she said.
Central Tower is one of 37 projects receiving a total of $86 million in tax credits to preserve 51 buildings and leverage about $753 million in private investment.
“These buildings honor the legacy of our communities and reflect the character that makes our state unique,” DeWine said in the news release. “This program supports Ohio’s future by creating jobs, attracting new businesses, and revitalizing the areas that need it most.”
Mihalik added that historic preservation is “a powerful economic development tool that helps communities unlock the potential of underutilized properties and attract future private investment.” The tax credits create “new opportunities for housing, small businesses and local destinations – bringing new jobs, energizing downtowns and preserving each community’s unique character,” she continued.
Architectural and design work is underway, Gilchrist said. Physical work on the project must be underway by 18 months following the award of the grant, and other milestones need to be met as well.
The developer also has applied for a Transformational Mixed-Use Tax Credit, she said.
Meghan Barr, director of external communications for FNB, said in an emailed statement that the bank plans to remain in its current location.
“FNB has a strong, long-standing commitment to Youngstown, and we don’t currently have any plans to relocate our branch in Central Tower,” Barr said. “As always, we continually evaluate all branches within our footprint on an ongoing basis to ensure we’re meeting the needs of our customers, communities and employees.”