YBI Pays $654,500 for Vindicator Building
YOUNGSTOWN, Ohio – The Youngstown Business Incubator paid $654,500 to buy the building at 29 Vindicator Square, owned by Vindicator Printing Co., records show. The transaction closed March 13.
The asking price for the building was $700,000, according to a story in today’s Vindicator. “The price was based on the cost of renovations necessary to relocate the staff to the paper’s other building,” the newspaper reported.
YBI operates four buildings at its Federal Street campus downtown. The incubator, named the world’s No. 1 university affiliated business incubator, has been out of space for more than a year.
The Vindicator building was constructed in 1931 and was used as the newspaper’s headquarters until its adjacent production facility opened in 1972. Some newspaper staff stayed but now will move to the production building
YBI intends to expand its campus into a fifth building at the site. Fundraising began last year for the expansion project, estimated at $6.2 million for the building acquisition and renovations. YBI officials have said the new building will provide space for companies focusing on additive manufacturing.
A press event is scheduled for Thursday morning and will include remarks from former mayor Jay Williams, now director of the U.S. Economic Development Administration, which awarded YBI $3 million to fund the project. The state of Ohio added $1.5 million, the city $500,000.
More details about the financing and the YBI’s timeline for beginning operations at its fifth building are expected to be announced Thursday.
Copyright 2020 The Business Journal, Youngstown, Ohio.