YOUNGSTOWN, Ohio – The city’s Board of Control approved an economic development agreement with the company renovating the Mahoning Bank Building to assist with that project. 

The agreement, which was approved Thursday morning, provides 22 Market Street Ohio LLC with a $500,000 site grant. The New York-based investment group, which purchased the 26 Market St. building in December 2022, is in the process of renovating the 13-story office tower into a mixed-use property with commercial space on the first four floors and 71 residential units on the upper nine levels. 

The residential units will be a mix of studio, one-bedroom and two-bedroom apartments. 

Under the terms of the agreement, $250,000 of the grant is to be paid upon execution of the agreement, another $200,000 upon completion of 60% of the work required and the remaining $50,000 upon completion of the project, which must be done by Dec. 31, 2027.

City Council approved the grant in February. 

Last week, historical consultants conducted a walk-through and signed off on the demolition work done on the building to certify that it was correctly done and historical elements were adequately maintained, said Anissa Neider, the project’s architect. The $15 million project received a $2 million historic preservation tax credit from the state of Ohio in June 2024.   

This week, metal studs are being loaded into the building and installed “so we have real walls put back into the building,” Neider said. That will be followed by installation of mechanical systems, including plumbing and heating/ventilation/air conditioning. 

“So we’re moving pretty quick since we lost a bit of time, obviously, when we were on pause,” she continued. “So we want to make up all that time, as much as we can.”

Other incentives that the project has received include a $1 million state Vibrant Communities Grant; a $1.39 million transformational mixed-use tax credit; a 15-year, 100% tax abatement on the building’s new valuation once the project is completed; and an assessment through the Youngstown Energy Special Improvement District to support energy-related building improvements in the building.   

Neider said she expects residential units should be available for lease by the end of 2026 or early 2027. “There’s a lot of moving pieces still,” she remarked. 

The building was constructed in 1911 and designed by renowned Detroit architect Albert Kahn. It is listed on the National Register of Historic Places.