YOUNGSTOWN, Ohio – City Council will consider providing a $500,000 site grant to assist the redevelopment of the Mahoning National Bank Building downtown when it meets next week.
An ordinance before council authorizes the city’s Board of Control to enter into an economic development agreement providing the site grant to 22 Market Street Ohio LLC, which purchased the 26 Market St. building in December 2022.
The New York-based investment group is renovating the 13-story office tower into a mixed-use site including commercial space on floors one through four, 71 residential units on the upper levels and an event space in the basement bank vault, according to a state news release.
The available apartments will be a mix of studio, one-bedroom and two-bedroom units.
Earlier this year, the city approved executing a Community Reinvestment Area property tax abatement to support the $18.5 million project, as well as assistance to provide energy-related building improvements funded through the Youngstown Energy Special Improvement District.
In June, JobsOhio awarded the project a $1 million Vibrant Communities Grant for the project, which also was awarded a $1.39 million transformational mixed-use tax credit and a $2 million state historic preservation tax credit.