YOUNGSTOWN Pa. restaurateur sees future at river

The businessman wants to turn the riverfront restaurant into a destination.
By ROGER G. SMITH
CITY HALL REPORTER
YOUNGSTOWN -- Gene Buzzeo looks at downtown and sees the future.
Buzzeo is so confident in that future that he is working on a deal to buy -- and then expand -- Anthony's On The River.
"There is a tremendous opportunity in downtown Youngstown," Buzzeo said.
First, he is negotiating with the city for a $3 million, zero-interest loan, which a bank first must guarantee in full, to help make the deal happen.
His plans include buying the restaurant; doubling dining room seating to 350 and building a glass addition; turning the basement into a wine bar; and building a glass-enclosed sports bar on the roof.
He is convinced that turning the riverfront restaurant into a destination for diners from a 25- to 30-mile radius will pay off.
The proposed downtown civic center project adds to his enthusiasm. An arena will bring 4,000 to 6,000 people to the area about 100 nights a year, Buzzeo said.
Even without an arena, the market downtown is right for a fine dining and entertainment spot, he said. The key is creating a destination for customers, not just relying on the 9,500 people who work downtown for business, he said.
Buzzeo, a software designer and accountant, grew up in Sharon, Pa. He was a regional comptroller for the Marriott Corp. for a time and said he has operated several bars around the country.
Success in Hermitage
He returned to Hermitage, Pa., a few years ago, where he and his wife, Janet, turned a bowling center into Buzzy's Sports Bar and Grill. Business has increased fivefold since they took over, he said. A pro bowler tour event that drew visitors from 17 states was held there recently and expects to return, he said.
Buzzeo said he has been considering the Youngstown deal for nearly a year.
He said he first must secure the city loan, then reach a deal to buy Anthony's On The River. He said he has outlines of deals with the city and Anthony Saadey, who owns the restaurant now. He expects to accomplish both deals in about six weeks.
Anthony's On The River has lost considerable money over the years, said city Finance Director David Bozanich. He declined to say how much. Saadey isn't interested in continuing to subsidize the restaurant with profits from his other operation, Mr. Anthony's Banquet Center in Boardman, Bozanich said.
The money for the zero-interest, $3 million loan will come from a pot of about $7 million in federal funds that the city is required to set aside. Such loans are available only to businesses that have a bank's letter of credit backing the full amount of the loan.
Any interest the funds generate goes back to the federal government. That's why the city doesn't charge any interest, Bozanich said.
The loan program's goal is to provide solid businesses with working capital to start new ventures, Bozanich said.
rgsmith@vindy.com