DOWNTOWN YOUNGSTOWN Partners plan development of old building

A bond would leave CIC money if the developer fails to finish the project.
By ROGER G. SMITH
CITY HALL REPORTER
YOUNGSTOWN -- Two businesswomen want to buy the Wells Building and two others next to it, turning the downtown location into a mix of retail, office, residential and parking spaces.
The property committee of downtown's redevelopment agency, Youngstown Central Area Community Improvement Corp., approved the sale Tuesday to P & amp;P Development -- with conditions. The sale also needs approval of the CIC board.
P & amp;P, a partnership between Gael Pullen of Cleveland and Denise Powell, who owns James & amp; Weaver Inc. in Youngstown, has 90 days to meet the conditions.
The conditions
First, P & amp;P must secure financing for the $1.7 million project. CIC has verified that the group has a lender ready to fund 70 percent of the project, but financing isn't complete, said Jason Whitehead, CIC executive director. P & amp;P says it will provide the remaining 30 percent of the financing.
Second, P & amp;P must produce a performance bond for about half the project amount, Whitehead said. The bond will leave CIC with money to renovate the building should P & amp;P fail to finish the project.
The Wells Building, at Hazel and West Federal Streets, dates to 1917 and is noted for its white glazed tile exterior and detail work at the top.
Development plans
The proposed project has several aspects. The developers propose spending $950,000 to renovate the four-story building. The first floor would be retail or restaurant space. The second and third floors would be office space. The fourth floor would be apartments.
P & amp;P also wants to buy the two properties next door, level the buildings for parking but save the fa & ccedil;ades. The idea is to build a two-or-three-level parking structure behind the fa & ccedil;ades totaling about 65 spaces.
Immediately next door is the old Armed Forces building. Next door to that is the lobby portion of the old State Theater. P & amp;P might be interested in the auditorium section of the theater later.
Pullen and Powell are confident their combined experiences will make for a successful project.
Pullen said she operates three McDonald's franchises in Cleveland and has been involved in real-estate development for many years. She also said she worked in city government in Pasadena, Calif., during the transformation of that downtown.
Powell operated a commercial space design company for a decade before buying James & amp; Weaver, an office furniture company, a few years ago.
Group turned down
Another group also approached CIC Tuesday about a similar project at the Wells Building but was turned down.
Parea Inc. proposed an $850,000 renovation for the first floor into restaurant space. The second and third floors would be office and banquet space. The fourth floor would be condominiums.
Parea is a partnership involving George and Arlene Denney of Youngstown; Dr. Frank Petrakos; and a cousin, Greg Petrakos.
CIC staff recommended P & amp;P's proposal because the partnership has a stronger business background and a more developed proposal and the Parea group didn't have financing lined up, Whitehead said.
rgsmith@vindy.com