Sale of building nears closing

Work on the building should begin next month.

YOUNGSTOWN — The sale of a long-vacant downtown building to three architects is expected to be finalized in a few days.

The Youngstown Central Area Community Improvement Corp., a downtown property redevelopment agency, is selling the John R. Davis Building on West Federal Street, for $16,000 to the Sweet Jenny Land Co.

Sweet Jenny — whose principals are Paul Hagman, Ronald C. Faniro and Frank Rulli — and the CIC recently signed the purchase agreement.

The deal needs final approval from Sky Bank, which is loaning money to Sweet Jenny, for the purchase and renovations of the 108-year-old building.

That approval is expected shortly, Edwin Romero, CIC legal counsel, and Paul Hagman, Sweet Jenny’s president, said Tuesday.

Sweet Jenny plans to spend about $300,000 to renovate the building on West Federal Street, just east of the Downtown Draught House.

The improvement project should start next month and be done around early February 2008, Hagman said.

The building’s second floor would house Ronald C. Faniro Architects Inc., owned by Faniro with Hagman and Rulli working for the company. Hagman plans to live on the third floor. The company is looking to lease the first floor for retail space.

The building has been vacant for more than two decades.