Downtown needs residents more than passers-through

Downtown needs residents more than passers-through

EDITOR:

In recent Vindicator columns, Bertram de Souza highlights the fact that the Chevrolet Centre — and sports arenas in general — are not profitable endeavors. Their intended purpose, generally speaking, is to provide an economic spark for the surrounding community or district in which they reside. He is correct. Entertainment venues, night clubs, new restaurants and the like do provide sparks, however, these economic assets ultimately serve only to assist in the process of revitalization. Truly sustainable development will not take place in downtown Youngstown until there are residents living in the immediate downtown area.

Enter Lou Frangos. Mr. Frangos, of Cleveland, has slowly pieced together ownership of nearly 40 percent of downtown real estate. The Frangos Group real estate portfolio includes the First National, Harshman, Stambaugh, Realty, Wick, Metropolitan, and Erie Terminal buildings, to name an important few. He is also the owner of USA Parking, which supplies the downtown with most of its parking.

Last year, the city gave Frangos a no-interest loan for up to $4 million to convert the Wick and Realty buildings into condominiums and apartments for young professionals and students. Despite previous completion promises of as long as 18 months ago, officials have stated they are not necessarily concerned with the speed of residential development of his buildings. The two project’s initial budget was $18 million, but because of a “soft housing market”, Frangos has scaled the project back by about $3 million.  

The number of units available between the Realty and the Wick would not total more than 70. Advertisements for rental interest were posted on the Realty Building at the beginning of this year but no official feedback was provided to the public. By back-of-the-envelope estimation from someone who deals with a number of young professionals, older professionals, YSU students, empty nesters, technology transplants and the like, it would appear that a fairly decent market exists, at least one large enough to justify an open line of communication by the Frangos Group regarding project status with these interested parties.

In an Aug. 26 Vindicator article, Frangos states that the Realty Building will be completed in 10 months. Using the date of the article, this sets project completion roughly by July. There hasn’t been a man seen working on the Realty Tower for the better part of this year.

It is quite understandable that Mr. Frangos has “a lot on his plate” (as stated in the August article) and it should be noted that the intention of this letter is not to question Lou’s intent or his desire to largely assist in downtown development. However, the bottom line is that the city needs students and professionals living downtown and we want to believe that when we are told a project like the Realty Tower is to be completed months or even years ago that it will be or, at the very least, an adequate explanation as to why it isn’t be provided to the potential market.

PHIL KIDD

Youngstown

X The writer is founder of Defend Youngstown.com.

Township has to tighten belt

EDITOR:

Boardman Township claims it hasn’t asked for a levy increase since 1995.

Boardman doesn’t need a levy It keeps on revaluating homes to increase their revenues.

My property taxes have risen 100 percent in the past 10 years without a levy. They keep on revaluating property to raise taxes without a levy.

I, too, have to pay higher prices to exist. I am on a fixed income and have to budget accordingly.

Boardman Township must do the same and stop using scare tactic when asking for increases.

JOHN PANGIOS

Boardman