Downtown Youngstown housing takes another step forward

Downtown Youngstown housing takes another step forward

YOUNGSTOWN —¬†Two vacant buildings will receive close to $7 million in state and federal grants that will go a long way toward converting them into downtown housing.

The Wick Building at 34 W. Federal St. and Erie Terminal at 112 W. Commerce St., both owned by Lou Frangos of Cleveland, are the local recipients of the funding.

Frangos, primarily through his company, USA Parking Systems, owns 10 buildings in downtown as well as a number of parking lots.

“The city and [Frangos] are doing what we can to change the dynamics of the city’s central business district,” said David Bozanich, the city’s finance director. “Downtown housing is a key to help that change.”

Frangos said he doesn’t have a timetable for the two projects.

He said he’s first focusing on transforming the upper 11 floors of the 12-story Realty Towers at 47 Central Federal St. into about 25 condos or apartments, primarily for young professionals who want to live downtown.

Frangos received state and federal funding in December 2007 for the $8,337,662 project at Realty.

The Realty project should start shortly and will take 10 to 12 months to complete, he said.

For the complete story, see Saturday’s Vindicator and Vindy.com.