High hopes abound for Realty Tower apartment project

By KATIE SEMINARA

The developer proposes that future tenants of the downtown project ‘love old, live new.’

YOUNGSTOWN — Even though the ribbon cutting for Realty Tower renovations didn’t occur outside the building as planned, developer Lou Frangos still made it clear that the $8 million project is officially under way.

Because of rainy weather, the event was indoors at nearby 20 Federal Place.

But with hard hats and gold scissors, Frangos along with Mayor Jay Williams, city officials, and project team members cut the ribbon Wednesday, marking the birth of the Realty Tower Apartments.

“Youngstown has a lot to be proud of,” said Frangos, who used the ceremony to discuss why he chose Youngstown for this project rather than other, more popular markets.

Frangos described Youngstown as a diamond in the rough and said if people realize what is here, then many people’s hopes for the area could turn into realities.

“Each of us is standing on acres of diamonds,” he said.

No specific date is set for the start of renovations. But Bill Sperlazza, development project manager, said people can expect to see things happening within the next three weeks.

Sperlazza had been the director of housing and residence life at Youngstown State University for eight years, and was hired by Frangos two weeks ago.

“I believe in the long run we are all in this together,” Sperlazza said.

He said Realty Tower Apartments is just the first of several projects being discussed. The Wick Building at 35 W. Federal St. and the Erie Terminal at 112 W. Commerce St. are the other locations to possibly be remodeled into housing units. Sperlazza would like to see the Erie Terminal become housing for YSU students, as a way to connect the university to the downtown business district.

Frangos, who also owns Erie and Wick, said no financing is in place for renovating these two properties.

The ribbon-cutting ceremony had a turnout of about 100 people, including the wife of state Rep. Robert F. Hagan of Youngstown, Michele. “I socialize in downtown and have noticed the changes the past few years,” she said.

She commended Frangos for his commitment to the community and said that when more people are downtown, there will be growth in arts and entertainment.

Williams said he believes this project will not only be a “tremendous boost to downtown,” but for all of the Mahoning Valley.

“I think there will be a waiting list,” he said.

The slogan on the poster of the old Realty Trust Building reads, “love old,” and the poster of the new Realty Tower Apartments reads, “live new.” Frangos is convinced that people will take to the idea of a new residential hot spot.

Frangos said the apartments should be done within the next 12 months. “Everyone has incentive to get this done as soon as possible,” he said.