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Compco invests $30M in project
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From left to right, Compco Land Chairman of the Board, Clarence Smith of Boardman, Compco's Chief Operating Officer, Becky Andino and Owner of Hively Construction, Lee Hively, break ground on Friday for their project in Boardman.
By Denise Dick
Construction will be done in three phases and is expected to take five to 10 years.
BOARDMAN — Stocks are falling and prices are rising, but a Columbiana company is investing about $30 million for a mixed-use development at Tod Avenue and McClurg Road.
“We feel this is definitely the right time,” said Becky Andino, chief operating officer of Compco Land Co., referring to low interest rates.
Company officials conducted a ceremonial groundbreaking Friday for Diamond Legacy, a planned development of commercial and professional buildings and residential villas. Compco Land Co. is a subsidiary of Compco Industries, which is owned by Clarence Smith.
“We believe the economy can only go up from here,” said Richard O’Brien of Mayo & Associates Realtors.
Construction will be in phases.
The first phase calls for two commercial buildings, one on each side of Tod at McClurg. The first building, the only for which a zoning permit has been issued, is valued at about $850,000.
The complete project involves two commercial buildings, 14 office buildings and 40 to 50 single-family villas.
“We are prepared to move along as fast or as slow as the economy takes us,” Andino said of the project’s time frame.
If the economy improves and all goes well, she anticipates completion in five to 10 years.
Both Andino and O’Brien believe it’s the right location, pointing to St. Elizabeth Health Center Boardman Campus and the Davis Family YMCA, both across McClurg from the roughly 15-acre development.
“We believe in this part of Boardman,” Andino said.
Peter Ross, the township’s assistant zoning inspector, said the $30 million price tag makes Diamond Legacy the township’s largest new project.
“This shows that Boardman continues to be a good place to do business,” said Larry Moliterno, township trustee.
The two commercial buildings in the first phase will include commercial space on the first floor and professional office space on the second. O’Brien said that the Pita Pit, a healthy-style sandwich shop, has committed to opening in the first building, and a second eatery that O’Brien declined to identify has also expressed an interest.
Andino believes the location will be appealing to businesses seeking medical office space because of the proximity to the hospital.
Stephen Berry, president of Architectural Design Inc. of Boardman, the project architect, said that each of the office buildings will house between four and six tenants.
The office buildings will run along Tod and then head north to Southern Boulevard. The villas will be between Tod and Stadler Avenue.
O’Brien said there will be access to the residential area from Washington Boulevard, Southern and McClurg.
denise_dick@vindy.com