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Council seeks grant for YSU student housing
The project’s cost is $24 million.
YOUNGSTOWN — City council agreed to apply for a state grant for up to $750,000 for a proposed student housing project near Youngstown State University.
During a brief meeting Friday, council gave the go-ahead to apply for the funding to help with the remediation and demolition of 751 Elm St. on behalf of Dominic Marchionda, a local developer.
Marchionda is planning a $24 million project just north of the YSU campus, in an area that used to house a Coney Island restaurant and a warehouse.
The project on six acres would have four student housing buildings, each with 40 or so one-, two- and four-bedroom units; more than 450 beds overall, Marchionda said.
The project is contingent on the city’s obtaining the money needed to clean up the site and demolish the buildings there, he said.
It isn’t known how long it will take for the state to decide if it will provide funding for this project.
Marchionda said he also may request a tax abatement and a low-interest loan from the city to build the housing.
The first phase of construction would begin in May 2009 with space available for rent by August 2010, he said.
Marchionda said owns some of the land needed for the student housing, has a purchase agreement for another portion with another piece owned by YSU. He said he’s spoken to YSU officials about a land swap.
In addition to the housing, Marchionda said he plans to have retail space at the site, and has received inquiries from various eating establishments about locating there.
Marchionda, primarily a residential home developer, said he initially was interested in building student housing near Kent State University and the University of Akron.
But after a market study showed the need for student housing for those attending YSU, he said he focused his attention locally.
If the Elm Street property doesn’t work out, Marchionda said, he has other potential sites near the university he’d considered for student housing.
skolnick@vindy.com