For renters, Realty Tower advances toward reality

By David Skolnick

Two of the 23 downtown apartments already have been rented.

YOUNGSTOWN — Work on an $8.4 million upscale downtown apartment complex should be done by mid- to late June, with the first tenants moving in around August.

The major renovation project to turn the once-dilapidated office building at 47 Central Federal St. into the Realty Tower Apartments is about 65 percent done, said Bill Sperlazza, development project manager for Management Parking LLC, which owns the property.

Management Parking is among the companies run by Lou Frangos of Cleveland, who owns numerous downtown buildings and parking facilities.

When completed, the 13-story Realty Tower will have 23 apartments, ranging from 1,215 to 2,057 square feet, as well as balconies, a fitness center and a community room with parking for tenants behind the building.

Two of the apartments are already rented. Monthly rent will range from $1,400 to $2,300.

The city’s design review committee on Tuesday approved the 89-year-old building’s plan for exterior balconies and an enclosed stairwell on its southwest side.

But the committee wants to see designs of the balconies’ railings, which haven’t been installed, before it will give its approval. The designs will be given to the committee shortly, Sperlazza said.

The committee oversees exterior work to buildings downtown and in surrounding areas.

Also, city council today will consider legislation permitting the board of control — the mayor, law director and finance director — to extend the repayment date of a $2 million loan from March 31 to Sept. 30 given to Management Parking for the Realty Tower project.

Under this city loan program, a business is required to have an irrevocable line of credit from a lending institution to ensure the city gets repaid even if the company is unable to pay back the money.

Management Parking has the line of credit through Key Bank.

The city first lent the money to the company in September 2006. The term of the loan was 18 months. Under the program, the city can require repayment at any time.

At the company’s request, the city extended the loan term in March 2008 by 12 months.

The longest term for a loan under the city program is three years. That means if this extension is granted, Management Parking or its lending institution must pay the $2 million loan plus $5,000 — 0.25 percent in interest on these loans — no later than Sept. 30, and can’t seek another extension.

The company received $3.41 million in state and federal grants in December 2007 toward the renovation.

Management Parking purchased the building and three parking facilities on April 3, 2001, for $540,000.

skolnick@vindy.com