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$2.5M revamp to aid downtown revival
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The Federal Building in downtown Youngstown
By DAVID SKOLNICK
YOUNGSTOWN
The owners of a downtown building, purchased eight months ago, plan to spend about $2.5 million for a major renovation project.
The owners of the 108-year-old Federal Building, on the northwest corner of West Federal and North Phelps streets, are seeking city council’s approval today to not pay water, wastewater and building permit fees, which total a few thousand dollars.
If council agrees to waive the fees, the city also will consider “additional incentives as the project moves forward,” such as a tax abatement, said city Finance Director David Bozanich.
The owners plan to use the first floor for commercial and retail space and convert the upper three floors into about 40 apartment units, primarily for Youngstown State University students, Bozanich said.
The work is expected to start next month and be done by late fall, he said.
Three men from Niles — Ron Emery, a management consultant; and Dominic L. Gatta Jr. and Dominic L. Gatta III, who operate DSV Buildings Inc., a general-contracting business — bought the building in October 2009 for $150,000.
They couldn’t be reached Tuesday by The Vindicator to comment on the renovation project.
This is the first commercial building they purchased together.
The building is named after the former Federal Savings and Loan Bank, which used to be located there.
The owners will seek federal and state historical-tax credits to help offset a portion of the project’s cost, Bozanich said.
City officials are pleased about the planned improvement to the Federal Building, he said.
“We are excited about the continued renaissance in downtown Youngstown,” Bozanich said. “It’s great when a local company makes this kind of investment in downtown Youngstown. It’s a great place for redevelopment. It’s a gateway between Youngstown State University and downtown.”
Currently, the ground floor includes about five businesses including Baskets by Denny and Geo’s music store.
The second floor is vacant. There are two businesses on the third floor and one on the upper floor.