Plans for YBI expansion move forward

Staff report

YOUNGSTOWN

The Youngstown Business Incubator is moving forward quickly with expansion plans that could bring new jobs and business expansion to the city.

Earlier this week, city council authorized the board of control to give YBI $230,000 that will pay for water and wastewater improvements at 234 W. Boardman St., an 8,600-square-foot facility that was the former Furnitureland warehouse.

The renovated space is expected to accommodate about 100 people.

It could fill up fast.

Revere Data, a market analysis firm, is in negotiations with YBI to move from the 5,200-square-foot Semple Building on West Federal Street to the new Boardman Street location.

Revere employs about 40; it could expand to double that total next year.

“They definitely can’t grow to their full potential in the same space,” said Barb Ewing, YBI chief operating officer.

Ewing told The Vindicator that if the negotiations with Revere come to fruition, YBI may not have to wait long until another company fills the Semple Building void.

“We’ve got at least one other company that may be able to take the space eventually,” she said.

The incubator has about 320 employees at 10 companies throughout its campus. It also has about 25 additional employees in the early, or “ideation,” stages.

On top of the $230,000 approved by the city, The Youngstown Foundation also awarded YBI $25,000.

Ewing said that money likely will go toward the Boardman Street renovation project, depending on the final grant restrictions.

“The Youngstown Foundation hopes it creates leverage to get dollars from other companies to keep this tremendous momentum of the incubator rolling,” said Jan Strasfeld, executive director of The Youngstown Foundation. “We’re happy to help more the incubator forward.”