Welcome to the Business Journal Archives
Search for articles below, or continue to the all new BusinessJournalDaily.com now.
Search
Strollo Preparing to Move Forward on Wells Building
YOUNGSTOWN, Ohio – Work is expected to begin next month on the proposed $4 million renovation of the Wells Building downtown for new office space and apartments.
Strollo Architects Inc., which is part of the partnership that will develop and lease the building, will occupy the ground level of the property, located at 201 W. Federal St., while the upper levels will be rehabilitated for apartments, said Kirk Kreuzwieser, Strollo principal and vice president.
To support the project, members of City Council will consider a development agreement with Wells Associated Renaissance Partners LLC and Wells Associated Renaissance Management LLC. The incentive package includes a 12-month, $2 million float loan at ¼%, a $520,000 water/wastewater grant, potential funds to be awarded through the Youngstown Initiative Program and any eligible tax incentives available through the Community Reinvestment Area Program.
The 20-person architectural firm, which specializes in health-care and education projects, moved into what was then the Phar-Mor Centre, now the city-owned 20 Federal Place, in the mid-1990s, noted Gregg Strollo, president and principal of Strollo Architects. The move had been intended as a “stopgap measure” until it built its own building, he said. The firm has been headquartered in or near downtown for nearly its entire history, he said.
“It’s time for us to start paying ourselves rent instead of our landlord,” he remarked. As part of the downtown in good times and bad, “We’ve kind of stuck it out. We’re not going to pick up and leave now when Youngstown seems to be turning itself around. We want to participate in that,” Strollo said.
The firm is in the process of acting on its option to acquire the building, built in 1917, from the Youngstown Central Area Community Improvement Corp., which owns the building and working on the project's financing, Strollo said.
The project needs to be under construction in August to maintain previously secured state and federal historic preservation tax credits. “We’re hoping about nine months to finish the interior and exterior,” Kreuzwieser said.
Strollo Architects recently redid finishes, including carpeting and painting, in its 20 Federal Place space, and Kreuzwieser said the firm will replicate that look in the new offices. “It’s a contemporary look that we find appropriate for an architectural firm,” he said. The upper three levels will be renovated into 12 apartments targeted to young professionals, including six efficiencies.
“If I was single and I worked downtown, I would want to be in this building,” Strollo said.
Strollo Architects first began looking at the project when the Regional Chamber proposed a global trade center was proposed for the vacant site between the Wells Building and the State Theater building. When that project didn’t move forward, Kreuzwieser said, the space was re-envisioned based on the demand for downtown apartment space. He expects the adjacent vacant space to be prepared for parking. Long term, he expects it to be developed as leasable, commercial property.
“We would envision the tech block as driving the tenancies” at Wells, Strollo said. In addition to young professionals, there could be demand from companies or entities in leasing space by companies doing business with downtown firms, rather than shuttling individuals from suburban hotels, he said.
Copyright 2013 The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our twice-monthly print edition and to our free daily email headlines.