YOUNGSTOWN, Ohio -- The Gatta Group expects to begin work next spring, perhaps sooner, on the rehabilitation of the Gallagher Building with a goal of completing the work by the end of 2015, its president said Thursday.
The $5.9 million project got a boost Thursday with the award of a state historic preservation tax credit of $1.325 million. The downtown project is among 35 historic buildings statewide the Ohio Development Services Agency awarded $41.8 million in tax credits. Together, the projects are expected to leverage $600 million in private investment in 12 communities.
“These projects transform vacant and underutilized properties into viable places for business and living,” said David Goodman, director of the Ohio Development Services Agency, in the press release announcing the tax credit awards. “This program has been a valuable tool for community revitalization.”
The Gallagher Building was built in 1904, according to Mahoning County online property records.
Gatta Group, which rehabilitated the Federal Building downtown and is converting a property on Broadway Avenue, projects using the tax credit program to finance conversion of the upper floors of the Gallagher Building to 18 apartments and open a restaurant and brew pub on the first floor.
“It’s just so exciting. It’s been a long time coming,” said Dominic Gatta III, owner and president of the Gatta Group. “This has been close to two years in the making.”
The Cedars Lounge operated in the building before the Gatta Group bought the property in 2012. Since then, the company has secured the property’s listing on the National Register of Historic Places.
“We’re anticipating to be done at the end of 2015,” Gatta said. “That would be the goal.”
With the historic preservation tax credit secured, the State Historic Preservation Office reviews the plans to ensure plans comply with standards. Having gone through the process before is “a tremendous help,” Gatta said.
“I’m very familiar with the process and how things have to be done so they’re acceptable to the standards,” he added.
“All that is old is new again,” remarked Mary Cucisk, director of TourismOhio, in a statement issued by her office. “Historic preservation goes hand in hand with the growing trend of heritage tourism. Visitors want authentic experiences and Ohio is delivering by transforming historic structures into vibrant tourism destinations for dining, shopping and nightlife.”
The Federal Building is fully occupied and the restaurant on the ground floor, V2 Wine Bar and Trattoria, “seems to be doing well,” Gatta said. “I’m really happy with the results.”
He hopes to be finished soon with the Wick Park project, 264 Broadway Ave. His company is converting that property into five residential units. A year ago, the Ohio Development Services Agency awarded a $93,200 historic preservation tax credit for the project, estimated to cost $477,000.
Copyright 2014 The Business Journal, Youngstown, Ohio.
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