YOUNGSTOWN, Ohio (WKBN) — The Ohio Development Services Agency awarded tax credits to two groups Tuesday, one to the NYO Property Group to restore Youngstown’s Stambaugh Building and one to a group of investors to restore the Ogilvie Block in East Liverpool.
The agency awarded a $5 million tax credit to the NYO Property Group, owned by Dominic Marchionda. The building is located at 44 E. Federal Plaza and was built in 1907.
The NYO Group plans to turn the Stambaugh Building into a full-service hotel with 120 rooms. The estimated project cost is $25.4 million.
The investors are planning for the New Castle School of Trades to move into the Ogilvie Block at 127-129 East Fifth St. after finishing the repairs. The estimated project cost is $6.5 million and it received a $1.1 million tax credit.
The building once housed Ogilvie Department and 5 and 10 stores, which was once the largest retailer in downtown East Liverpool. The store closed in the late 1980s and other tenants once occupied it, but it has been vacant for more than a decade.
The New Castle School of Trades plans to bring its vocational training programs to the building, including commercial/industrial maintenance, welding and commercial drivers’ license programs.
This is the first project in East Liverpool and Columbiana County to access the Ohio Historic Preservation Tax Credit Program. It is estimated the project will create more than 20 permanent and 12 part-time jobs.
Ohio Historic Preservation Tax Credit Program Manager Nathaniel Kaelin defended the use of the money, saying it would create further economic benefit for the cities.
The tax credits were part of over $30 million in total tax credits awarded by the Ohio Development Services Agency for the restoration of various properties around the state.
Two other projects in the Northeast Ohio Region also received $5 million in tax credits.
The Firestone Triangle Building, which once housed a Firestone Tire and Rubber Co. factory, will be transformed into office space with the Summit County Department of Job and Family Services as its anchor tenant. The estimated project cost is $25.5 million.
The Garfield Building, 1965 E. Sixth St. in Cleveland, which once housed National City Bank corporate offices. It has been vacant since 2008 and will be redeveloped into 167 apartment units and three restaurant spaces at an estimated project cost of $31.2 million.