YOUNGSTOWN, Ohio (WKBN) – Developers turning the Stambaugh Building into a 133-room Doubletree Hotel have secured money from the city of Youngstown to help with the cost of the project.
During a special meeting Tuesday afternoon, the Board of Control approved the execution and signing of four agreements related to the nearly 30 million dollar renovation.
The paperwork revolves around a term and bridge loan that will lend about $2.75 million to the project.
The city expects to get most of that money back within three years.
It’s been nearly four decades since there’s been a hotel within city limits. Mayor John McNally said he’s excited the project is moving forward.
“It bodes well for the continued momentum here in downtown Youngstown,” he said. “We’re very happy that city council authorized us to execute these loans.”
The project is expected to be finished by this time next year.