Realty Tower nearly ready

Sept. 1 targeted for deluxe apartments

By DAVID SKOLNICK

CITY HALL REPORTER

YOUNGSTOWN — A few finishing touches still need to be made, but an $8.4 million project to transform what was a largely vacant 12-story building into a high-end downtown apartment complex is almost done.

Work on Realty Tower Apartments at 47 Central Federal St. should be completed by Sept. 1, said Bill Sperlazza, development project manager for the Frangos Group, which owns the building.

“We are so close to being done; we’re 98 percent complete and on budget,” Sperlazza said.

The work was supposed to be finished by now. But construction progressed a bit slower than scheduled, and because the building will receive $3.41 million in state and federal historic- preservation grants, some work cannot be done without first getting approval from state and federal government officials.

For example, the building’s brass elevator doors have water damage, and a process to clean it failed, Sperlazza said. The company wants to try another option but has waited about five weeks for an answer from federal historic-preservation officials, he said.

Some minor work in the community room is needed, and the arrival of some furniture and fitness equipment is expected by Thursday, Sperlazza said.

Thursday is a huge day for Realty, he said.

The Youngstown/Warren Regional Chamber is having an after-hours business mixer behind Realty from 5:30 to 7:30 p.m. Thursday. The event will include guided tours of the building.

Tickets are $20 for chamber members and $25 for others.

“The mixer will be a showcase for the project,” Sperlazza said. “We want to give people a first-hand look at the apartments.”

Frangos’ company purchased the building and three parking facilities for $540,000 on April 3, 2001.

The building has 23 apartments ranging from 1,215 to 2,057 square feet. Rent will range from $1,400 to $2,300 a month.

Two are rented.

“We get inquiries every day about the building,” Sperlazza said.

While the focus is on Realty, the company wants to start renovating two other vacant properties in downtown Youngstown into housing complexes, Sperlazza said.

Those buildings are the Wick Building at 34 W. Federal St. and the Erie Terminal at112 W. Commerce St.

Frangos owes $5,322.64 in back taxes for the Erie Terminal. Frangos has said when Mahoning County reassessed property, it raised his taxes higher than he believed they are worth on Erie and a few other downtown Youngstown buildings he owns.

skolnick@vindy.com