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City gets state funds to demolish theater



Published: Thu, June 30, 2011 @ 12:03 a.m.

photo

photo

The former Paramount Theatre

By David Skolnick

skolnick@vindy.com

YOUNGSTOWN

The city is receiving $803,490 from the state to cleanup and demolish the former Paramount Theatre on West Federal Street downtown.

“It’s one of the last remaining eyesores in the central business district,” said Mayor Jay Williams. “It’s a great project.”

The Clean Ohio Revitalization Fund committee approved $27 million in funding Wednesday for this project and 16 others throughout the state. Williams is a member of the committee, but doesn’t vote on Youngstown projects.

The grants are contingent on State Controlling Board approval.

After asbestos and other hazardous materials are removed from the former theater, the building will be demolished except for its facade, Williams said. The facade will be restored to its historic appearance.

The building is on the corner of West Federal and North Hazel streets.

Once the site is cleaned up and the building taken down, the space will be a parking lot for those coming to pay water and wastewater bills at city hall, Williams said. It also will be used as an open-air market, a public gathering place and an amphitheater, he said.

The work will be finished in 2012, Williams said.

The city purchased the dilapidated building, vacant for about 30 years, in September 2010 for $80,000 from Louis Frangos of Cleveland, who owns several downtown structures.

Members of city council initially were hesitant to purchase the building, but agreed to buy it. At the time, Williams said he was confident the city would receive money from Clean Ohio to clean-up and demolish the former theater.

Frangos bought the Paramount with Grande Venues of Wheaton, Ill., as his minority partner, for $79,900 in April 2006.

Frangos said he spent about $200,000 on consultants and restoration specialists to see if anything could be done to restore the 9,510-square-foot building. But Frangos said restoration would be between $9 million and $12 million, making it cost-prohibitive.


Comments

1palbubba(664 comments)posted 3 years ago

From 2006 to 2011 the value of real estate has DECREASED by about 40% but Frangos recoups his original investment. Another brainiac decision by the people running the city to purchase a useless piece of property at tax payer expense. BRILLIANT

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2TheLadyRides(23 comments)posted 3 years ago

I have to agree. Add the price of purchase to the value of the grant to tear it down (and where did our "broke" state get this kind of money for cleanup? Isn't that an owner's responsibility?), and you come up with more than $883,000! For an empty lot! Multiply that figure by 15, and that's the value of the groceries that the foodbank could have gotten for a truly important cause. Somebody's head was in the sand on this one.

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3city_resident(508 comments)posted 3 years ago

The $200k (if it was really spent) was to determine the cost of restoration.

At least they are saving the facade, so the Federal St. streetscape won't be further degraded. And, I'll be interested to see whether it becomes a successful outdoor venue.

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