Architects optimistic but not certain about $4M downtown Youngstown project
Strollo Architects is ready to start a $4-million-plus rehabilitation project of the long-vacant Wells Building to turn it into the company’s new headquarters with 12 apartments on its upper three floors.
But the work won’t happen unless the company gets a “reasonable” appraisal on the downtown property at 201 W. Federal St., obtains financing for the project [which largely rests with the appraisal], and is able to meet and afford the requirements of state and federal agencies, which will provide $1.8 million in tax credits once the project is completed, said Gregg Strollo, the company’s president and principal.
“We’re looking at what we can afford and finance,” he said. “If the appraisal doesn’t work for the project, we may appeal to the state to make changes” to reduce the cost.
The architectural firm should have answers to all of those concerns in the next 30 days, Strollo said.
He called the state and federal restrictions “tough, but doable.”
Without the state and federal funds, the project won’t happen, Strollo said. Work on the project must begin by August or the tax credits can’t be used, he said.
Read the full story Monday in The Vindicator and on Vindy.com.