Eastern Gateway s partner buys school's downtown location for $3M
YOUNGSTOWN — Higher Education Partners, Eastern Gateway Community College’s partner, paid $3 million to buy the Plaza Place building that houses the college in the city’s downtown.
The sale of the 40,000-square-foot building and parking deck from USA Plaza Parking, a subsidiary of the Frangos Group, to HEP was finalized today, said Damon Frangos, the parent company’s vice president and general counsel.
HEP wanted to own the structure rather than lease. HEP approached the Frangos Group a couple of months ago and quickly worked out a deal, Frangos said.
The college opened at the plaza — what it calls the Valley Center — in August 2012.
“We decided that we wanted to be good partners to the school and HEP, and help ensure that the school stayed in downtown Youngstown at its current location for the foreseeable future,” Frangos said.
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