YOUNGSTOWN — Officials with Youngstown and its consulting firm have met about a half dozen times with the proposed redeveloper of the 20 Federal Place downtown building though it hasn’t been decided yet if city council will hear a formal presentation as planned Nov. 20.

“It’s tracking well,” said Doug Rasmussen, CEO and managing principal of Steadfast City Economic & Community Partners, the city’s consulting firm, based in St. Louis, on the 20 Federal Place project. “We’re going through their financial model and their proposal for the building.”

Rasmussen is referring to Bluelofts Inc., a Dallas company, that was the lone respondent to the city’s request for redevelopment proposals of the nine-story building by the Sept. 16 deadline.

Before seeking proposals, the time line for the redevelopment of the city-owned building at 20 W. Federal St. was for city council to choose the company to do the project at its Nov. 20 meeting. That was still the plan after Bluelofts became the only interested party.

But that schedule remains uncertain, Rasmussen said Thursday. He said he should have a better idea next week.

“The goal is to move the project forward with the time line, but we want to do our due diligence,” Rasmussen said. “It’s a balance between the two and then make the presentation to city council to get their feedback. Part of our due diligence is the financial model and the capital stack.”

Bluelofts, founded in 2018, has purchased properties in Cleveland, Dallas, Fort Worth and Atlanta with plans to convert them to residential space.

The only project the company completed is the former Ohio Bell headquarters, now called The Bell, in Cleveland which was redeveloped into 367 market-rate apartments with some retail and commercial space available. That happened with the assistance of another developer after its initial partner, Wolfe RE Management LLC, faced foreclosure on its stake in the 16-story property. Wolfe, a frequent Bluelofts partner, lost two other projects to foreclosure, according to The Real Deal, a real estate publication.

The Bluelofts proposal for 20 Federal Place is to convert the building into about 125 housing units — some market-rate apartments and others to lease to the area’s workforce — with commercial space.

“It’s largely a housing project,” Rasmussen said.

Because the city hasn’t accepted the Bluelofts proposal it is not considered a public record so the details haven’t been released.

A contractor finished a $7.4 million asbestos abatement and partial demolition project last month at the downtown building. The city received a $6.9 million state grant, announced June 2022, to pay for most of that work.

Desmone Architects, a Pittsburgh firm that was chosen more than three years ago to redevelop the building, obtained a $10 million state historic preservation tax credit, announced in December, for 20 Federal Place. That credit also comes with a $14 million federal historic preservation tax credit.

Rasmussen said Thursday that the state tax credit requires the city to take the next step forward in redeveloping 20 Federal Place by the start of next year.

“We’ve spoken with the state, and not that we won’t hit the deadline, but we have the ability to extend it,” he said.

One issue was the city was delayed by the May 28 gas explosion at the Realty Tower, a former 13-story building near 20 Federal Place, and its subsequent demolition, Rasmussen said.

“The state recognizes the importance of this project to downtown,” he said of 20 Federal Place.

A Desmone umbrella organization, 20 Federal Place LLC, has a 40-year lease on the building and controls the tax credits. The lease can be rescinded and it remains uncertain what role Desmone will play in any potential redevelopment of 20 Federal Place.

Desmone’s application to the state for the tax credits — made without the knowledge of city officials — lists an $82.1 million project but didn’t provide details.

In its June 16, 2021, accepted proposal to the city, Desmone proposed four floors of residential housing with a rooftop restaurant, a floor of leasable office space, a floor of coworking space, a ground floor food hall and activity space, and a parking lot in the basement.

That project, with a cost of $49.1 million, has been discarded.

The city purchased 20 Federal Place in November 2004 after Phar-Mor, a national retail store company, went out of business. The property was the Phar-Mor Centre, the company’s corporate headquarters. Before that, the 332,000-square-foot building was the flagship location of Strouss’ department store for many decades.

There were 19 tenants, taking up about 20% of the building before eviction notices were sent in July 2022. Some tenants were given an extension.