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The ongoing $13 million transformation of a downtown Youngstown landmark from bank building to multi-use facility received state backing in the form of a $1 million grant.
Lake to River Economic Development announced Wednesday it had secured funding through the JobsOhio Vibrant Communities Grant program. The program provides funds to revitalize downtowns and main streets through targeted investments in distressed, small- and medium-sized cities across the state.
Originally home and namesake of Mahoning National Bank, the former Huntington Bank building was purchased in December 2022 for $2.3 million by 22 Market Street Ohio LLC of Monroe, New York.
"The restored Huntington Building will preserve the legacy of a historic structure that has shaped Youngstown's skyline for well over a century while also seizing the opportunity to create a stronger economic future," Ohio Gov. Mike DeWine said in a news release. "The newly revitalized property will be both a destination for business activity and a home for new residents who will contribute to a more vibrant Youngstown."
The 85,000-square-foot, 114-year-old building is located on the city's Central Square at 22 Market St., between Boardman and Federal streets.
The New York-based investor is converting the 13-story building into a mixed-use development featuring commercial office space, retail and residential units.
The first four floors will feature commercial office space, anchored by a yet-to-be-named tenant, while floors five through 13 will be transformed into a mix of 71 studio, one- and two-bedroom rental apartments. The ground level will retain existing retail, including Huntington Bank.
Project architect Annissa K. Neider said earlier this year that work should be completed in the first or second quarter of 2026.
"The renovation happening at 22 Market St. (Huntington Building) is the type of project that can be transformational for our downtown area," said Stephanie Gilchrist, the city's director of economic development.
"Not only is this a significant capital investment into Youngstown, but the resulting mixed-use building in the heart of our downtown will provide an opportunity for its residents and businesses to define the live, work and play mantra for Youngstown."
The building is one of the main structures in downtown Youngstown listed on the National Register of Historic Places. It was a bank building for decades, most recently Huntington Bank.
Mahoning National Bank was purchased by Sky Financial Group in 1999 with Huntington buying Sky in 2008. Huntington continued to operate out of the Mahoning building until it downsized and relocated in October 2021 to a smaller space at the downtown Stambaugh Building. Huntington moved back in October 2024 with a smaller presence.
In June 2024, the building's owner received a $2 million state historic preservation tax credit and a $1 million federal historic preservation tax credit. In January, the state awarded it $1,390,181 in additional tax credits that target mixed-use development projects.
"At Lake to River, we exist to create economic wins for our communities, and this project is a prime example of what can be achieved when regional and state partnerships come together," said Alexa Sweeney Blackann, interim CEO of Lake to River. "By securing this funding, we are not just preserving a building -- we are catalyzing new opportunities for downtown Youngstown to grow and thrive."