YOUNGSTOWN — The $21.66 million planned renovation project to Central Tower — Youngstown’s tallest building — received a $4.25 million state historic preservation tax credit to convert it into a mixed-use project with 64 apartments and office space.

Federal tax credits also typically are given to buildings that receive state tax credits.

It’s the second time Central Tower, also called the First National Bank building with a branch on the ground floor, received state historic preservation tax credits.

It received $2 million on Dec. 11, 2024.

Presumably, the $2 million tax credit won’t be used and is being replaced by the $4.25 million tax credit.

Owners of buildings that receive state historic preservation tax credits have two years from the time the credits are awarded to start the project or risk losing them.

The 97-year-old art deco building is the tallest in Youngstown at 17 floors and 224 feet. It is located at 1 W. Federal St.

The building was sold Sept. 15, 2023, for $1,375,000 to FNB Youngstown, a company based in Tanafly, New Jersey, from Big Blue Properties LLC Series XXI, a South African company that bought it Nov. 21, 2019, for $1.14 million.

The renovation of the building has been discussed since shortly after the 2023 sale.

The plan is to build 64 apartments on the upper 14 floors and office space on the lower levels.

Central Tower is among 37 buildings awarded more than $86 million in tax credits by the state Thursday.

The projects are expected to leverage about $753 million in private investments.

The state program provides financial incentives for the private redevelopment of historic buildings that are vacant and / or generate little economic activity. The credits are given once project construction is done and all program requirements are verified.

Gov. Mike DeWine said: “These buildings honor the legacy of our communities and reflect the character that makes our state unique. This program supports Ohio’s future by creating jobs, attracting new businesses and revitalizing the areas that need it most.”