 Frangos Eyes Student Housing for Wick; City Seeks Cleanup Funds for Erie Terminal |
Realty Tower nearly ready |
4.2 | 2010
 YOUNGSTOWN, Ohio -- Lou Frangos is rethinking his plans for the Wick Building to offer more student housing rather than upscale apartments for professionals, the Cleveland developer said Thursday.
Five apartments have been leased in the Realty Towers building, which Frangos’ company, The Frangos Group, has developed into upscale apartments. The Frangos Group owns several parking lots and buildings downtown, including Realty Towers and the Wick and Erie Terminal buildings.
The Frangos Group acquired the Erie Terminal Building in 2007 from the city of Youngstown, with plans to develop the building to accommodate demand for near-campus housing for students at Youngstown State University. On Thursday, the city’s Board of Control approved a $6,500 contract with Partners Environmental Consulting Inc., Cleveland, to prepare an application for Clean Ohio funding to help pay for remediation of the structure.
Cleanup could cost $100,000 or more, based on the square footage of the building, said David Bozanich, city finance director. Youngstown is seeking the Clean Ohio funds on behalf of the Frangos Group. Bozanich expects the city to submit its application for the funds by the third quarter of this year, with a possible decision on an award by first quarter 2011.
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9.24 | 2009
 The building’s owner repaid a $2 million loan to Youngstown last week.
YOUNGSTOWN — After several delays postponed its opening, the Realty Tower Apartments is expected to receive a full occupancy permit from the city as soon as Friday, its owner said.
“I would say it is 99.99999 percent complete,” said Lou Frangos, owner of the high-end downtown apartment building.
The city gave a temporary occupancy permit for Michael Morley, one of the complex’s two tenants, to move furniture into his apartment.
There are leases signed with Morley and another tenant, whom Frangos and staff won’t identify. The building at 47 Central Federal St. has 23 apartments ranging from 1,215 to 2,057 square feet. Rent ranges from $1,400 to $2,300 a month, plus utilities.
“We’ve received many, many calls” from those interested in renting at Realty, said Bill Sperlazza, Frangos’ development project manager.
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| Realty rises to reality |
Movin' way up |
8.20 | 2009
If this project succeeds, it would lead to other upscale housing downtown, the mayor says.
By DAVID SKOLNICK
CITY HALL REPORTER
YOUNGSTOWN — The Realty Tower Apartments has “the potential to be a transformational project for downtown,” Youngstown Mayor Jay Williams says.
The mayor mentioned the 23-unit upscale apartment complex project, expected to be finished by Sept. 1, in the same breath as the Covelli Centre and the reopening of Federal Plaza.
“This is in that league” when talking about important projects that have led to the revitalization of downtown Youngstown, Williams said.
Unlike the Covelli Centre, opened in late 2005, and the reopening of Federal Plaza in late 2004, most of the $8.4 million expense for Realty is coming from a private investor.
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5.13 | 2008
Downtown to get upscale housing
The mayor said he's considering moving into the downtown apartment building.
YOUNGSTOWN — The phrases "penthouse apartments" and "downtown Youngstown" aren't often found together, but developer Lou Frangos is about to change that.
He is starting massive renovations that will turn the vacant, dilapidated Realty Towers into an upscale apartment complex. On the 13th floor, the two largest and most deluxe units — the penthouse apartments — will have a bird's eye view of the downtown square.
"It's just fabulous," said Bill Sperlazza, development project manager for Frangos, as he looked from the top floor windows at the traffic and pedestrians below. "Without overexaggerating, it's almost breath-taking."
Frangos, a Cleveland developer who owns several downtown properties, is staging a ceremony Wednesday to kick off the $8.3 million renovation of Realty Towers at Federal and Market streets.
Mayor Jay Williams is doing more than giving verbal support for the project. He has asked his wife, Sonja, about moving in.
"She was not adverse to it," he said. " We could potentially take up residence there. If I can persuade her, we'll move. If not, I'll be jealous of those living there."
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| Downtown developer adds Chase building to holdings |
4.29 | 2008
 The mayor calls Frangos the 'Donald Trump of the Mahoning Valley.'
YOUNGSTOWN — Despite a sluggish economy, Louis A. Frangos said he strongly believes the city's downtown is on the cusp of a major turnaround.
That's why the real estate developer purchased another major downtown property, the Chase Bank Building at 6 W. Federal St., for $775,000.
Frangos' companies, particularly USA Parking Systems, already own or co-own 10 downtown buildings — including Realty Towers, the Plaza Parking Deck, the Stambaugh Building and the First National Bank Tower — and several parking lots.
Frangos, of Cleveland, is one of the major nonpublic owners of property in the city's downtown.
"With the purchase of this latest property, the Chase Bank Building, we continue to demonstrate and express our confidence in the future and redevelopment of not only downtown Youngstown but also to the entire [Mahoning] Valley," he said. The 135,298-square-foot building, constructed in 1925, is 40.6 percent occupied. Its anchor tenant is JPMorgan Chase Bank, which occupies 25,064 square feet.
"It's a great, great building," Frangos said. "I'm excited about the acquisition. It's an exceptionally good deal."
The deal closed Friday, he said.
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