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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