YOUNGSTOWN, Ohio (WKBN) -- Plans have been announced for downtown Youngstown's historic 20 Federal Place which once housed Strouss' Department Store.
Youngstown City Council discussed the project at the Community Planning and Economic Development meeting Tuesday.
The plan involves multiple companies, the issuing of bonds, 100 apartments, a completion date two-and-a-half years away and a new name. It will be called The Federal -- same as the restaurant a block away.
Doug Rasmussen with the consulting firm Steadfast presented the details.
"The proposed project for 20 Federal, which they're currently calling 'The Federal' is a $57 million total project cost," Rasmussen said.
20 Federal Place was built in 1926 as the flagship store of Strouss'. The developer will be Bluelofts, a Dallas company that redevelops underutilized buildings, but it will be owned and operated by Madrone -- a nonprofit San Francisco company specializing in public-private partnership projects. Madrone will finance the project by issuing bonds.
"Within the last five years, they've completed over 8,000 units," said Rasmussen.
Construction is expected to start next October and be finished in June of 2027. There will be 100 one to three-bedroom apartments -- 43 of which will be workforce affordable.
There will also be a wellness hub, medical suites, e-commerce warehouse space, and a rooftop sustainable garden.
Mayor Tito Brown indicated he plans to move forward with the project.
"I think this is a great opportunity if you look at the $57 million," Brown said. "I think it's well worth our attempt to swing at this and knock it out of the park, than just not just swinging at all."
Councilman Mike Ray hopes that all the companies involved have been thoroughly vetted.
"And just checking these partners out and making sure that that all plays out so we don't have another Chill Can that everyone likes to throw in our face," Ray said.
There will be language in the contract to allow the city to regain control of 20 Federal Place should the project fail but finance director Kyle Miasek hopes the language won't be needed.
"I want you to trust us that we have been putting months into this, reviewing it, delving into it, asking tough questions," Miasek said.