Rep. McNally Announces $2M for Central Tower project in Youngstown

COLUMBUS – State Rep. Lauren McNally (D-Youngstown) today announced $2,000,000 in tax credits from the Historic Preservation Tax Credit Program for the $20.2 million Central Tower project in Youngstown. 

“Downtown Youngstown is full of character and art,” said Rep. McNally. “I’m happy to see us spending the resources needed to preserve it.”

The Historic Preservation Tax Credit Program was created to preserve Ohio communities’ unique identity for future generations. Partnering with the State Historic Preservation Office at the Ohio History Connection to determine which properties qualify as historic buildings and ensure that rehabilitation plans align with the standards set by the U.S. Secretary of the Interior, the program preserves vacant and historic buildings with little economic activity, and develops them into residential housing, commercial and manufacturing facilities, and office buildings.  In its 33rd funding round, the program is awarding over $56 million around the state to support the preservation and rehabilitation of 42 historic buildings, including redevelopment of Youngtown’s Central Tower.  

Built in 1929, the Central Tower in Youngstown remains the city’s tallest building. The Art Deco style tower originally served as the headquarters for the Central Savings and Loan Company. The upper floors have continued to serve as office space but have struggled with significant vacancies in recent years. The $20.2 million preservation and rehabilitation project will rehabilitate the tower into a mixed-used building with 64 apartment units on the upper floors and office space on the lower floors, helping to add much-needed housing to Youngtown’s downtown district, creating new job opportunities and increasing interest in revitalizing the downtown area. Funding from the $2 million tax credit will be awarded after project construction is complete and requirements are confirmed.