Rep. McNally announces $10 million in Ohio Historic Preservation Tax Credits for 20 Federal Project Place in Youngstown

COLUMBUS – State Rep. Lauren McNally (D-Youngstown) today announced a significant milestone for the 20 Federal Project Place project, receiving $10M in Round 31 of the Ohio Historic Preservation Tax Credit program. 

“We are thrilled to be part of this transformative project, and to bring much-needed economic growth to the people of Youngstown” said Desmone’s President, Eric A. Booth, AIA. “The State Historic Tax Credit is one of the conditions that all investors and banks required in order to be involved in the project. We look forward to our continued progress with both our current and future partners.” 

This award continues the progress already made on this transformative development to bring economic growth to the City of Youngstown and region and is part of $33M in grants and credits secured to date for the project. 20 Federal is the only project in Youngstown to receive state historic credits in this round and one of only 3 projects across the state to receive $10M.

Situated in the heart of downtown Youngstown, 20 Federal Place project is an $82 million mixed-use redevelopment of the historic Strouss-Hirschberg Company Building. It will include a food hall and retail spaces, Class A offices, and apartments. The structure is currently undergoing a significant remediation funded in large part by a state of Ohio Brownfield Remediation grant awarded in 2022.

The development team, led by Desmone, has worked closely with the City of Youngstown for the last three years to bring this revitalization to fruition. Historic preservation consultants HP Group have been instrumental in efforts to secure state and federal historic tax credits.

“A $10 million dollar investment is huge, and I really want to emphasize my gratitude for all of the hard work of these private partners on the ground in Youngstown who helped secure this amazing opportunity,” said Rep. McNally. “I have consistently advocated for this project, both as a City Council Member and now State Representative, because I know how important it is to revitalize Youngstown and invest in the people here. I’m looking forward to seeing these dollars put to use.”

The success of the 20 Federal Place redevelopment will have a tremendous positive impact on the local economy and will serve as a model for other communities looking to achieve similar goals. This collaboration between public, private, state and local entities will drive positive change and help residents and visitors to the City and region to thrive.