Mahoning Valley Historical Society calls for restorations at Realty Building
Mahoning Valley Historical Society joins our community in mourning the death of Akil Drake, the injuries to seven others, and the destruction of property and dislocation of residents resulting from the powerful explosion that struck the Realty Tower on Central Square in downtown Youngstown.
Members of the MVHS Board of Directors and staff want the best possible outcome for all involved in the wake of this tragedy. Therefore, we are deeply concerned by the announcement from the owners of the Realty Tower that they intend to demolish the structure.
The building’s historical significance to the City of Youngstown is unquestioned, but that fact is not our primary concern at this time.
Fifteen years ago the previous owner and developer invested $9 million (including the purchase price) in a restoration, rehabilitation and adaptive reuse project to make the 1924 Realty Building an active commercial and residential property in the heart of downtown Youngstown.
That investment included substantial public sector economic development tools, such as state and federal tax credits, low interest loans, and a 12-year property tax abatement, worth in excess of $4 million to help make this project cost-effective.
Also of great concern is: how would Central Square and East Federal Street function if the Realty Tower is demolished and most likely replaced with a surface parking lot?
What makes downtown Youngstown unique, aside from the beautiful and high quality finishes on its remaining historic structures, is its pedestrian-friendly sense of place.
This sense is most well-preserved along Federal Street between Walnut Street to the east and the intersection of Mahoning and Fifth Avenues (Spring Common) to the west, and is directly related to the building density along the district’s main street.
The current project to realign roadways downtown and provide larger surfaces for bicycle and pedestrian traffic when completed will make the downtown thoroughfares even more attractive and safe. Removing the landmark Realty Tower would very negatively affect the downtown streetscape.
Mahoning Valley Historical has joined many other entities—governmental, for-profit and non-profit—in making substantial financial commitments for the future of our organizations and the downtown district.
Between 2007 and 2017 MVHS invested over $4.5 million in creating the Tyler History Center at 325 West Federal Street.
More recently the Historical Society has purchased the former IBM Building, a 1980 Urban Renewal-era office building at 250 East Federal Street, to provide space for the continuing growth of our collections, exhibits, and educational programs.
Plans include an investment of at least $7.5 million of public and private funds over the next three-to-five years to meet our current needs, with more expansion and improvements to come over the next two decades.
We call on the owners of the Realty Tower, City officials, and people in the private sector with a stake in the future of downtown Youngstown, to do everything in our power to repair and restore this building so that it may continue to contribute to the City’s economic, social and cultural viability.
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