State approves over $4 million in tax credits to Youngstown's tallest building
Ohio Gov. Mike DeWine and the director of the Department of Development recently announced more than $86 million in tax credits to support the preservation and revitalization of dozens of historic buildings across the state.
“These buildings honor the legacy of our communities and reflect the character that makes our state unique,” Gov. DeWine said. “This program supports Ohio’s future by creating jobs, attracting new businesses, and revitalizing the areas that need it most.”
Lydia Mihalik is the director of the Ohio Department of Development.
“Historic preservation is a powerful economic development tool that helps communities unlock the potential of underutilized properties and attract future private investment,” Mihlaik said. “These tax credits are creating new opportunities for housing, small businesses and local destinations - bringing new jobs, energizing downtowns, and preserving each community’s unique character.”
As part of the Ohio Historic Preservation Tax Credit program, 37 projects will be awarded to preserve 51 buildings. The Historic Preservation Tax Credit Program was created to preserve Ohio communities’ unique identity for future generations.
The projects are expected to leverage approximately $753 million in private investments. Developers are only issued the tax credit once project construction is complete and all program requirements are verified.
For Mahoning County, the Central Tower project at 1 West Federal St., Youngstown, requires a total of $21 million and has received a $4.25 million tax credit from the Ohio Historic Preservation Tax Credit Program to support the project.
The project is converting the downtown tower from offices into a mixed-use development featuring 64 apartments on the upper floors with office space on the lower levels.
Central Tower is Youngstown’s tallest building, which has an Art Deco style designed by architect Morris Scheibel; it was completed in 1929.
The downtown historic landmark originally served as headquarters for the Central Savings and Loan Company with 17 stories, including a grand banking hall, mezzanine, and executive offices.
Masonry and storefront repairs are also planned for Central Tower.
In 2024, the Central Tower project in Youngstown received an initial $2 million in tax credits from the Historic Preservation Tax Credit Program.
