The city is looking at ways to provide funding for this project, the mayor says.
By DAVID SKOLNICK
CITY HALL REPORTER
YOUNGSTOWN — Cities are looking at housing as a way to grow their economy, and the Wick District-Smoky Hollow area is the ideal location for such a renaissance in Youngstown, said the head of a Cleveland development firm.
"With new upscale housing you change the movement of population" from one of decline to one of growth, said Nate Zaremba, president of Zaremba Inc., which has a pre-development agreement with Wick Neighbors Inc. for the Wick District-Smoky Hollow area.
Zaremba spoke Wednesday at Wick Neighbors' fourth annual meeting at the Chevrolet Centre.
"We see tremendous potential in this project," he said.
The key is to bring back middle-income people who left the city for the suburbs years ago, he said.
"It worked beautifully in Cleveland, and we believe it can be done in the Wick neighborhood," Zaremba said. "We hope to bring people from the suburbs back to the city."
If residents move to the Smoky Hollow neighborhood, it will result in retail stores' opening in the area and increased growth, he said.
The area includes 66 acres bounded by Wick, Andrews, Rayen and Madison avenues, with most of the property owned by Youngstown State University.
City priority
Also, Mayor Jay Williams said the city administration is looking at ways to provide funding for infrastructure for this plan. The money can come from a variety of sources including the federal and state government and various financial incentives through city programs, he said.
"This is one of the priority projects of this administration," Williams said.
The mayor said the city administration is going to work "very diligently to make sure" Youngstown invests in this project.
When the revitalization program was detailed two years ago, Wick Neighbors envisioned a $250 million investment that would include housing, retail stores, offices and high-technology companies with walkways to YSU.
The total cost of the proposal is now at $100 million. That's because changes were made during discussions with Zaremba officials that eliminated some office and retail space, said Margaret L. Murphy, Wick Neighbors' executive director.
Also, the original proposal called for up to 500 homes, and the current plan includes 270 homes.
Murphy points out that a $100 million improvement project is still a huge undertaking and a catalyst for further city development.
Zaremba had Vogt, Williams & Bowen, a national real estate firm based in Columbus, do a marketing study of the area. The study showed there is a demand for new housing in the area in the $125,000 to $250,000 range, Murphy said.
Murphy wouldn't discuss how the Vogt firm determined the housing demand and price range.
The governor's office said the median value for a house in the Youngstown School District is $41,000.
skolnick@vindy.com
Thursday, May 3, 2007
The city is looking at ways to provide funding for this project, the mayor says.
By DAVID SKOLNICK
CITY HALL REPORTER
YOUNGSTOWN — Cities are looking at housing as a way to grow their economy, and the Wick District-Smoky Hollow area is the ideal location for such a renaissance in Youngstown, said the head of a Cleveland development firm.
"With new upscale housing you change the movement of population" from one of decline to one of growth, said Nate Zaremba, president of Zaremba Inc., which has a pre-development agreement with Wick Neighbors Inc. for the Wick District-Smoky Hollow area.
Zaremba spoke Wednesday at Wick Neighbors' fourth annual meeting at the Chevrolet Centre.
"We see tremendous potential in this project," he said.
The key is to bring back middle-income people who left the city for the suburbs years ago, he said.
"It worked beautifully in Cleveland, and we believe it can be done in the Wick neighborhood," Zaremba said. "We hope to bring people from the suburbs back to the city."
If residents move to the Smoky Hollow neighborhood, it will result in retail stores' opening in the area and increased growth, he said.
The area includes 66 acres bounded by Wick, Andrews, Rayen and Madison avenues, with most of the property owned by Youngstown State University.
City priority
Also, Mayor Jay Williams said the city administration is looking at ways to provide funding for infrastructure for this plan. The money can come from a variety of sources including the federal and state government and various financial incentives through city programs, he said.
"This is one of the priority projects of this administration," Williams said.
The mayor said the city administration is going to work "very diligently to make sure" Youngstown invests in this project.
When the revitalization program was detailed two years ago, Wick Neighbors envisioned a $250 million investment that would include housing, retail stores, offices and high-technology companies with walkways to YSU.
The total cost of the proposal is now at $100 million. That's because changes were made during discussions with Zaremba officials that eliminated some office and retail space, said Margaret L. Murphy, Wick Neighbors' executive director.
Also, the original proposal called for up to 500 homes, and the current plan includes 270 homes.
Murphy points out that a $100 million improvement project is still a huge undertaking and a catalyst for further city development.
Zaremba had Vogt, Williams & Bowen, a national real estate firm based in Columbus, do a marketing study of the area. The study showed there is a demand for new housing in the area in the $125,000 to $250,000 range, Murphy said.
Murphy wouldn't discuss how the Vogt firm determined the housing demand and price range.
The governor's office said the median value for a house in the Youngstown School District is $41,000.
skolnick@vindy.com
Thursday, May 3, 2007
Cities are looking at housing as a way to grow their economy, and the Wick District-Smoky Hollow area is the ideal...
