20 Federal Place the CITY of YOU
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INVESTOR PROSPECTUS YOUNGSTOWN OHIO 20 Federal Place THE CITY OF YOU The one thing that has defined Youngstown throughout its history is its strong entrepreneurial spirit. Anything is possible in Youngstown. BIG and BOLD things are happening everyday in Youngstown. This isn’t your average Rust Belt city. This is the City of You. “A city where anyone can build a future for themselves.” Mayor Jamael Tito Brown – City of Youngstown Website CONTENTS 1 YOUNGSTOWN CONTEXT 5 INCENTIVE POTENTIAL 2 YOUNGSTOWN MOMENTUM 6 MODEL 3 20 FEDERAL PLACE 7 ADDENDUM 4 REINVENTION AT 20 FEDERAL Click on the title to jump to the section 1 YOUNGSTOWN CONTEXT Named “Top 10 Cities to Start a Business” Entrepreneur Magazine YOUNGSTOWN MSA* KEY INDICATORS 545,175 225,604 18,695 Population Households Total Businesses 44.9 $119,046 2.27 Median Age Median Home Value Downtown** Daytime Population/ Downtown Resident Ratio MEGAPOLITAN CITY Youngstown – Center of the YOUNGSTOWN AT THE CENTER “Tech Belt” Megapolitan Megapolitans in the U.S. are clustered networks of 2M+ American cities where the population is projected People to be between 7 and 63 million by 2025.* CLEVELAND 550K 7 MILLION People People live within 75-Miles 700K+ People Extraordinary Teleworking 45 MILES YOUNGSTOWN 228,117 Opportunities Businesses within 75-Miles AKRON MIDWAY Between Cleveland and Pittsburgh (60 Miles) Between Chicago and New York (400 Miles) 2.3M+ People One Day Drive 60% of the U.S. Population PITTSBURGH MSA POPULATION NUMBERS Age Groups & Generations* 19.7% 21.1% 19.3% 26.1% 9.9% Gen Z Millennial Generation X Baby Boomer Greatest Gen. 1999-2016 1981-1998 1965-1980 1946-1964 <1945 59% 27% 13% White Blue Services Collar Collar EMPLOYERS & INDUSTRY Major Employers Employment by Industry Youngstown USA Employer Name Industry # of Employees Industry # Employed % Employed % Employed Diocese of Youngstown Education 1,000+ Healthcare/Social Assistance 4,777 23.0% 14.0% Mahoning County Government Government 1,000+ Manufacturing 2,682 12.9% 9.9% Mercy Health Healthcare 1,000+ Accommodation/Food Services 2,344 11.3% 7.6% U.S. Postal Service Logistics 1,000+ Retail Trade 2,320 11.2% 11.0% Youngstown City Schools Education 1,000+ Admin/Support/Waste Mgmt Srvcs 1,352 6.5% 4.4% Youngstown State University Education 1,000+ Education Services 1,216 5.9% 9.2% City of Youngstown Government 500-1,000 Other Services 1,206 5.8% 4.9% Home Savings & Loan Financial Services 500-1,000 Construction 887 4.3% 6.5% Valourec Star Manufacturing 500-1,000 Public Administration 784 3.8% 4.7% VXI Global Solutions Call Center 500-1,000 Transportation/Warehousing 756 3.6% 4.2% 2 YOUNGSTOWN MOMENTUM “During my travels to the Mahoning Valley, I saw a region that consistently looks to the future.” Speaker of the House Nancy Pelosi • YSU’s Business program ranked in top 20% HUB FOR in the U.S. • Engineering Program ranked top 25% in the EDUCATION world • 2nd Best College for Computer Science & IT • YSU’s total number of enrolled international students increased by 79% from 2014-2018 • Fastest growing community college in Ohio • 20% enrollment growth since 2013 • 23% Bachelor’s/Grad Degree • 41% High School Diploma Click the logos to learn more HUB FOR INNOVATION about these organizations Mahoning Valley Innovation & Commercialization Center – Excellence Training Center Mission is to facilitate the creation of high-value America Makes is the nation's leading and Bringing together advanced businesses through collaborative partnerships collaborative partner in additive manufacturing, educational that promote innovative technologies & long- manufacturing (AM)/3D printing (3DP) opportunities and workforce term, sustainable employment opportunities, technology and workforce development development will be the mission of with a focus on IT & advanced manufacturing the Excellence Training Center Click the logos to learn more HUB FOR INNOVATION about these organizations Voltage YSU IT Workforce Valley Accelerator Large investment is occurring in the region focusing on Youngstown State University, in partnership Center Street Technologies is a Youngstown - electric vehicles and battery research: with IBM, has launched an IT Workforce based manufacturer with the world’s largest • Lordstown Motors is investing $423 million at its site Accelerator to help better align the workforce production-based additive machine for massive and hiring 1,570 workers by the end of 2025 with industry in-demand skills area additive manufacturing • A joint venture between GM and LG Chem, is currently under construction right outside of Youngstown for a $2.3 billion state-of-the-art Ultium battery cells manufacturing facility 3 20 FEDERAL PLACE “Youngstown is making the transformation from a historic manufacturing powerhouse to a place where investments are being made in the innovative jobs of the future.” Former Governor Ted Strickland BUILDING FIGURES 332,000 SF Built in 1926 as a luxury department store by Strouss-Hirschberg Company 7 STORIES First floor and open mezzanine level within Youngstown’s principal retail district and additional basement space available for development HISTORIC DETAIL On the National Register of Historic Places since 1986 and remains one of Youngstown’s most imposing and significant historic properties DOWNTOWN CORE RECENT DOWNTOWN INVESTMENT (~10 Years) BUILDING ON MOMENTUM $550MM Total Investment 55% $300MM within ¼ Mile Radius 19% $106MM within 1 Block 20 FEDERAL PLACE DOUBLETREE $32MM Redevelopment Opened in 2018 Constructed in 1907 RECENT DEVELOPMENTS 12-Stories with 125 Rooms PHELPS PEDESTRIAN WALKWAY $1.8MM Redevelopment 20 FEDERAL PLACE ERIE TERMINAL $9MM Redevelopment REALTY TOWER Opened in 2012 $9MM Redevelopment Constructed in 1923 Opened in 2009 st 1 Floor Commercial with Constructed in 1924 40 Residential Units 1st Floor Commercial with WICK TOWER 23 Residential Units $16.5MM Redevelopment Opened in 2015 Constructed in 1906 33 Residential Units; FEDERAL BUILDING 4 Overnight Stay Units $2.4MM Redevelopment Opened in 2011 Constructed in 1902 1st Floor Commercial with 14 Residential Units DOWNTOWN RESIDENTIAL MARKET: • Current downtown residential occupancy estimated around the 80% mark • Occupancy rates as high as 95% for market rate (non-student) units • Slight decrease from COVID stressors with less YSU and student activity RESIDENTIAL DEMAND but uptick expected in 2021 and beyond as students return to campus • Lease-up for new downtown residential units at 20 Federal delivered in ERIE TERMINAL 2022 expected to be close to a 6-month period $9MM Redevelopment Opened in 2012 Constructed in 1923 20 FEDERAL 1st Floor Commercial with PLACE 40 Apartment Units FEDERAL BUILDING $2.4MM Redevelopment WICK TOWER Opened in 2011 $16.5MM Redevelopment REALTY TOWER Constructed in 1902 Opened in 2015 $8.5MM Redevelopment 1st Floor Commercial with Constructed in 1906 Opened in 2009 14 Residential Units 33 Residential Units; Constructed in 1924 4 Overnight Stay Units 1st Floor Commercial with 23 Apartment Units WELLS BUILDING $5MM Redevelopment Opened 2015 Constructed 1917 1st Floor Office with 12 Residential Units RECENT DEVELOPMENTS FLATS AT WICK $9MM Development Opened 2010 49-Units and 116-Bed STUDENT HOUSING DEMAND Facility YSU Enclave STUDENT GROWTH: $13MM Development • YSU’s total number of enrolled Opened 2018 international students increased by 194-bed student apartment 79% from 2014-2018 UNIVERSITY EDGE complex and retail project $26.1MM Development • Eastern Gateway Community College Phase 1: 162 Beds Opened in 2016 is the fastest growing community (100% pre-leased) Phase 2: 220 Beds Opened in 2017 CAMPUS LOFTS college in Ohio with 20% enrollment Phase 3: 163 Beds Opened in 2020 $10MM Development growth since 2013 Opened 2020 200-Bed Student-Housing Complex 20 FEDERAL PLACE RECENT DEVELOPMENTS MERCY HEALTH CAMPUS IN THE CENTER OF IT ALL YOUNGSTOWN STATE MAHONING VALLEY UNIVERSITY CAMPUS PHELPS ST INNOVATION & COMMERCIALIZATION PEDESTRIAN CENTER WALKWAY YOUNGSTOWN CHOFFIN BUSINESS 20 FEDERAL CAREER & INCUBATOR PLACE TECHNICAL CAMPUS CENTER EASTERN GATEWAY COMMUNITY COLLEGE YOUNGSTOWN COVELLI FOUNDATION CENTRE AMPHITHEATRE WEAN PARK THE BUTLER INSTITUTE OF AMERICAN ART & Mc DONOUGH MUSEUM OF ART IN THE CENTER OF IT ALL DOUBLETREE B Y HILTON STAMBAUGH STADIUM YOUNGSTOWN HISTORICAL Hotel and Event Space 20,630 seating capacity CENTER OF INDUSTRY AND LABOR DEYOR PERFORMING ARTS CENTER OH WOW! YOUNGSTOWN Edward W. Powers Auditorium & The Roger & Gloria Jones FOUNDATION The Ford Family Recital Hall COVELLI CENTRE Children’s Center for AMPHITHEATRE Science & Technology 4,800-person capacity 7,000-person sports and entertainment facility IN THE CENTER OF IT ALL AMENITY MAP KEY ATM Bars Dining Entertainment Museums Plays/Theatre Retail 4 REINVENTION AT 20 FEDERAL “Studies show that if you have a thriving downtown, it feeds into your neighborhoods, goes down your corridors.” Mayor Jamael Tito Brown YSU CENTER FOR INNOVATION IN ADDITIVE YSU COMPUTER MANUFACTURING SCIENCE & REINVENTION OF TECHNOLOGY 20 FEDERAL WILLIAMSON COLLEGE CHOFFIN OF BUSINESS CAREER & ADMINISTRATION TECHNICAL CENTER MAHONING VALLEY INNOVATION & COMMERCIALIZATION CENTER YOUNGSTOWN BUSINESS EASTERN GATEWAY INCUBATOR CAMPUS COMMUNITY COLLEGE INNOVATION AND At the Center of Gravity ENTREPRENEURIAL CENTERS at 20 Federal Lies the shown above include links. Please click to learn more! Spirit of Entrepreneurial Youngstown NO OTHER BUILDING in downtown Youngstown has more memories and historic connections than the Strouss Building – ELEMENTS OF it’s time