The talk of the town is like wildfire, blazing thru the business community, according to the Business Journal, one is to believe that the Donald Trump of Youngstown, is showing signs of the first brick loosening from his downtown skyscrapers.
Marchionda, the golden boy who brought Youngstown back from the rust belt heap, is battling the State's Attorney to block a microscope on how public funds were expended. Will this bombshell halt Youngstown's renaissance, is Youngstown to be hit by a financial earthquake?
Marchionda has done several good projects, but I think the city has every right to inquire
as to how the funds were spent - since it was public funds that were used.
I do believe that the downtown and YSU are better off for having those projects, however.
He might be doing good for Youngstown, but he's in it for his financial gain. Period. The public has the right to know where and how public funds are being used.
If water funds were used to update waterlines to his properties that is legal. Did he used the water funds to update in interior of his properties? Is the question at hand.
Quote from: YoungstownBiker on January 09, 2016, 04:00:33 PM
He might be doing good for Youngstown, but he's in it for his financial gain. Period. The public has the right to know where and how public funds are being used.
I totally agree about disclosure of what was done with the funds.
As far as being in it for personal gain, the basic purpose of ANY business is for "gain", ie: to make a profit.
I have no problem with any business man who wants to make money....and the reason we all work our
jobs - personal gain.
Quote from: AllanY2525 on January 09, 2016, 11:53:30 PM
I totally agree about disclosure of what was done with the funds.
As far as being in it for personal gain, the basic purpose of ANY business is for "gain", ie: to make a profit.
I have no problem with any business man who wants to make money....and the reason we all work our
jobs - personal gain.
I completely agree and should have probably worded what i wrote a little different. He, and especially his son, always claim they're doing what they're doing for Youngstown. They couldn't care less, in reality. If downtown was as great as he thought, he'd live down there instead of in his high six-figure Poland house.
Also, I wonder if they have abandoned their phases of student housing they talked about a while back. The only mentioning of it is in this document: http://www.nyopg.com/wp-content/uploads/2015/04/revised_property_portfolio.pdf I also wonder if they fear competition coming in, Such as University Edge, company who knows their stuff:
[size=78%]it's http://universityedgeysu.com/[/size]
Have you looked at the floor plan on those University Edge apartments? IMO, they're trying to stuff too many bedrooms into an apartment.
Which tells me those apartments are going to be pretty high priced, and you'll need 4 or 5 roommates to pay for it.
I don't know the monthly rent on Marchionda's student apartments but good grief.......
Quote from: YoungstownBiker on January 11, 2016, 01:09:02 AM
I completely agree and should have probably worded what i wrote a little different. He, and especially his son, always claim they're doing what they're doing for Youngstown. They couldn't care less, in reality. If downtown was as great as he thought, he'd live down there instead of in his high six-figure Poland house.
Also, I wonder if they have abandoned their phases of student housing they talked about a while back. The only mentioning of it is in this document: http://www.nyopg.com/wp-content/uploads/2015/04/revised_property_portfolio.pdf I also wonder if they fear competition coming in, Such as University Edge, company who knows their stuff: [size=78%]it's http://universityedgeysu.com/[/size]
Thanks for the first link. It's the first time I've seen the Elm St. renderings, or the renderings for their other downtown buildings.
Quote from: Peggy Gurney on January 11, 2016, 07:34:18 AM
Have you looked at the floor plan on those University Edge apartments? IMO, they're trying to stuff too many bedrooms into an apartment.
Which tells me those apartments are going to be pretty high priced, and you'll need 4 or 5 roommates to pay for it.
I don't know the monthly rent on Marchionda's student apartments but good grief.......
Student housing has been expensive for a long time. I had friends in college (Kent State U.) who rented a house. It was just a 4 bedroom house, (the dining room was converted to a 5th bedroom) not unlike many of the houses found on the north side. Each of the 5 guys living in this house paid something like $300/month, and this was 16 years ago!
Quote from: Peggy Gurney on January 11, 2016, 07:34:18 AM
Have you looked at the floor plan on those University Edge apartments? IMO, they're trying to stuff too many bedrooms into an apartment.
Which tells me those apartments are going to be pretty high priced, and you'll need 4 or 5 roommates to pay for it.
I don't know the monthly rent on Marchionda's student apartments but good grief.......
I'm not sure what the Flats at Wick are, but Erie Terminal is considered a mixed student/young professional building. A friend has a one bedroom and pays a little over a grand a month, and it's TINY.
Let me be clear, I posted this not to pass judgment on the developer. But as always as a businessman, I view things from this perspective. The great Trammell Crow once wrote that the builders of the skyscrapers, always go bankrupt, it is the one's who take over the assets who really make it profitable. What this means is that the enormous initial cost is always to high for a return and is untenable. The positive thing about all the development in Youngstown, is it can not be undone.
Quote from: Youngstownshrimp on January 12, 2016, 06:35:54 PM
Let me be clear, I posted this not to pass judgment on the developer. But as always as a businessman, I view things from this perspective.
I didn't think you posted to pass judgement. And as a businessman, that is of course the perspective you would and should have.
Thank you. I do not feel this story is the last of it. Actually, I believe this is just the beginning and the repercussions will shake up downtown.