Vindy article about Frangos and downtown

[jay]

The city should not have its eggs all in one developer's basket.

[northside lurker]

Corey and I have spoken with many people from Frangos corporation. I have mixed feelings about the idea of making the Paramount a parking lot. It's a good idea in the sense that it is close, creative and convenient for the housing that he is creating. On the other hand, we see yet ANOTHER parking lot being created. (Like we have been saying...do we really need another parking lot?).

While I think saving the Paramount (and putting in an alternate use) is a long shot, I'm sickened by the idea of replacing it with a parking lot.  Replace the Paramount with another building, but not a parking lot.

Thru word of mouth, we have heard that the Stambaugh building was full of asbestos. Obviously, this is time consuming, costly and will also have you reconsidering renovating. I'm sure that with the time that is has been vacant hasnt helped with the upkeep of the building.

It's quite possible that there is a lot of asbestos.  And, unfortunately, this probably makes the profit margin too small for Mr. Frangos.  My idea would be to abate the asbestos, install a sprinkler system, (if there isn't one) and sell off the raw space to people who want to develop their own loft style space.  I think Mr. Frangos has his hopes too high.  Most of the people who seem to be interested in living downtown, are young professionals who probably couldn't afford a $250,000 condo, but would love a raw/bare space with exposed structure and brick, etc.

Upkeep doesn't really matter, as long as the roof is OK, and hasn't been leaking.  Warm and cold cycles aren't good for plaster walls, but the plaster could have asbestos in it anyway.

[Jaime Hughes]

Corey and I have spoken with many people from Frangos corporation. I have mixed feelings about the idea of making the Paramount a parking lot. It's a good idea in the sense that it is close, creative and convenient for the housing that he is creating. On the other hand, we see yet ANOTHER parking lot being created. (Like we have been saying...do we really need another parking lot?).


Thru word of mouth, we have heard that the Stambaugh building was full of asbestos. Obviously, this is time consuming, costly and will also have you reconsidering renovating. I'm sure that with the time that is has been vacant hasnt helped with the upkeep of the building.




By the way, a lot of you have been asking about 259 Park Avenue on the Northside. The Mayor was non-responsive, as well as the city. And with the recent uproar of the West Federal medians....it was put on the back burner. I will keep you posted, I planted flowers and really havent been able to go over there and cut the grass. School started today! Also, Vansickle doesn't really care about the house, it owes lots and lots of backtaxes--so the house will probably go up for auction/forclosure.



Thanks all! I hope that you are all doing very well and enjoying this beautiful day!

[northside lurker]

I posted this on the downtownyoungstown.com website yesterday:

Has anyone read this article?  I read it online, but it was in yesterday's Vindicator.
http://www.vindy.com/content/local_regional/289677370623685.php

There are some comments that I'm concerned with.

There are others — specifically the Stambaugh Building and the Paramount Theatre — that Frangos acknowledges are lost causes.

I can understand that the Paramount is troubled. But it shouldn't be replaced by yet another parking lot. Can't a creative solution, using the shell of the building, be thought of?

And, why is the Stambaugh building a lost cause???

Also, according to the article, he wants to spend $15 million to create a total of 60 units. Do the math, how does that work? The average price of a unit turns out to be $250,000. (not including room for profit) If I'm going to spend that much for a residence, I'd rather buy and restore one of the mansions on the north side.

I'm sorry I sound negative, but I and others have become concerned with Mr. Frangos' apparent monopoly of building ownership downtown, and lack of progress on his residential projects.