WARREN — The city of Warren has finalized a development agreement with Dillin Corp., a Springboro-based firm, to revitalize a largely vacant downtown area known as the Peninsula into a vibrant mixed-use community.

The project will feature a mix of residential, commercial and recreational spaces, marking a significant step in the city’s long-term redevelopment efforts.

The Peninsula project will include a hotel, over 400 market-rate residential units, a food hall, a parking deck and more than 100,000 square feet of Class A office space.

The site, named for its unique location where the Mahoning River curves around the land, will also see a redesigned West Market Street, which will be reduced to two lanes with added on-street parking and pedestrian-friendly features.

Warren Mayor Doug Franklin hailed the agreement as a milestone decades in the making. “The city has been acquiring this property for more than 30 years and searching for the right developer for seven years,” Franklin said. “With the help of the Fund for Warren’s Future, I’m confident we have the best possible partner in Larry Dillin.”

The project aligns with the region’s broader economic and housing strategies, according to Guy Coviello, president and CEO of the Youngstown / Warren Regional Chamber. Coviello noted that the development will complement recent major investments in the area, including Ultium Cells and Foxconn.

Larry Dillin, CEO of Dillin Corp., expressed optimism about the project’s potential, citing improved economic conditions in Warren. “We had the opportunity to develop much of this property over 15 years ago, but it wasn’t feasible then,” Dillin said. “Today, the economic environment is much stronger and we’re very optimistic about the future of this project.”

The Warren City Council approved $2 million in funding in June 2024 for initial planning and infrastructure improvements, including upgrades to water, sewer and streetscape elements.

Franklin said that the project is a public-private partnership, with the majority of funding coming from private investment. He noted that the public portion accounts for about 10% of the total project cost, which is estimated between $150 million and $160 million.

Financing options under consideration, the mayor says, include Tax Increment Financing (TIF) and public bonds.

Phase one of the Peninsula project is expected to break ground in 2025.

The development is seen as a transformative effort for Warren, with Franklin calling it a “huge first step” toward completing the long-envisioned project.

He credited the Fund for Warren’s Future and its members, including Dennis Blank, Sam Covelli of Covelli Enterprises and Anthony Payiavlas of AVI Foodsystems, for their support in bringing the project to fruition.

The Peninsula project aims to create a “live, work and play” environment, offering a mix of housing, office space and amenities designed to attract residents and businesses to downtown Warren.