WARREN — A rehabilitation project in downtown Warren is set to transform the 1928 YMCA building into a modern mixed-use development thanks to a combination of state and federal tax credits and private investment.

The $19.9 million project, first announced in 2023, aims to convert the former YMCA, located at 210 High St. NW, into 42 residential units while preserving its athletic facilities, including a gym and basketball court, as resident amenities.

The project, led by Valley Properties Investments in partnership with the now closed Trumbull Family Fitness, received a boost in June 2024 with a $2 million state tax credit through Ohio’s Preservation Tax Credit Program and about $3.5 million in federal historic tax credits approved earlier this week by the Ohio Department of Development.

The funds are part of $66,145,922 state tax credits awarded to 39 projects preserving 47 historic buildings across Ohio.

Originally, developers planned for 110 residential units with a $40 million investment. However, a market rate study revealed insufficient rental income to support the larger scope, causing a downsizing to 42 units, including 36 in the 1928 building and six new townhomes on the north end of the parking lot.

The revised plan, with a $20 million budget, also adds a commercial component in the building’s 1964 addition.

The commercial space will feature a restaurant and retail area with a glass wall facade facing High Street, offering outdoor seating, as well as commercial office space on the second floor and a retained fitness component, including a pool, locker room, and basement workout rooms.

The developers are exploring new market tax credits to support this commercial expansion to spur economic development in distressed areas. A local broker has been hired, with early interest reported from fitness and restaurant tenants.

“We are now exploring new market tax credits for the commercial side of the property, primarily the commercial side, so we still have a ways to go to get that lined up, but if all works out … we could probably close on everything in March,” Christopher Smythe, president and CEO of Smythe Property Advisors, said in a 2024 statement.

He added, “If we can pull this off, it will be transformational … there is demand for market rate living in the downtown area. There haven’t been new apartments built there in 30 years.”

Warren Mayor Doug Franklin said the city is not directly involved but talked about the project’s significance, noting the YMCA’s role in the community.

“That building has historical significance to our community. It’s served generations of youth and families here, and it’s really something that we treasure greatly,” Franklin said in a 2024 interview. “Since its vacancy, it’s left sort of a void on our square because of the activity that used to go on there.”

Franklin said the project fits into the city’s economic strategy to bolster housing and quality-of-life venues in the central business district.

Franklin noted that the city’s support came through letters endorsing the tax credits, though he noted the city is not directly involved in the private project’s financing or acquisition. The building remains owned by the YMCA, with the deal structured as a mortgage, allowing developers to acquire it via foreclosure when financing is finalized.

Trumbull Family Fitness, which operated in the building, closed in November 2024, citing fiscal prudence despite earlier hopes to remain open during renovations. Developers are working with a consultant to secure a community partner for the new market tax credits, with financing efforts progressing positively. A potential closing is targeted for March 2026, contingent on securing all funds.

The State Historic Preservation Office said the project complies with the U.S. Secretary of the Interior’s Standards for Rehabilitation, safeguarding the building’s historical integrity.

Franklin said the building’s continued vacancy could increase rehabilitation costs, stressing the urgency of the redevelopment.

“There’s not a week that goes by that I don’t get inquiries from the citizens about what’s going on with the former YMCA building,” Franklin said. “This was welcome news, not only for myself, but for our community as well.”