Interview with Park South Development of Downtown Youngstown

5 10 2006

Park South Development will manage and run the renovation of the Reality-Wick Buildings, as well as the National City Bank and GM Park Place Complex. This is an in-depth interview you will only find on the New Ytown Blog! Enjoy…

1. Have you commenced yet on converting the Wick and Realty Buildings
into housing? Yes, cleaning out and demolition.

2. For right now, how many apartment spaces do you plan on having in the
Wick Building? The Realty Building? Wick=36 Realty=24

3. According to the floor plans on your website, the Wick Building will
have 3 housing units per floor and the Realty will offer 2 units on
floors 5 through 11. Will you have the same layout on every floor of the
Wick Building? What are your plans on the 2nd through 4th, as well as
the 12th floor of the
Realty Building? We will start filling the floors according to demand. The final floor plans are subject to tenant demand.

4. Can you offer any more info on student and faculty housing in
downtown? Not really except to say half of all inquires are from the University,
and we hope to work closely with Dr. Sweet as we get closer to opening.

5. Do you have a tentative price range for the apartments? If you’re asking about selling price, we will let the market determine the “purchase price” after the rental agreements expire.

6. Right now, despite the progress it’s made and the fact that its
statistically one of the safest places in Mahoning County, there is
still a stigma about downtown. How do you plan on overcoming this to
attract people to your apartments? The buildings will have access control and probably guards, downtown beat patrol has been helpful and I know the city is doing everything in their power to promote the new security.

7. On your “20 Reasons” page say you’re going to offer a lounge, a
fitness center complete with trainers and masseurs, as well as high
speed internet access in each unit. Those amenities obviously all cost
money, so how much will they affect rent? The rent is the rent, the maintenance will be a separate cost

8. The 20 Reasons page also says the apartments will offer roof access.
I wrote a couple weeks ago about how cool it would be if some buildings
in Downtown offered rooftop access, and how parties could be held up
there in the summer months. What are your plans for rooftops (i.e.
Guardrails, tables and chairs, bar, etc.) Each building will have access to roof gardens with plenty of safety measures. They will be nicely furnished. Coming from NY buildings, the owners know that the roof is a prime commodity.

9. Given the limited amount of parking spaces in Downtown, do you have a
plan to alleviate potential tenants concerns of securing a parking
space? Will you possibly be reserving spaces in your GM Park Place
garage for tenants? Parking will be made available.

10. Your drawing of The Realty Building depicts a marquee on the side.
Will this actually be added to the building in the future? This was a part of the Historical Pictures, and yes we want to put it back.

11. Do you have any drawings or sketches of what your apartments will
look like? If possible, are they available in a format that we can see? We will be updating the website soon, and the elevations will be included.

12. Getting away from apartments, do you have any plans for the first
floors? The
Realty Building is a little full, but what about Wick,
National City, or the Garage Plaza? Are you actively seeking any tenants
for a store or restaurant? Wick has tenant, Realty has tenant, Nat. City has tenant, Stambaugh will have a future restaurant, besides BW3, the Garage has space on the ground fl. and Nat City has Commercial Office space available.

13. Maybe I read something wrong, but I believe I read in The Vindicator
that almost 75 percent of the
Wick Building was occupied with tenants
when Park South bought it. Did you assist any of these tenants in
finding new spaces, or offer them space at the
National City Building? The majority of the Wick was occupied by the City, they moved to the
Phar-Mor building offices.

14. How occupied is the National City Building right now? National City, right now is 80% occupied, I am actively looking for full floor tenants, 9th Fl. penthouse is available.

15. Since you’ve put up a big yellow sign on the side of the building
advertising that you’re now leasing, what do you think is the best
reason for a business to put its offices in Downtown Youngstown? Location, Location, Locations, and the rents compared to other cities
are a great deal right now!!

16. You also have real estate in New York City and Cleveland, yet you
don’t nearly advertise those properties as much on your site as you do
Youngstown properties. Given that, how would you describe Park
South’s commitment to
Youngstown, and would you say you’re more
committed to this city then your other cities? Yes, the website was developed to promote
Youngstown properties, the other cities are occupied real estate.

17. Given the addition of the WYTV satellite studio in the
Building, it seems unlikely that the Bean Counter will be expanding
their operation beyond their corner space, but is there still an
opportunity for that to happen? Have they discussed anything with you on
that matter? Jason and the Bean Counter have plans with the Realty Management.

We at the New Ytown Blog truly appreciate Park South and Anita A. for answering all our questions. We want to wish them the best of luck!

Thank You!




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