YOUNGSTOWN, Ohio (WYTV) – Youngstown State University is looking to buy a student housing complex that is owned by a property group led by Dominic Marchionda.
Details of a resolution to explore buying the Flats at Wick on Madison Avenue were laid out during the trustees’ quarterly meetings on September 4 and 5.
The 116-bed housing complex was put up for sale by NYO Property Group, which owns several prominent buildings in and around downtown Youngstown.
The asking price for the building is $8.5 million. Trustees have agreed to negotiate and enter into a purchase agreement to buy the building for no more than its appraised value.
The Flats at Wick, along with Wick Towers and Erie Terminal Place are at the center of a corruption trial naming Marchionda, former Youngstown Finance Director David Bozanich and former Youngstown Mayor Charles Sammarone.
Federal prosecutors say there were illegal things happening behind the scenes with those projects and others associated with Marchionda.
Marchionda was indicted on more than 100 criminal charges, including bribery, theft, tampering with records and fraud. Investigators say he misused city water fund money for his development projects.
Youngstown State University did not have any association with The Flats at Wick only to include it as a housing option for students but played no part in its operation.
Trustees will obtain appraisals of properties surrounding the complex, and if approved, will move forward with the acquisition of the property.
The resolution also authorizes YSU to secure financing for the property.
The Flats at Wick sits adjacent to Cafaro house on the north side of campus.