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STEUBENVILLE -- Plans that could help to revitalize a prominent downtown building will be among those featured as part of an event designed to showcase projects across the Appalachian region.
A proposal to renovate the Exchange Realty Building, located between 426 and 430 Market Street, will be part of the virtual investor-convening event Opportunity Appalachia is planning for Wednesday and June 1.
"We will have the chance to present the project to a number of investors," said Robert Naylor, executive director of the Jefferson County Port Authority. "These are groups who want to come in and invest because they can see the opportunity that is there."
The downtown Steubenville project will be one of 33 that will be seeking to develop relationships with investment partners, a release from Appalachian Community Capital explained. The project portfolio is seeking $252 million in financing and is anticipated to create 3,000 jobs -- including work for individuals in addiction recovery, the long-term unemployed (including former coal industry workers), minorities and women.
Naylor explained port authority officials have developed a prospectus, produced a video and are running through practice pitch sessions in anticipation of the event.
Having an opportunity to showcase the plans is important, development officials explained.
"Opportunity Appalachia provides our regional redevelopment projects the much-needed technical assistance to move forward, as well as the national exposure to potential investment partners. We very much appreciate the ongoing financial support from the Appalachian Regional Commission, the Ohio Department of Development's Governor's Office of Appalachia and Appalachian Community Capital," said Katy Farber, vice president of Ohio Southeast Economic Development, the Jobs Ohio partner for Southern, Eastern and Southeastern Ohio.
Collaboration is seen as a key to helping improve communities across Appalachia.
"It's imperative that we work together across Appalachia to transition and diversify the region's economies," said Gayle Manchin, federal co-chair of the Appalachian Regional Commission. "I commend Appalachian Community Capital for convening this event and building relationships between investors who share the common goal of putting plans to action in ways that are helping to usher in a new era of prosperity for an often-overlooked but resilient region."
Naylor explained the vision of the local project includes luxury apartments, office space and mixed-use retail.
"This could be an anchor that will help us revitalize the downtown district," he added.
Among those scheduled to speak during the virtual meeting is Tom Barkin, president of the Federal Reserve Bank of Richmond, Va. Representatives of its Investment Connection program also are expected to participate.
"Our Investment Connection program introduces public and private funders to project proposals from community-based organizations that benefit low- and moderate- income communities," said Carrie Cook, the Richmond Fed's community affairs officer and vice president of community development. "Aligning with the investor-convening strengthens our shared goals."
It's an important was to showcase projects, officials added.
"We're proud of the work we're doing with Opportunity Appalachia to breathe life back into these under-appreciated communities," said Donna Gambrell, president and CEO of Appalachian Community Capital. "The benefits can be felt not only by the communities themselves but by our investors - through the social impact they are having and the financial returns generated."
Naylor said the renovation of the building could help to change the whole look of Steubenville.
"We hope this can be a jumpstart," he said. "There are people who want urban living, and we have a shortage of that here. This could provide a different type of living downtown. It's close to the action, and close to the bridge.
"This could be a real catalytic development for our downtown."
Ten of the 33 projects scheduled to take part in the event are in Ohio. Joining the Exchange Realty project are the Byesville Business Incubator; Inn on the Park in Gallipolis, Maxwell's Pizza Somerset in Somerset, the Mills Building in Caldwell, the Pioneer School Redevelopment in Zanesville, RowHammer Brewing Co. in Chauncey, Shawnee Renaissance in Shawnee, the Swisher Development Complex in Somerset and the Youngstown parking garage feasibility study.