Notably, the best areas for home sales in Ohio is in the region as that are undergoing a reconstruction because developers are eager get projects. In addition, there is an increased interest in urbanization, and many people are moving from the suburbs to the city. As a result, the real estate market is busy reshaping to cater for the apartments to shopping malls market. For instance, in Cleveland, some companies are moving from the suburbs into the city, in order to attract the younger generation staff. In the Ohio real estate, the apartment market is the highest gainer in this transformation while the conservative housing in the suburb communities will lose.
The Sale of Huntington Building
The Huntington Building, located in downtown Cleveland, has a new owner who intends to convert it into apartments and office spaces. In addition, the owner intends to include hotel rooms, restaurants, and conference facilities. The Vice Chair of the Newmark Grubb Knight Frank admits that this is a big and risky renovation, but there is a ready market for it. Indeed, the sale has made headlines in the Ohio Real Estate News. The renovation will bring in a vibrant mix of business and pleasure to suit the current real estate market.
Greenbaum, the new owner of the Huntington Building, is an urban developer. He maintained that the renovation would not affect the tradition of the building; instead, it will preserve it by including a gorgeous façade and a huge bank lobby. The building is rumored to cost $22 million, and the owner will spend 12 times more in doing the renovations. The owner hopes that the Huntington Building will be the next pivot of the new center in Cleveland, and it will redefine the Ohio real estate market.
Cleveland Hilton Garden Inn has a New Owner
Starwood Capital JV is the new owner of the Hilton Garden Inn. The hotel, which is located in Downtown Cleveland, has a new owner. The sale of the hotel closed in June 29, selling for close to $16.6 million. The hotel purchase is joint venture where the other party, Schulte Hospitality Group, Inc. is responsible for managing the hotel. The conclusion of this sale comes at appropriate time, just before the 2016 republican National Convention. Apparently, the event will raise the demand of accommodation rooms in the region, and the hotel stands to benefit. It will affect the Ohio real estate because there will be a demand for accommodation facilities. It is unclear though about the intended renovations that the hotel would undergo before the event.
Notably, the two partners have done various deals in Ohio that are available in the Schulte group website. The group has a huge share in the Ohio real estate market because it owns Embassy Suites close to the Columbus airport, Hilton Garden Inn in the outskirts of Cincinnati and another hotel in Stow.
The sale and renovation of the Huntington Building and Hilton Garden Inn will bring significant change in Ohio real estate development, especially the downtown market.