Developers continue major investment in Sandusky

SANDUSKY — Monopoly must be the favorite game for Rick and Meghan Hogrefe.Why? Because they continue rolling the dice and taking a chance on Sandusky through purchasing vacant properties.Their latest acquisition, however, doesn't fall on Park Place or Boardwalk.It's on East Market Street.The spouses hailing from San Diego recently bought the Schottenstein Building, located at 246 E. Market St., next to Value City Furniture.Sitting abandoned for at least 15 years, many longtime locals remember the structure as a multi-unit apartment building.It's their intention to remodel and upgrade the building for a mixed-use development."The Schottenstein is a beautiful structure," said Rick, a 1979 Margaretta High School graduate. "I have already had inquiries about selling individual units as condos, however, the plan right now is to rebuild the upper floors into apartments. There can potentially be four to eight apartments, depending on how we configure it."As for the street-level space, "The commercial zone downstairs will be more fun," Rick said. "Meghan is developing a line of clothing for professionals who play, and we have a hot sauce company we are contemplating."Spouses Rick and Meghan Hogrefe recently purchased the Schottenstein Building, located at 246 E. Market St., next to Value City Furniture. It's their intention to remodel and upgrade the building for a mixed-use development, with apartments above businesses on the street level. Buying up buildingsThe Schottenstein Building only adds to the Hogrefe's rapidly growing property collection.Earlier this year, the two swooped in seemingly out of nowhere to acquire three other underused structures within downtown Sandusky:• The Cooke Building on Columbus Avenue and Market Street, which they'll transform into a mixed-use development for residential and commercial purposes• 201 W. Water St., also known as Waters Edge Apartments, near H.D. Tony's, which they'll maintain its current residential and commercial uses• 305 E. Water St, located next to Facer Park by New Sandusky Fish Co., which they'll create "a commercial enterprise, bringing summer and winter family fun to downtown"Meanwhile, they're poised to take over the Ramsey Building at 335 Central Ave. and enhance those existing living spaces into more modern apartments.They also own two Bay View properties: the former Moose Lodge on East Bayview Drive and the old Dairy Queen.All told, through acquisition and development costs, their commitment in Erie County clocks in at about $10 million."My investments are extremely balanced," said Hogrefe, the CEO of California-based company TriLink Biotechnologies, which offers cutting-edge services to researchers in the fields of gene therapy, chemotherapy and diagnostics. "Sandusky is not the largest part by any stretch, but it is the most important part."Earlier this year, spouses Rick and Meghan Hogrefe bought the Cooke Building on the corner of Columbus Avenue and Market Street in Sandusky. They want to transform the space for residential and commercial purposes, which includes reactivating the building's theater. A special placeRick explained why he continues pouring his family's resources into Sandusky."Sandusky has about anything a town could want: history, a waterfront, a huge local draw," he said. "We also saw a wonderful opportunity to help rebuild Sandusky. The Cooke Building is a project very dear to our hearts. We can't wait to restore the theater and ballroom. I am a firm believer these are the right moves. The city is ready to transform. We want to be a part of it."Meghan, who previously didn't have a connection with this area, might be more of a believer than Rick."Maybe the biggest reason we keep investing is that she fell in love with the city and its people, and they have embraced her in return," he said. "She is making new friends everywhere she turns in town. She even goes to Ohio without me just to hang out at Daly's, where we got engaged, by the way."The two plan on making Sandusky their summer home. They'll stay in a penthouse atop Waters Edge Apartments.Rick and Meghan specifically credited local developers Nikki Lloyd and Ryan Whaley as an encouraging factor to invest in Sandusky. Lloyd and Whaley own several businesses in downtown, including Hotel Kilbourne, Volstead Bar and Green Door Mediaworks."When we initially took them on a tour of the hotel, we were telling them about all the changes going on right now," said Lloyd, who's also a city commissioner. "Anytime we talk about Sandusky, we get so excited about it, and they picked up on that."Sandusky officials overseeing economic development activities labeled these purchases as major milestones in pushing forward the city's ongoing rejuvenation efforts."We're very excited by Rick's and Meghan's commitment to reinvest in Sandusky," city manager Eric Wobser said. "We are excited to work with them to bring new life to these older buildings and to position them for a bright future."Earlier this year, spouses Rick and Meghan Hogrefe bought the building at 201 E. Water St. known as Waters Edge Apartments. They'll maintain the structure's current uses and plan on making its penthouse their summer home. Reach reporter Andy Ouriel at ouriel@sanduskyregister.com and follow him on Twitter @AndyOuriel.Spouses Rick and Meghan Hogrefe recently bought the Schottenstein Building, located at 246 E. Market St., next to Value City Furniture. Dating back to January, they have purchased numerous other vacant buildings in both Sandusky and Bay View, a private investment totaling about $10 million.