A downtown Mansfield hotel project has moved forward with a $2.35 million property sale recorded in Richland County, according to the Richland Source.
Public records cited by the outlet show 116 Park Avenue West LLC acquired the former Holiday Inn at 116 Park Ave. W. from Park Hospitality LLC. The building dates to 1984.
Local investors intend to put about $10 million into renovating and redeveloping the site, the outlet reported. The project has secured a half-million-dollar tax credit under the Transformational Mixed Use Development program, along with Mansfield City Council's approval of a 12-year property tax abatement at 75 percent.
According to the report, the property keeps operating as the Quality Inn & Suites Downtown Mansfield during construction. Once work finishes, it would be relaunched as the Hearth & Forge Hotel, described as an upscale boutique property in Choice Hotels' Ascend Hotel Collection.
Mansfield entrepreneur Jay Goyal framed the effort as a community opportunity, saying the property had fallen short of its potential and could become a source of local pride.
The same batch of county transfers listed numerous other residential and commercial sales, including 1480 Free Road at $1.25 million and five Durbin Road parcels at $2.25 million, the outlet reported.