Park Location sees new investor | Information

ASHLAND Downtown Ashland could be viewing more rental house subsequent the sale of the Park…

ASHLAND Downtown Ashland could be viewing more rental house subsequent the sale of the Park Place building to a health practitioner from California.

In April, Dr. Vikas Ghai, an oncologist at Adventist Wellbeing Bakersfield, bought the constructing at auction for $735,000, according to Boyd County PVA records. Bobby Meade, operator of Central Uniform and Scrubs inside the creating at 1701 Central Avenue, is acting as the eyes on the floor for VSI Assets, the keeping corporation Ghai designed to obtain the developing.

Meade reported the concept for the building is to completely transform it into a blend of business and rental areas, but he reported the circumstance is “fluid.”

“Right now every thing is up in the air, but in the coming months we should really have a clearer plan of what Dr. Ghai will do with the developing,” Meade explained.

When Ghai purchased the constructing, Meade explained he and the new proprietor “absolutely strike it off.”

“He is a health care provider and I am a nurse, so we both have operating in overall health care as some thing in frequent,” Meade claimed. “Whenever you converse to him, you are going to obtain he’s enthusiastic about the venture and that he wants to do a good deal for the local community.”

Included Meade: “We’ve been hit really tricky about the final 15, 20 many years, so it is great to see another person arrive in and see prospective in what we have all-around below.”

According to Meade, Ghai has been investing in real estate across the country about the decades. Whilst largely concentrating on residential enhancement, Ghai has not too long ago branched into getting industrial areas — Meade explained the health practitioner identified out about Park Spot as a result of a listing.

“When it went to auction, that is when he observed out about it and acquired it,” Meade stated. “He actually wants the greatest for the places he invests in. I know he’s acquired me energized for points to appear at this building.”

Local community and Economic Development director Chris Pullem reported a single point Ashland is in small supply of is developable land — just about just about every parcel in the city limitations has some sort of framework sitting on it.

“We’re packed in listed here quite dense and you will find not a whole lot of open spaces,” Pullem claimed. “I appreciate looking at our builders get inventive and repurposing areas currently present in the city.”

Turning Park Area into a mixed-use constructing will capitalize on a industry that’s in need, according to Pullem.

“Downtown living is booming — we’ve received 100% occupancy costs in the 70 or so downtown residential models,” he claimed. “I imagine you will find a substantial demand for it and including new models to the sector will assist expand that.

“I believe at Park Location, they are completely ready to make some important investments into this assets,” Pullem additional.

 

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