Developer investing millions into downtown Sandusky

SANDUSKY — Despite bolting to San Diego, a 1979 Margaretta High School graduate plans on charging forward with a massive investment in a Midwest city he loves.Rick Hogrefe, along with his wife, Meghan, recently bought three downtown Sandusky properties with visions to enhance each one for residential, commercial, entertainment and mixed-use purposes. They worked with local realtor Jenny Craig of Russell Real Estate Services on these sales.Among the properties they now own outright: The Cooke Building on Columbus Avenue and Market Street; 201 W. Water St., also known as Waters Edge Apartments, near H.D. Tony's; and 305 E. Water St, located next to Facer Park by New Sandusky Fish Co."I spent $1.75 million on the buildings and anticipate investing (an additional) $4 million to $6 million of our own money over the next few years," said Hogrefe, who's originally from Bay View. "We believe it is a great opportunity."Rick Hogrefe with his wife, Meghan, recently bought three downtown Sandusky properties with visions to enhance each one for residential, commercial, entertainment and mixed-use purposes. Among the properties they now own: The Cooke Building on Columbus Avenue and Market Street; 201 W. Water St., also known as Waters Edge Apartments, near H.D. Tony's; and 305 E. Water St, located next to Facer Park by New Sandusky Fish Co.Hogrefe then made a compelling argument: More opportunities exist in Sandusky than a metropolitan, world-class travel location he's familiar with."The upward potential is so much greater than a city like San Diego, where I currently live," Hogrefe said. He's 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 in a perfect place," Hogrefe continued. "It is a beautiful location. It is near major cities yet far enough away to be a destination. There is Cedar Point, which will always keep Sandusky on a map. It has that unique 'lake effect' of a fairly well educated, diverse population due to generations of transitional folks moving in, bringing new thoughts and cultures."Hogrefe specifically credited local developers Nikki Lloyd and Ryan Whaley as an encouraging factor to invest in Sandusky. The spouses 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. "These projects are exciting and will continue the momentum in downtown," city manager Eric Wobser said. "It's particularly exciting to see someone from the area who has done well come back and invest in order to help the area achieve its potential."Property plansRick Hogrefe, along with his wife, Meghan, recently bought three downtown Sandusky properties with visions to enhance each one for residential, commercial, entertainment and mixed-use purposes.They bought these properties for $1.75 million and plan on investing an additional $4 million to $6 million in private money in the coming years.Among the plans for each one, with explanations by Hogrefe:1. Cooke Building at Columbus Avenue and Market Street: "It will be mixed. The idea is continued commercial on (the) ground floor and mixed on the second and third. The third floor would lend itself well to a variety of businesses. The ballroom is still there as is the theater. Both can be turned into gems. We certainly see putting in very nice residential space (there)."Note: Hogrefe already designated $500,000 to help stabilize the Cooke Building and make any immediately required repairs.Rick Hogrefe, a 1979 Margaretta High School graduate, who now lives in San Diego, recently bought the Cooke Building on the corner of Columbus Avenue and Market Street in Sandusky. Along with his wife, Meghan, they recently bought this property and two others in downtown. The spouses plan on investing millions of dollars in their own money for development purposes.2. 201 W. Water St. near H.D. Tony's: "Continue as mixed. The penthouse will be our Sandusky domicile."Rick Hogrefe, a 1979 Margaretta High School graduate, who now lives in San Diego, recently bought the building at 201 E. Water St. known as Waters Edge Apartments. Along with his wife, Meghan, they recently bought this property and two others in downtown. The spouses plan on investing millions of dollars in their own money for development purposes.3. 305 E. Water St. near Facer Park: "Mainly a commercial enterprise, bringing summer and winter family fun to downtown. We are planning a vacation rental on the third floor with a rock climbing wall going through it. That's all we will reveal at this time."Rick Hogrefe, a 1979 Margaretta High School graduate, who now lives in San Diego, recently bought the building at 305 E. Water St. near Facer Park in Sandusky. Along with his wife, Meghan, they recently bought this property and two others in downtown. The spouses plan on investing millions of dollars in their own money for development purposes.Reach reporter Andy Ouriel at ouriel@sanduskyregister.com and follow him on Twitter @AndyOuriel.