MIDDLE MARKET HIGHLIGHT, MARCH 2006

CANTON
Karen Stone, CCIM

As manufacturing is losing momentum to offshore companies, Canton is maintaining equilibrium and taking steps to diversify its economy. For example, the medical services industry has a strong presence. Aultman Healthcare and Hospital is the area's largest employer with more than 4,000 people on its payroll. The Timken Company, the world's leader manufacturer of ball bearings and steel, employs approximately 3,000; Diebold Company employs more than 750 people; and Nationwide Insurance employs approximately 800.

Downtown development is hot in Canton. “We are focusing on making our downtown into a destination location,” notes Mandwel Patterson, executive director of the Canton Community Improvement Corporation. The current focus is on refurbishing existing buildings and attracting entrepreneurs back to the area. “In the past 2 years, $15 million to $17 million in private sector investment has been pumped into downtown,” Patterson says. The current move to attract entertainment, retail and service companies is being joined by an effort to bring residents back downtown.

The Onesto Hotel, located in the heart of downtown, is being readied for renovation into 33 condo units. Steve Coon, president of Coon Restoration and Sealants, and one of the major investors in downtown, is the developer. The existing improvements are currently being cleaned up and it is anticipated that the units, which will be priced in the $150,000 to $250,000 range, will be available in late 2007. According to Patterson, this is the beginning of the downtown housing push.

The William R. Day Building, which is located at the corner of Cleveland and Second avenues, is undergoing a $5.5 million remodeling. The eight-story building will be reconfigured into 24,600 square feet of office space and approximately 19,000 square feet of retail space. An attached parking garage will have 508 parking spaces. Construction on the building has started and completion is scheduled for spring 2007. Canton-based REM Commercial is the developer; Gary Duval with City Design and Architecture is the project architect.

Canton's vision for its downtown includes a new convention center, a new full-service hotel and other facilities that will draw residents and visitors back to the area. The former Hercules Engine Plant, located on the south side of downtown, has been purchased by a group of developers who are determining the feasibility of putting entertainment on the site. And it is very likely that a 37-block area of downtown will be designated as a historic district in the near future, which will support continued momentum in downtown through the availability of federal tax credits.

Both suburban and urban housing markets are very competitive now, as Canton strives to add residential amenities and options throughout the area. “We have three higher education colleges in the area [Starke State Technical College, Malone College and Walsh University] with a combined student base of 60,000,” Patterson notes. “We are focused on retaining these highly skilled and trained workers in the area through a ‘brain gain' initiative that includes providing attractive, affordable living options.”

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