By Joe Pinchot
Herald Staff Writer
After growing in the last decade and acquiring clients and property through acquisitions, the management of multiple properties became inefficient for Reinhardt’s Insurance Agency, said President Ryan M. Tyson.
The agency is ready to consolidate its offices with a project that will help the Route 62 corridor, he said.
“It took us two years to get to this point,” he said.
City commissioners approved a land development plan Thursday for Reinhardt’s to expand the former Allen Agency Inc. building at 3775 E. State St.
Two additions to the building will boost the square footage by 3,506 square feet to a total of 5,990 square feet.
“I anticipate an Aug. 1 groundbreaking with a potential move-in date on or about Feb. 1,” Tyson said.
Reinhardt’s bought Lawyer Insurance Agency in 2007, Leipheimer Insurance Agency in 2009 and Jovenall Insurance Agency in 2005.
Last year, Reinhardt’s acquired the Allen business and property, and the building has sat vacant since then. Having three buildings, including one with nothing in it, no longer made sense financially or from a personnel standpoint, Tyson said.
Reinhardt looked at constructing its own building but decided it would be fiscally prudent to sell the property to Hudson Holding Co., Hermitage, which will construct the expansion and own the property, Tyson said.
The brick-and-sided building also will feature a two-story entrance hall, and the project includes new parking, sidewalks, storm sewers and landscaping.
“What we’re proposing is really going to help the 62 corridor,” he said.
While the agency will be moving out of its Sharon building – a building it owns – Tyson said he is not abandoning Sharon. Downtown Sharon has been improving in recent years, and Tyson said he has good relations with Sharon city officials and wants to maintain them. He will continue to own the property, which has two other tenants, and seek other tenants, he said.
“This isn’t a negative thing to Sharon,” he said. “I’m a big proponent of the city of Sharon.”
Reinhardt’s acquisitions all have been Hermitage-based companies, he said.
The company that employs 16 also will close its existing Hermitage office at 3545 E. State St.