A real estate group from New York is looking to start construction and renovations on the former Shenango Inn property by the end of April.

New-York-based real estate group, The Yanko Group is looking to renovate the historic property in Sharon after the group's project was put on hold last year due to financial issues.

Now, Yanko Group CEO Michael Yanko tells us things are beginning to look up for the project.

On Thursday afternoon, Yanko reached out to the city manager with a proposal: if the city can kick in some of the cost to finish the hotel, he can get the project done.

"It looks like we are getting some favorable financing terms right now that will enable us to continue and staff the project and bring it into fruition," Yanko said.

The group is looking to turn the property into a four-star hotel where people can congregate, get married and enjoy quality bars and restaurants. Yanko tells us the group is looking to add a spa as well.

"We're going to bring [the building] back to its former glory and the Shenango Hotel back to its glory," Yanko said.

The cost of the project is roughly $6 million. Yanko tells 21 News the group still needs another million dollars and he's hoping the City of Sharon will help fund the project with grants.

The project would take about one year to complete and once done is expected to provide between 60 and 70 jobs for the city. This will be group's first project in the Shenango Valley, as the group usually works in New York and Connecticut.

Yanko says he chose the Shenango Valley because he sees the need for a higher end hotel in the area.

"The area doesn’t need another two or three star hotel. It  doesn’t need another Red Roof or Holiday Inn. But there are people who need a four star experience, an elevated experience," Yanko said.

Bob Fiscus, Sharon city manager said he will continue working with Yanko to make it the project happen, but there are no guarantees regarding the grant just yet.