It appears that Vranich is sitting on the property. It's full of weird hotel things (beds, chairs, tv's, etc.). He's just using it as storage, nothing has actually changed with the property.
I'm sure ripping down the HMP beefed up his pockets with parking lot revenue.
"Above all, Hamilton must learn to think like a city, not a suburban hybrid where residents drive everywhere. What makes Hamilton interesting is the fact it's a city. The sprawl that surrounds it, which can be found all over North America, is running out of time."