The Redevelopment of the Hercules Motors Company facility (“Hercules”) encompasses 26-acres and 610,000 square feet of vacant, formerly-industrial property in about 29 interconnected warehouse style buildings built between 1855 and 1945 in downtown Canton, Ohio. The project involves a “Brownfield” remediation and an adaptive reuse of historic structures consistent with smart growth policies.
The property, located in downtown Canton, near the intersection of Route 30 and Highway 77, was home to the former Hercules Motors Company from 1915 until 1999. During that time over two and a half million engines were built for trucks, jeeps, generators, pumps and other equipment. Hercules was, at one time, the world’s largest producer of internal combustion engines. During World War II the company devoted 100 percent of its production to war needs, employing 5,800 men and women working a 24-hours a day, 7 days a week, production schedule.
The development team, led by Cormony Development LLC, has produced a program that iseconomically viable and will act as a catalyst for development in a blighted section of Canton, south of the central business district. The mixed-use project will include residential rental apartments, class A office space, retail, recreation and restaurant space. The historic, industrial nature of the property and its surroundings will be maintained, while the structures are rehabilitated and adapted for new uses. The Hercules site has been placed on the National Register of Historic Places and has received Part II approval from the State Historic Preservation Office and the National Park Service, and has become eligible for the use of both State and Federal Historic Tax Credits.
The development effort on the Hercules site began in 2005 after acquisition. Since that time, a construction-phasing plan has been approved and adopted and phase 1 construction has begun. Phase 1 will produce 90 market rate rental apartments in one and two-bedroom configurations. Tenants will enjoy access to a variety of amenities within the 125,000 square foot phase, including comfortable and entertaining interior and exterior common areas. A main focus of development on site, beginning with phase 1, is the environmental remediation of the site and the creation of energy efficient structures and sustainable features. Upon completion of the approved remediation plan the USEPA and the Ohio EPA will both approve the environmental condition of the site and issue a Covenant-Not-To-Sue. This is the highest level of assurance provided at the State and Federal level that environmental issues have been properly identified and remediated.
The financial structure of phase 1 has created a diverse group of participants including U.S. Bank N.A. (FHRTC investor), Foss and Company (SHRTC investor), KeyBank, the City of Canton and the Stark Community Foundation. Additionally, the Ohio Development Services Agency continues to oversee the expenditure of Clean Ohio remediation funds that were granted to the project in 2006.
Jamie Dunford
CBRE
