27 Coltman

History

Once a bustling, rail-served, oil depot providing underground storage capacity for various oil products, the site was underutilized for over a decade. The site’s previous owner acquired the property, and then subsequently deemed it unsuitable for development after discovering numerous underground storage tanks on the site. Hemisphere acquired the property, resolving the previous owner’s contingent environmental liability.

Remediation

Hemisphere’s remedial activities included the removal of the abandoned 29 underground storage tanks, disposal of over 100,000 gallons of hazardous substances remaining in the tanks and the removal of all impacted soil to a depth of 10 feet. The remediation was completed in September 2005 and a No Further Action letter was approved by Ohio EPA in 2006.

Development Results

Once the environmental concerns had been eliminated, Hemisphere entered a joint venture with a residential development company to perform the vertical construction on the 1.2-acre site. In late 2008, Hemisphere closed its joint venture agreement, which resulted in the construction of 27 townhomes, aptly named 27 Coltman. This project brought catalytic change to this historic neighborhood, taking advantage of Cleveland’s best-known landmarks, including Case Western Reserve University, the Cleveland Museum of Art, Severance Hall, and both the Cleveland Clinic Foundation and University Hospital’s medical complexes. The 27 Coltman project quickly sold out, even during the depths of the “Great Recession” and one of the worst housing downturns in recent history.