Wednesday, October 15, 2008

Harrison Terminal developers submit application for remediation funds

The developers of the Lofts at Harrison Terminal have submitted their application for Clean Ohio Fund dollars to perform a Phase II environmental site assessment on the property at 1220 Harrison Avenue in Queensgate.

E&T Real Estate Holdings needs the funding to proceed on conversion of the 60,000-square-foot building into 18 market-rate apartments with ground-floor commercial space.

Although they plan to finance the construction through a conventional loan, the site assessment will help them to prepare cost estimates and a site remediation plan.

In 2007, a limited Phase II environmental assessment of soil samples from the property showed semi-volatile organic compound (SVOC) levels that exceeded Ohio Voluntary Action Program direct contact soil standards for residential use.

A smaller rear building, one of two others located on the property, is currently leased by a company that recycles semi-tractors, semi-trailers, delivery trucks, and vans.

E&T is terminating the lease and the property will be vacant by January, giving better access for environmental testing.

So far, E&T has installed a new roof, replaced windows, constructed fire stairs, and performed Phase I environmental assessments on the five-story building.

Built in 1885 as a warehouse, the Harrison Terminal Building has been used for furniture manufacturing, bakery supply, trailer sales and rental, advertising, music recording, and several transportation companies. Harrison Terminal sold the building in 1990.

Plans for the surrounding area, including the West End Comprehensive Plan, envision a "Loft District" that would turn vacant industrial properties into residential apartments mixed with commercial studio, office, and limited retail and commercial spaces.

Key selling points for the property include views of the skyline from the top floors and a short commute time to Downtown.

One of the development partners has stated that he'll live in one of the completed units.

Previous reading on BC:
Cincinnati supports Harrison Terminal apartment project (8/13/08)
Apartment re-use for Camp Washington? (7/29/08)