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(Land)Banking on Execution, Vision

In Cleveland, Ohio, a 22-acre industrial property—the former home to a steel plant—was not a site for the faint of heart. And, it was definitely not a sight for sore eyes. It was far from it. Midland Steel, which for decades had owned and operated the plant, had vacated the property in 2004 after filing for bankruptcy. What Midland Steel left in its wake were a host of environmental issues accumulated over the years: Thousands of tons of soil and concrete contaminated with hazardous materials or impacted by petroleum; numerous open pits filled with millions of gallons of PCB contaminated waters and oils; and an abandoned building with asbestos containing bio-hazardous materials. When the calendar flipped to 2005, the city of Cleveland acquired the property for eventual re-development. But anyone with an accurate crystal ball could have safely predicted that it might take eight to 10 years—or longer—to see results…Log In to Read Full Article

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