Home > News > Stark Community Foundation Fills $3M Gap in Hercules Project Funding
Date: November 10, 2016
ABOVE: Rendering of the Hercules project
Stark Community Foundation recently closed a $3 million funding gap for the Hercules project by providing a five-year loan for the redevelopment of the former Hercules Motors Company site in downtown Canton.
In order to complete phase one of the project, the funding gap needed to be addressed. The first phase, which includes the creation of 90 market-rate apartments covering three acres of the site, is expected to cost more than $35 million and will be completed by November 2017.
“At Stark Community Foundation, we believe economic development serves as the catalyst for addressing the root cause of social problems within communities,” said Mark J. Samolczyk, president and CEO of Stark Community Foundation. “We felt it was important to invest in this economic development project because it will have a significant impact on individuals and families in our community while also restoring the heritage and character of Canton. One of our goals as a community foundation is to improve the quality of life for residents in our community, and this project has the potential to do that.”
According to the real estate developer of the industrial site, Cormony Development LLC, the rustic apartments will feature exposed brick, abundant natural light through large windows, private courtyards, community green spaces, a lower-level community room, convenient parking and more.
Other funding sources for phase one include Clean Ohio Revitalization Fund, U.S. Bank N.A., Foss & Company, KeyBank and the city of Canton.
Future phases of the mixed-use development project will include additional residential units, office and retail spaces. Development costs are expected to approach $100 million.