2904 Oh-59Ravenna, OH 44266

Property Details for 2904 Oh-59

Lot size

48.78 AC

Property type

Healthcare properties

Property subtype

Assisted living facilities

Description

This exceptional 48.78-acre parcel in Ravenna, Ohio, presents a remarkable opportunity for high-density residential development. Located on State Route 59, between Kent and Ravenna, this property boasts a desirable location with convenient access to major roadways. Zoned for Residential/Multifamily/Senior Housing, it allows for up to 247 dwelling units, based on a density of five senior units per acre. The site features a significant 31-acre plateau elevated 20+ feet above a nearby pond/wetland, offering stunning views and potential for unique architectural designs. Existing infrastructure includes main line sanitary sewers and water lines running through the property, significantly reducing development costs. Furthermore, Ravenna Township is actively considering the construction of an 800' x 1000' public access road, potentially funded through tax increment financing. The substantial senior population in Portage County (approximately 30,000 residents over 65) and the current lack of senior housing inventory create a strong market demand. Minimum square footage requirements for senior housing are specified as: Efficiency Apartments: 500 sq ft

Location Insight

City

Ravenna

County

Portage

State

Ohio

Latitude

41.1577

Longitude

-81.2893

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