2904 Oh-59Ravenna, OH 44266

For Sale
$1,250,000

Prime Ravenna development land, 247 units possible.

Overview

Added:
Dec 11, 2024
Days on market:
92
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

Highlights

  • 48.78-acre development site in Ravenna, OH, zoned for high-density residential, multifamily, or senior housing.
  • Prime location on State Route 59 between Kent and Ravenna, offering convenient access to major roadways.
  • Potential for up to 247 dwelling units (5 units/acre for senior housing).
  • 31-acre plateau provides elevated building sites with scenic views.
  • Existing sewer and water infrastructure on-site reduces development costs.
  • Potential for public road access via tax increment financing.

Property Details for 2904 Oh-59

Property type
Assisted living facilities, Retirement homes
Lot Size (sq. ft)
2,124,857 SF

Location Insight

City
Ravenna
County
Portage
State
Ohio
Latitude
41.1577086
Longitude
-81.2892731
2904 Oh-59, Ravenna, Ohio

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2904 Oh-59
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