CLEVELAND – Dec. 20, 2012 – A new interchange opened today on Interstate 90 at Nagel Road in Avon, Ohio, with the support of The Richard E. Jacobs Group (Jacobs Group), one of the country’s leading commercial real estate developers.
“The Jacobs Group is proud to have partnered with the City of Avon, Ohio Department of Transportation, the Cleveland Clinic and others to see this interchange come to fruition,” said James Eppele, executive vice president. “What’s particularly impressive is the close collaboration among all involved to complete the new interchange some seven to nine months ahead of schedule.”
The $27 million project was financed by the city, in part, through Tax Incremental Financing, along with the Jacobs Group providing one-third of the funding. It is believed to be the first interchange in Ohio to be privately financed.
“Certainly this is about traffic, but just as big an element of this project is economic development,” said Avon Mayor James Smith.
Per traffic simulations, the interchange is expected to reduce traffic volume on State Route 83 by 35 percent and Crocker-Bassett Road by 18 percent.
The Jacobs Group owns roughly 300 acres of land near the new interchange, which it has already developed with the Cleveland Clinic Richard E. Jacobs Health Center, and has plans for further development with retailers, restaurants, hotels and other commercial enterprises.
“That’s taxes for our city, the county, our school system,” said Smith.
About The Richard E. Jacobs Group LLC
The Richard E. Jacobs Group is one of the nation’s premier developers of commercial real estate with more than 50 years experience and is headquartered in Cleveland, Ohio. Its independent affiliate, Jacobs Real Estate Services, provides comprehensive brokerage, leasing and management services for owners of office buildings, specialized use facilities and mixed use developments. More information is available at www.JRESgroup.com.