CLEVELAND – August 19, 2014 – Jacobs Real Estate Services (JRES) announced today that it has agreed to sell 32 acres of land in its Avon Place development for the construction of Rose Senior Living at Avon, a 175-unit senior living congregate care facility with 76 townhomes.
The main facility will be approximately 190,000 square feet and act as a town center for the congregate care facility and townhomes. It will include a number of dining venues, a lounge, common areas, chapel, and recreational and fitness areas. The exterior will be extensively landscaped and provide a variety of outdoor recreation and dining areas for residents and guests.
“With this deal for a Rose Senior Living project in place, the Avon Place development continues to gain momentum,” said Jim Eppele, JRES executive vice president. “Especially since it comes on the heels of our recent announcements of the new rehab hospital, a hospital tower, preschool, hotel and event center all underway.”
Avon Place is a 132-acre, master-planned development located in Avon, Ohio, near I-90 and Nagel Road. It is currently home to the Cleveland Clinic Richard E. Jacobs Health Center, which has an adjacent hospital tower under construction.
Other projects underway at the development include a 60-bed adult inpatient rehabilitation hospital built as part of a joint venture between Cleveland Clinic and Select Medical, a 116-room Residence Inn by Marriott hotel with an attached 10,000-square-foot conference center and a Primrose Schools preschool. Plans call for other related facilities, such as offices and restaurants.
Rose Senior Living at Avon is a venture of Edward Rose & Sons, a privately held real estate development and management company established in 1921. It has forged a strategic partnership with Ecumen Associates of Minneapolis to manage the senior living portion of the business. Ecumen is known for innovative techniques and strategies to support an aging population and empower its residents to live a full life.
“Located in a tremendous and growing community like Avon, and with such close proximity to the interchange and a Cleveland Clinic hospital, it was an easy decision to choose this site for our Rose Senior Living project,” said Paul Mott, Edward Rose & Sons director of asset acquisition.
About Edward Rose Senior Living
Edward Rose Senior Living develops senior living congregate care facilities that provide upscale independent, assisted and memory care living options. Based in Michigan, it has a facility in Tennessee and a number of others under construction or planned in Michigan, Indiana and Washington. For more information, visit www.roseseniorliving.com.
About Jacobs Real Estate Services LLC
Jacobs Real Estate Services provides comprehensive brokerage, leasing and management services for owners of office buildings, specialized-use facilities and mixed-use developments. It is an independent affiliate of The Richard E. Jacobs Group, one of the nation’s premier developers of commercial real estate with more than 50 years’ experience. For more information, visit www.JRESgroup.com.
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JRES is a fully integrated third-party commercial real estate firm serving land and property owners. As an affiliate of The Richard E. Jacobs Group, JRES leverages nearly 60 years of experience and an owner’s perspective to maximize the value of its clients’ commercial real estate. At JRES, this experience means everything to our clients.