SIGNET Development Breaks Ground on $130M NEOMED Expansion Project

By Adrian Maties, Associate Editor SIGNET Development, a full-service real estate development and construction management firm co-headquartered in Akron, Ohio, and Jacksonville, Fla., broke ground on July 24 on a new  residential housing village in Rootstown for the Northeast Ohio Medical University (NEOMED). This is the first part of NEOMED’s three-phase master expansion plan. which [...]

SIGNET Development, a full-service real estate development and construction management firm co-headquartered in Akron, Ohio, and Jacksonville, Fla., broke ground on July 24 on a new  residential housing village in Rootstown for the Northeast Ohio Medical University (NEOMED). This is the first part of NEOMED’s three-phase master expansion plan. which includes more than $130 million in construction on the Rootstown campus. The project is expected to bring hundreds of construction jobs to the area.

NEOMED’s first on-campus residential housing project, it calls for the construction of three buildings standing four stories high on the northwest corner of the campus. The new luxury residential housing village will be spread over 270,000 square feet. It will include private parking spaces, paved walkways for easy access to existing campus facilities, group study areas on each floor, a large recreation area and a game room in the main building. The three buildings are designed to minimize sound transfer between units, ensuring the privacy of each resident.

There will be a total of 185 one- and two-bedroom units to house approximately 340 students. Each unit will include living room furniture and will be equipped with kitchen appliances, washer and dryer. In addition, each resident will have a private study area, bathroom and walk-in closet.

John Wray, vice president of administration and finance at NEOMED, sees SIGNET as the ideal partner to help the university with its expansion plans. “We’re excited to see construction begin,” he said.

SIGNET is one of the country’s premier developers of both public and private real estate projects. The company will provide NEOMED with turnkey development and finance services for the expansion project and will oversee all design, building, finance and management services. When finished, the expansion project will more than double NEOMED’s current 450,000-square-foot campus.

Anthony Manna, chairman of SIGNET Development, stated that his company is ”proud to partner with NEOMED to create a project that invests in our community and our future medical leaders by enhancing the living, learning and overall campus experience of a great medical university.” Developers expect to deliver the units by fall 2013. They will be available for lease to students and others affiliated with the university.

Rendering courtesy of TC Architects.