CLEVELAND—Site clearing is already underway for the massive Pinecrest project, a mixed-use development in the affluent suburb of Orange Village, and officials from lead developer Fairmount Properties say they have attracted interest from national investors. Lennar Commercial, a subsidiary of Miami-based homebuilder Lennar Corp., has just made an initial $17 million investment in the $225 million Pinecrest, through an advance to the partnership by Lennar's sister company, Rialto Capital.
The partners say they will finish the 58-acre Pinecrest in 2017, and it will offer 400,000 square feet of retail and restaurants, a gourmet grocer, 90 new apartment residences and 150,000 square feet office space linked to a 120-room hotel and parking garage.
“It's extremely gratifying to see the potential we knew in Pinecrest affirmed by an accomplished national investor with such deep industry expertise,” says Randy Ruttenberg, Fairmount founder and principal. “After years of careful and strategic planning, the team is thrilled to gain this commitment from Lennar Commercial. Their investment is not only a huge win for Pinecrest, but for the region.”
“We're excited to be involved with Fairmount's impressive team at this quality project,'' says Eric Feder, president of Lennar Commercial and vice chairman of Rialto. “We are confident that we can add real value with our experience and our contacts.''
The development will bring in a number of upscale retailers that have never entered the greater Cleveland market. Among those is REI, a popular outdoor recreation store and outfitter. Pinstripes, a Italian-style bistro offering bowling and bocce, Old Town Pourhouse, a neighborhood restaurant and tavern and Silverspot Cinema, which will offer movie viewing with dinner, drinks and luxurious seating, will also occupy space at Pinecrest. Fairmount officials anticipate announcing several additional retailers to the tenant mix in the next 60 days.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
