Huge Win for Huge Greater Cleveland Development
- Aug 07, 2015
The $225 million Pinecrest mixed-use development southeast of Cleveland in Orange has landed a helping hand from a national investor. Lennar Commercial, an affiliate of Miami Beach-based Lennar Corp., made an initial investment of $17 million in the project.
The investment represents and advance from Rialto Capital, a real estate investment and asset management firm and sister company to Lennar Commercial, to the project’s development team, which is led by Fairmount Properties. Other partners include the DiGeronimo family and Lewanski Development.
Construction crews have already started work on clearing the site for the development. Pinecrest is expected to open in 2017. It is rising on a 58-acre site near the Harvard Road and I-271 interchange, and will offer 90 new apartments, 400,000 square feet of retail and restaurant space, 150,000 square feet of office space and a 120-key hotel. The retail portion of the project will feature a number of upscale retailers such as Pinstripes, REI, Old Town Pour House and Silversport Cinema.
“It’s extremely gratifying to see the potential we knew in Pinecrest affirmed by an accomplished national investor with such deep industry expertise,” said Randy Ruttenberg, founder of Fairmount. “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.”
Photo credit: Fairmount Properties