Last week, Fresh Water Cleveland took a closer look
at two unique entertainment tenants committed to Fairmount Property's forthcoming $230 million Pinecrest
mixed-use development project located at I-271 and Harvard Road in Orange Village. This week, we pull the camera back for an update on the project at large.
In addition to a burgeoning list of retail and entertainment offerings, Pinecrest is set to include 90 loft-style apartments, all of which will be situated above the more than 400,000 square feet of street-level retail.
"We are in the process of finalizing the layout for the residential apartment units," says Fairmount founder and principal Randy Ruttenberg. "They've been designed with high style and great amenities and they range from one to three bedrooms."
The vintage notion of having living space above storefronts, says Ruttenberg, is one of the things that will set Pinecrest apart.
"This project is not a lifestyle center by any means," he says. "It will not simply be a row of the same national type tenants that you see in many other projects in Cleveland or throughout the country. It will have a meaningful pedestrian scale and act more like street-front retail than anything else."
Those rental units are slated for availability in summer of 2017, with much more to come. In addition to the 90 rental units, 30 of Pinecrest's total 80 acres will be populated with traditional residential real estate properties.
"To the north of the theatre, we'll have a seamlessly integrated neighborhood that will feature approximately 250 for-sale residential units including condominiums, townhomes and brownstones geared primarily to young professionals and empty nesters," says Ruttenberg, adding that he expects the first stage of this portion of the sweeping project also to be complete in summer of 2017.
Announcements about the host of associated retail and entertainment tenants have been fast and furious. Thus far, dining and entertainment options include Restore Cold Pressed
juice emporium, Red, the Steakhouse
, Firebirds Wood Fired Grill
, Old Town Pour House
, Silverspot Cinemas
and bowling/bocce/bistro spot Pinstripes
. Retail selections will include Whole Foods Market
, outdoor outfitters REI
and clothing retailer Vernacular
"All of them are drawn to the district for its architecture and for its collection of daytime traffic drivers," says Ruttenberg, "but given the restaurants we've been fortunate to have attracted – and Silverspot and Pinstripes, the evening traffic will be just as robust."
Also atop all that retail will be 150,000 square feet of class A office space and a 150-room hotel.
"We've started to have meaningful discussions with both smaller groups as well as larger companies, some of whom are considering Pinecrest for their headquarter locations," says Ruttenberg. "This office building will be unique within this market in that it will be the only suburban office that will have both attached covered parking and a hotel."
Ruttenberg describes his vision of how Pinecrest will transform an underutilized parcel in an otherwise densely developed area.
"Pinecrest was always planned to be an urban-style infill mixed-use district," he says. "The architecture, merchandising, streetscape and programming all speak to this. Each design and leasing decision has been – and will continue to be – thoughtfully made such that the totality of both will result in an engaging and dynamic district where millennials and college students will seamlessly integrate with the region's old and new money, all of which will be drawn to Pinecrest's first-to-market national and unique regional tenants, targeted events, restaurants and nightlife."