Fairmount Properties, Lennar Commercial Make $17M Investment in Mixed-Use Project Near Cleveland

ORANGE VILLAGE, OHIO — Fairmount Properties, lead developer on the $225 million mixed-use Pinecrest development in affluent Orange Village southeast of Cleveland, has teamed up with Lennar Commercial to make an initial $17 million investment in the project. The investment is being made through an advance to the partnership by Lennar Commercial’s sister company, Rialto Capital. The 58-acre development will feature 400,000 square feet of retail and restaurants, including a gourmet grocer; 150,000 square feet of office space linked to a 120-room hotel and parking garage; and 90 new apartments. Retailers that have committed to the project include REI, Pinstripes, Old Town Pourhouse and Silverspot Cinema. Pinecrest is set to open in 2017.