Shopping Centers Today

AUG 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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46 S C T / A U G U S T 2 0 1 8 S I T E S & C I T I E S entertainment, plus 150,000 square feet of offices and nearly 90 luxury apartments. Co-developed by the lo- cally based DiGeronimo Cos. and Fair- mount Properties, the development, whose first stores opened in early June, has been getting plenty of buzz. "It's an unusual project for a couple of reasons," said Michelle Jarboe, who covers real estate for The Plain Dealer, Cleveland's local paper. "Number one is the size of it: North- east Ohio is very built out as a region, so it's difficult to find large develop- ment sites. It's also an unusual project because it required rezoning more than 70 acres of residential properties and acquiring and demolishing a lot of houses in order to make way for the project. The other thing unusual is that it's bringing in a lot of retailers that are new-to-market." Indeed, as part of the development agreement with Orange Village, 65 percent of the Pinecrest commercial space had to be leased out to retailers new to the area. "At first, this seemed a bit daunt- ing," said Randy Ruttenberg, founder of Fairmount Properties. "But we have been so fortunate to have so many new-to-market tenants who wanted to call Pinecrest home." Clothing boutiques Laura of Pem- broke, Scout & Molly's and Vernac- ular are all newcomers. The national tenants include dining-and-entertain- ment venue Pinstripes, REI, Vineyard Vines and West Elm, and Bibibop Asian Grill and Firebirds Wood Fired Grill are among the high-profile eateries. A Silverspot Cinema luxury movie theater and an AC Hotels by Marriott are here too. "We learned that these national retailers wanted to be in developments that had the best-in-class regional boutiques and cool, hip yoga stores and great chef-driven restaurants," said Ruttenberg. "We made it a goal to scour Chicago and Columbus and Detroit for these best-in-class regional gems who would want to come to a market like Cleveland." Pinecrest now has lease commitments for about 80 percent of the spaces, Ruttenberg says. Given Cleveland's current retail landscape, it was not too hard a sell. "Cleveland is more of an East Coast– type market, where space is really tight," said Tori Nook, a founding partner of retail brokerage Anchor Cleveland. "The demand here has been way higher than the supply, which is why it's been so hard previ- O n a recent summer afternoon, Cleveland's $230 million Pinecrest mixed-use project hums with vibrant activity: Pop music blares from large speakers; mothers saunter along behind their baby strollers; sales associates pose for Instagram photos in front of the newly opened Apricot Lane Boutique apparel store; and patrons line up patiently for what could be, at least for some of them, their very first Shake Shack burger. Pinecrest sits atop a 58-acre site in Orange Village, 20 miles east of downtown Cleveland, nestled in one of the region's highest-household-in- come areas and offering immediate access to three major highways. The project comprises some 400,000 square feet of shops, restaurants and The mixed-use Pinecrest will reinvent Cleveland's Orange Village By Rebecca Meiser Town in a village PHOTO: CALLISONRTKL

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