Shopping Centers Today

AUG 2018

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

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48 S C T / A U G U S T 2 0 1 8 S I T E S & C I T I E S Pinecrest offers 58 acres of retail, entertainment, offices and homes ously to land a lot of these tenants." Among the city's other prominent retail developments are Stark En- terprises' Eton Chagrin Boulevard and the restoration of The Arcade Cleveland, completed jointly by Hyatt Development and Related Midwest. The Pinecrest location is hard to beat, observers say. "The site is easily the most attractive real estate in the market," said Keith Hamulak, Cleve- land-based vice president of CBRE's retail services group. "Demos are great, traffic counts are fantastic, daytime population is second behind only the Cleveland central business district, and the co-tenancy is nothing like we have anywhere else in northeast Ohio." But the process of getting the zon- ing ordinances was not without hur- dles. The project required referendum zoning, not only through the village but also at the precinct level. And because there was public financing involved in the project's infrastructure, developers had to get the approval of the voters, as well as of the village and local school officials. Orange Village Mayor Kathy Mulcahy is cautiously optimistic about what the development will bring for her constituents. "Orange is a village of less than 5,000 people, so this is a pretty monumental addition to the community," she said. "Hopefully, this brings only the good things — a community, a place to go and gather, and tax revenues that take pressure off the residents — and none of the bad. "Personally, I'm excited about all the new food options." Most of Pinecrest's stores will be open by Labor Day, according to Ruttenberg. In the meantime, the development is already winning over consumers like Anthony Lancianese, a business owner who drove up with his wife and children from Akron, some 40 minutes away. "We've been hearing about this place for so long, we just wanted to check it out," Lancianese said. "We didn't even realize all the different stores they had. They're really different options than I've seen anywhere else in the area. We will be back for sure." n 65% of the Pinecrest commercial space had to be leased out to retailers new to the area PHOTOS: CALLISONRTKL

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