National Investor Backs Pinecrest Development

CLEVELAND—Site clearing is already underway for the massive Pinecrest project, a mixed-use development in the affluent suburb of Orange Village, and officials from lead developer Fairmount Properties say they have attracted interest from national investors. Lennar Commercial, a subsidiary of Miami-based homebuilder Lennar Corp., has just made an initial $17 million investment in the $225 million Pinecrest, through an advance to the partnership by Lennar’s sister company, Rialto Capital.

The partners say they will finish the 58-acre Pinecrest in 2017, and it will offer 400,000 square feet of retail and restaurants, a gourmet grocer, 90 new apartment residences and 150,000 square feet office space linked to a 120-room hotel and parking garage.