ORANGE VILLAGE, Ohio - A massive new retail and entertainment development under construction on the east side is drawing retailers to Northeast Ohio for the first time.
The $230 million Pinecrest development is set to open in Orange Village in the spring of 2018. It’s being dubbed a sub-urban downtown, with a mix of retail, offices, luxury apartments and a hotel.
“The vision is to really create a new downtown for the east side of Cleveland,” said Chris Salata, principal of development company Fairmount Properties.
Salata said despite other nearby shopping, including Legacy Village, Beachwood Place and Eton Collection, Pinecrest will fill a retail hole, drawing many retailers to Cleveland for the first time.
The 58 acre development site, located just east of I-271 between Harvard Road and Chagrin Boulevard, will have 400,000 square feet of retail space. It’s already 70 percent filled, Salata said, with tenants including specialty bowling alley Pinstripes, Silverspot Cinemas, Whole Foods, REI, several restaurants and the hotel AC by Marriott.
It will also have office space and 87 luxury apartments.
“It's truly going to be a place you can live, work, play and stay,” Salata said. ”I think for a long time Cleveland was on the "no" list for retailers, and fortunately for us the rise of downtown, the rise of development, the RNC, the Cavaliers success, all of those things have now contributed to Cleveland being a hot market, and we’re the beneficiary of that.”
The project, which has created about 200 construction jobs, is expected to add 2,300 permanent jobs once opened. It is the largest development in Orange’s history and will make up forty percent of its property tax base, according to Mayor Kathy Mulcahy.
“It should not change the character or the feel of the residential heartland of the village. It will change the tax burden on the residents and should remove future tax pressure from our base,” she said.
She said traffic studies showed the traffic should be manageable, in part due to close access to the highway and existing traffic infrastructure.
A second phase of the project is expected to add 200-300 residences and open in late 2018 or early 2019, Salata said.