Cresco News

First Office Tenants Set for Mixed-Use Pinecrest Project

Pinecrest, the $230 million mixed-use development under construction in Orange Village, has landed its first office tenants.

Fairmount Properties, developer of the project on Harvard Road at I-271, announced that Alliance Prime Associates, along with Continental Heritage Insurance Co. and Tower 7 Partnership LLC, will move their offices to Pinecrest when the development opens in spring 2018.

The companies are leasing a collective 15,000 square feet in the fourth floor in one of the two office buildings that are part of the project, according to a news release issued by Fairmount. Terms of the lease were not disclosed.

Insurance executive Joseph E. LoConti is the president of Alliance Prime and the founder of the LoConti family office, comprising Tower 7, which finances startup, private equity and real estate transactions, and Continental Heritage, an insurance carrier specializing in surety and emerging property and casualty markets.

The firms will move to Pinecrest from their current home in Mayfield Heights.

In a statement, LoConti said, "A significant driver in our relocation decision was to locate within an environment that will provide our colleagues and clients with great options for dining and entertaining, as well as a hotel for visiting business associates, all within walking distance of our offices."

Fairmount partner Adam Fishman called the lease with the LoConti companies "a great start" for the office portion of the Pinecrest development.

The Offices at Pinecrest consists of two adjoining 75,000-square-foot buildings on the northeast portion of the project site. Both buildings have three floors of office space above retail and restaurants. They front on Pinecrest's central green space/events venue and are connected to a multilevel parking garage.

In addition to the office space, Pinecrest upon completion will feature more than 400,000 square feet of retail and dining space, a 145-room AC Hotel by Marriott, and 87 apartments.

Pinecrest is being developed by a partnership led by Fairmount and the DiGeronimo Cos.

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