Louttit Named Chief Investment Officer/Principal at Fairmount Properties
CLEVELAND, OH – Fairmount Properties, the Cleveland-based mixed-use real estate development/management firm, has announced that Eric J. Louttit will join the firm in early April as chief investment officer/principal.
Louttit, formerly senior vice president of development at Forest City Realty Trust, brings a deep background of commercial real estate development experience to his new position at Fairmount Properties. At Forest City, he was responsible for identifying and executing development/ redevelopment opportunities within the company’s portfolio. Earlier in his 16-year tenure at Forest City, Mr. Louttit worked with university and public sector clients, as well as in Finance, securing both debt and equity and other forms of capital for new and existing commercial real estate projects. He also possesses extensive experience in forging productive public/ private partnerships for development/redevelopment projects.
Prior to joining Forest City in 2001, Mr. Louttit worked for KeyBank in their Real Estate Lending Group and previous to that was a real estate and corporate litigation attorney in Pittsburgh. He holds an undergraduate degree from West Virginia University, a Law degree from the University of Pittsburgh School of Law and is a member of the International Council of Shopping Centers and the Urban Land Institute.
Louttit steps into the principal position at Fairmount Properties formerly held by Chris Salata who recently left the firm after being named senior vice president of development at DDR. At Fairmount Properties, Louttit joins existing Principals Randy Ruttenberg, Adam Fishman and Emerick Corsi.
“This is the perfect opportunity for me to enter a new era in my career by becoming a principal in a great, Cleveland-based development firm with strong growth goals such as Fairmount Properties,” said Louttit.
“We are fortunate to have gained someone with Eric’s extensive development and financing expertise,” said Ruttenberg. “He is a well-respected, proven leader in our industry and has deep experience in the product types we develop including retail-led mixed-use incorporating residential, hospitality and office. Eric is a critical thinker and is uniquely adept in each of the many disciplines of a development firm such as ours,” he added.
It is expected that Louttit will be involved in virtually all development aspects at Fairmount Properties.
The firm is the developer, along with the Cleveland-based DiGeronimo Companies, of the Pinecrest mixed-use district currently under construction and set to open in spring 2018 on Harvard Road at I-271 in Orange Village. Upon completion, Pinecrest will feature over 400,000 SF of dining, retail and entertainment options, the majority of which will be new to Northeast Ohio and exclusive to Pinecrest including REI, West Elm, Vineyard Vines, Pinstripes, City Works, Silverspot Cinema and many others. The project also includes two office buildings totaling over 150,000 SF of Class A space, a 145-room AC by Marriott boutique hotel and 87 luxury apartments.
Fairmount Properties has been active throughout the northeast Ohio market in recent years. The company partnered with the Wolstein family on Cleveland’s Flats East Bank development which includes office, retail, dining, hotel and residential uses on the riverfront.
Hudson, Ohio’s popular First & Main district was developed and is operated by the company and plans for a mixed-use development to be located at the top of Cedar Road hill in Cleveland Heights are currently in the works from Fairmount Properties.
The company also has a successful portfolio of college town mixed-use developments adjacent to university campuses across the country including at Kent State, the University of Toledo and the University of Rochester, among others. These properties blend student-oriented retail and dining with residential, office and hotel uses. The latest College Town project is currently under development at Northern Kentucky University just south of Cincinnati.
In addition, the company is developing two mixed-use projects in Sarasota, FL involving high-rise residential and office uses, as well as waterfront retail and dining.