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Dec. 26, 2013

Crescent Developing 556-Acre Master-Planned Asset Outside Charlotte

By Keith Loria, Contributing Editor

Crescent CommunitiesYork County, S.C.—Crescent Communities is developing a 556-acre, master-planned community in York County, S.C., that is the company’s first new residential project in the Charlotte area in five years.

“The location of this land on the Catawba River outside Charlotte is ideally suited to our approach to master-planned community development—great schools, easy access to major roadways and employment centers, and 556 acres on which to create a community where residents can enjoy open green space, social amenities and the river life,” says Andy Carmody, president of Crescent Communities’ residential group.

Crescent will develop 282 acres along Sutton Road on property the company has owned since 1969. Crescent also has entered into an agreement to acquire an adjacent 274 acres south of its parcel to extend the community lines south along the Catawba River and east to Interstate 77. Those additional acres will be acquired from the Culture and Heritage Foundation, which will continue to own 60 acres on the riverfront for future public use.

“This property has a rich history and beautiful topography with its river views, forests and quarry, and we intend to preserve its character,” says Keith Glenn, senior vice president at Crescent. “Our place-making model emphasizes genuine experiences, life’s simple pleasures and a strong sense of community. Amenities such as walking and hiking trails and green spaces will honor the land and create a space where our residents can connect with the outdoors and with each other.”

The Crescent site is adjacent to the site of a hospital proposed by Carolinas HealthCare System as well as a future Fort Mill school. The Crescent master-planned community will include neighborhood retail and office space along Interstate 77 as well as a possible multifamily element.

Early planning anticipates development to begin in late 2014. The construction will be guided by a development agreement with the Town of Fort Mill and an extensive memorandum of agreement with the Catawba Indian Nation, the only federally recognized tribe in South Carolina, and state agencies ensuring protection of archaeological discoveries on the property.

According to the U.S. Census Bureau, York County’s population increased at a rate nearly twice that of the state as a whole in the past two years and new services and businesses are coming to the area to serve the new residents.

“The greater Charlotte area continues to grow, and York County has a major need for new homes that offer the balanced lifestyle today’s families desire,” Glenn says. “It’s a lifestyle choice that we’re seeing reflected in many major residential areas across the country.”

Crescent’s portfolio consists of 22 master-planned communities, including its signature Palmetto Bluff, as well as 15 multifamily projects with 4,295 units under construction or in planning/pre-development. The company owns and manages approximately 42,118 acres, including 800 acres zoned for commercial use.

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