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May. 31, 2013

$50M Luxury Residential Development in the Works for Charlotte

By Eliza Theiss, Associate Editor

Developer, owner and operator of multifamily and master-planned communities, Crescent Communities, has announced the acquisition of 2.3 acres for its newest multifamily project in Charlotte. Dubbed Crescent Dilworth, the mixed-use luxury project is the result of a partnership between Charlotte-based Crescent Communities and Southern Apartment Group LLC, also headquartered in the Queen City.

Southern Apartment Group started out handling land acquisition for the project, consolidating the parcels that make up the site. However, the Charles Lindsey McAlpine and Shane Seagle-led multifamily development company is confirmed to stay on as development partner throughout the full run of the development process.

Crescent Dilworth is expected to be a $50 million project, including the cost of the land. The luxury project will feature both commercial and residential space. Additionally, the seven-story property will have ground-level retail, a two-story parking garage, and five floors of luxury residences comprised of 300 units. Apartments will have studio, one- and two-bedroom configurations.

The style of residences will be diverse: walk-up units along Morehead Street will keep the surrounding area’s residential design, while the largest of the units—the 2,600-square-foot deluxe apartments—will boast indoor and outdoor terraces, as well as sizeable private terraces. Other design features incorporated in the building’s façade include traditional brick and cedar trellis elements, as well as Tennessee fieldstone.

“Crescent is focused on designing communities that integrate well with existing neighborhoods and community lifestyles,” said Ben Collins, vice president of Crescent Communities Multifamily Group.

Community amenities will include a top-floor courtyard with lounge pool connecting to a lap pool, outdoor seating, grilling areas, fire pits, an indoor/outdoor clubhouse and dog spa. The community health center will come complete with cardio equipment, a CrossFit gym, yoga studio and several cycling-friendly features such as indoor/outdoor bike storage and a bicycle repair center.

But it’s not only the community’s extensive fitness amenities that will appeal to those seeking an active lifestyle. Crescent Dilworth’s site is adjacent to Little Sugarcreek Greenway, which will feature 19 miles of trail and land connectors upon completion.

The greenway, however, is just one of the area’s attractions. Shopping, dining and employment opportunities are within easy reach—chief among them the Carolina’s Medical Center (CMC), which is located across from the future mixed-use development. To appeal beyond the convenient location to CMC, developers will incorporate features such as blackout shades and acoustic dampening between floors, thus accommodating the changing sleeping schedule of health care professionals.

Crescent expects to break ground in the fall of 2013 and complete the project in the spring of 2015. The development will be financed by company equity. BB+M Architecture, Vignette Interior Design, civil engineer and landscape architect LandDesign, and conceptual design consultant Historical Concepts are also part of the development team.

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Photo courtesy of Crescent Communities

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