Crescent Communities Kicks Off Tampa Luxury Project

The first residents are expected to move in next summer.

NOVEL Beach Park

NOVEL Beach Park. Image Courtesy of Crescent Communities

Crescent Communities has broken ground on a 289-unit project in Tampa, Fla., its seventh multifamily community in the market. The development is sponsored through the Crescent Communities Real Estate Opportunities Fund, with debt financing provided by TD Bank. The first units are expected to be completed in the summer of 2023.

FINFROCK will handle construction services. Other partners in the project are Kimley-Horn for civil engineering, Dix.Hite+Partners for landscape architecture and ID & Design International for interior design.

Upon its completion, the nine-story building will feature studios and one-, two- and three-bedroom floorplans. Common-area amenities will consist of a pool lounge area, fitness center and rooftop sky bar. NOVEL Beach Park will be located at 5426 Bay Center Drive in Tampa’s Beach Park neighborhood, close to Old Tampa Bay, and will provide access to several shopping centers, dining options and employment hubs.

Crescent Communities continues to expand its Florida footprint. Earlier this year, the company announced its plans to develop NOVEL Independence Park, a multifamily community in the Westshore business district, west of downtown Tampa. Another recent project, announced in partnership with FCP, is the 450-unit Render Legacy Trail, a Class A community in Laurel, Fla. The company’s portfolio includes two other developments in Florida, Novel Bay Center and Harmon Legacy Trail, from a total of 37 properties across 13 markets, according to Yardi Matrix data.

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