Crescent Resources Plans $37 Million Apartment Development in Tampa

Crescent Resources, in partnership with Global Growth Trust, acquired 25 acres in Tampa, Fla., and is set to build a $37 million apartment community called Circle Crosstown.

By Keith Loria, Contributing Writer

Tampa, Fla.—Crescent Resources LLC, in partnership with Global Growth Trust, acquired 25 acres in Tampa, Fla., and is set to build a $37 million apartment community called Circle Crosstown.

The planned community will be comprised of 344 garden-style apartment units, adjacent to the intersection of I-75 and the Lee Roy Selmon Expressway.

“Circle Crosstown will be special because it will be infused with the exceptional quality and customer-oriented features that have become Crescent hallmarks,” Tim Dison, Crescent Resources vice president, Florida and student housing, tells MHN. “Also, the community will preserve many of the existing trees on site, providing a unique aspect to the property not usually seen in a newly developed property.”

The Charlotte, N.C.-based real estate development company are constructing a mix of one-, two- and three-bedroom floor plans with island kitchens, granite counter tops, custom lighting and plumbing packages, and screened lanais.

Amenities include a luxurious clubhouse including resident lounge areas with a fireplace, a pool table and shuffle board recreation area, fitness center, café, kitchen overlooking a uniquely designed pool and pool deck, and a dog walk park.

“Circle Crosstown will also incorporate many sustainable features and materials,” Dison says. “The clubhouse has been designed to meet Leadership in Energy and Environmental Design (LEED) certification requirements from the U.S. Green Building Council.”

The property will sit just seven miles from downtown Tampa and provides convenient access to the major job centers in the area, entertainment venues of downtown Tampa, and the nearby Westfield Mall retail center and potential Bass Pro Shop site.

“We are excited about this exceptional location close to an abundance of high-level employment, retail and services,” said Brian Natwick, president of multifamily for Crescent Resources, in a press release. “The innovative Circle Crosstown will offer its residents unique floor plans, uncommon amenities, high-quality finishes and attention to detail that is consistent with the our brand.”

The site has been carefully planned to preserve the majority of existing mature trees, resulting in a community that will appear to have existed for many years.

“We wanted the community to have a timeless quality,” Dison says. “Preserving the trees adds great interest to the landscaping, gives the community an established feel and is an effort that represents the spirit of Crescent’s philosophy of environmental consciousness.”

The first apartments are expected to be complete in the first quarter of 2013.

Including Circle Crosstown, Crescent has five multifamily communities valued at $220 million under construction in Nashville, Tenn.; Austin, Texas; Raleigh, N.C.; Durham, N.C.; and Tampa, Fla. The company plans to start seven additional apartment communities in 2012 valued at more than $300 million in cities such as Charlotte, Atlanta, Orlando and Nashville.

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