Crescent Resources to Develop $68 Million Community in Tampa, Fla.

By Jessica Fiur, News Editor

Tampa, Fla.—Crescent Resources LLC, a Charlotte, N.C.-based real estate development company, announced that it is starting work on a $68 million community in Tampa, Fla.

The community, called Circle Bayshore, will have eight stories and 367 units, including studio, and one-, two- and three-bedroom apartments. Each unit will include high ceilings, walk-in closets and separate linen closets. Kitchens will be built with granite countertops, a prep island and stainless steel appliances. The bathrooms will also have granite countertops, as well as custom wood cabinetry.

Building amenities will include a two-story health club and fitness center, swimming pool, outdoor area with grilling stations and fire pit, business center and a club room. Additionally, a parking garage will be available for residents and their guests.

Circle Bayshore will also feature many green and sustainable elements. The community is being designed to meet LEED certification requirements.

The community was designed by MSA Architects of Miami. It is being financed by an equity investment from Crescent Resources, construction financing from Capital One and mezzanine financing from Nationwide Real Estate Investments.

“This extraordinary location is ideal for multifamily residential with its close proximity to the water, entertainment and dining venues,” Brian Natwick, president of crescent Resources’ multifamily division, said in a press statement. “Circle Bayshore will offer its residents a unique lifestyle in an uncommon location with amazing amenities, first-class programming and high-quality interiors.”

Circle Bayshore’s first apartments are expected to be completed in the first quarter of 2014.