Circle Ninth Street Breaks Ground in Durham, N.C.
- Feb 27, 2012
Durham, N.C.—Groundbreaking ceremonies were held on Feb. 22 for Circle Ninth Street, a landmark 303-unit apartment community being constructed in Durham, N.C. The $47 million project is to be developed by Charlotte-based Crescent Resources LLC.
A number of factors made this the right project at the right time and place. “The 100-year-old structures on the site provide an opportunity to introduce a residential use that respects the historic feel and charm of the previous uses, while maintaining its sense of place,” Brian Nicholson, senior development manager of Crescent’s Multifamily Division, tells MHN. “Additionally, the Triangle region’s excellence in higher education and research-related employment growth creates exceptional demand for multifamily housing.”
Crescent Resources LLC partnered with Pearlmark Real Estate Partners LLC and U.S. Bank N.A., in addition to providing its own equity investment.
The four-story buildings comprising Circle Ninth Street will be arranged to permit space for a number of private outdoor amenity areas. They include a community park, central lawn, dog park and pool and fitness courtyard.
Interior spaces will be distinguished by a blend of reclaimed industrial materials and clean, up-to-the-minute aesthetics. Among the common area amenities will be a fitness center, lounge, wireless café, demonstration kitchen, gaming room, group study library, business center and media room.
Circle Ninth Street has been designed to meet LEED certification requirements of the U.S. Green Building Council.
A challenge inherent to this project is the need to respect the historical context of the neighborhood while building a multifamily infill development. Crescent acquired the land for Circle Ninth Street through a competitive process that required a strong relationship with the seller, Nicholson says.
“We entitled the project with the help of a strong design team and a collaborative process with the neighborhood and jurisdictional leaders,” he observes.
“We selected a top-quality general contractor to build the project. Future challenges will include delivering a top-quality project, consistent with Crescent’s standards for excellence, on schedule and within budget. We look forward to having successfully overcome those challenges when the community opens in the fall of 2012.”
The project architect and landscape architect on Circle Ninth Street is Raleigh-based Cline Design Associates. Atlanta’s Historical Concepts is the design consultant, Durham-based John R. McAdams the land planner and civil engineer, Charlotte-based Vignette Interior Design the interior designer, and Charlotte-based State Building Group the general contractor. McLean, Va.-based Kettler Management will take on the role of property manager.
Durham residents are depending on Circle Ninth Street to represent an authentic new neighborhood component that will continue the community feel established over previous generations, Nicholson says. “Durham also expects Circle Ninth Street to help encourage additional community investment,” he adds. “Circle Ninth Street will deliver on these aspects, while providing a Class A institutional-quality investment for Crescent and its financing partners.”