Luxury Rental Set for Historic Site in N.C.
- Dec 09, 2011
Durham, N.C.—The proximity of Durham, N.C.’s historic Ninth Street District to many of the city’s landmarks makes the area perfect for developers eyeing potential multifamily rental sites. That prime location helped convince Charlotte-based Crescent Resources LLC to acquire a six-acre site adjacent to Ninth Street and the history-steeped Erwin Mill building for its next multifamily venture, the $47 million, 303-unit Circle Ninth Street community, slated for completion in fall, 2012
The site is not only mere steps away from the heavily patronized Ninth Street District dining and entertainment venues, but also within easy walking distance to Duke University and the Duke medical campus, where more than 32,000 people are employed. For that reason, Circle Ninth Street “will offer people the opportunity to work, live and play all within close proximity,” Brian Natwick, president of Crescent Resources’ multifamily division, tells MHN.
The Erwin Mill building and the warehouses and mills that previously filled the area offered a distinctive and recognizable architectural style. It is that style that will be infused into several different building types, providing a neighborhood ambiance and historically respectful look for Circle Ninth Street.
“We’ve had a great working relationship with nearby neighbors and the city of Durham, and have appreciated their input, which has helped shape the development plan,” Natwick reports.
The four-story buildings will be arranged to help create several interconnected private outdoor amenity areas or courtyards. Those areas will include a central lawn, community park, dog park and pool and fitness courtyard. Inside, residents will enjoy a lounge, wireless café, fitness center, demonstration kitchen, group study library, business center, screening room and gaming room.
Designed to meet LEED certification requirements of the U.S. Green Building Council, Circle Ninth Street features interior spaces that are a mix of reclaimed industrial materials and clean modern aesthetics. The project architect and landscape architect is Raleigh-based Cline Design Associates. The general contractor is Charlotte-based State Building Group. The property management will be handled by Kettler Management of McLean, Va.
Financing was provided by an equity investment from Crescent Resources, as well as by U.S. Bank N.A. and Pearlmark Real Estate Partners LLC.
Perhaps best known for its single-family, multifamily and resort residential communities, Crescent Resources has launched construction on four new multifamily communities this year. This is Crescent Resources’ third equity investment in a multifamily project in 2011.
The series of existing Circle communities from Crescent Resources includes Circle at South End in Charlotte; Circle at Concord Mills in Concord, NC; Circle at Crosstown in Tampa; and Circle at Bartram Park in Jacksonville, Fla. Crescent Resources’ communities currently under construction in addition to Circle Ninth Street are The Venue at Cool Springs in Nashville; Circle West Campus in Austin; and Gallery at Cameron Village in Raleigh, NC.
Circle communities are designed to reflect thoroughgoing research into current industry trends and marketplace needs, and to offer “a new breed of apartments people are excited to live in,” Crescent Resources reports.