Crescent Communities Breaks Ground on NOVEL River District
CHARLOTTE, North Carolina – (Nov. 11, 2024): Crescent Communities, a nationally recognized market-leading real estate investor, developer, and operator of mixed-use projects, officially celebrated the start of construction on the 318-unit NOVEL River District, a Class-A multifamily community within The River District, a 1,400-acre master-planned community in West Charlotte. Set to welcome residents in early 2026, NOVEL River District marks the first vertical construction and residential offering within the master plan. NOVEL River District was made possible by the Crescent Communities Real Estate Opportunities Fund (CREOF), the first in a series of funds that Crescent Communities will sponsor to fund the development and investment in real estate across its investment platforms. The construction debt financing was provided by UMB Bank.
Serving as the cornerstone of Westrow, The River District’s future town center, NOVEL River District will offer a mix of thoughtfully designed studio, one-, and two-bedroom apartment homes. Featuring nature-infused urban design, the community will include unique outdoor amenities; convenient options for renting and storing outdoor gear; and regular programming for activities like cycling, hiking, kayaking, and organized sports, making it easy for residents to embrace the area’s natural beauty and active lifestyle. Mirroring The River District’s commitment to sustainable living, NOVEL River District will be certified by the National Association of Homebuilders (NAHB)’s National Green Building Standard (NGBS) at the Silver level for excellence in environmental performance across lot design and development; resource, water, and energy efficiency, including solar panels that will be installed on the roof of the free-standing amenity building; indoor environmental quality; and building operation and maintenance.
“We’re excited to be among the first to bring homes to life within The River District, a community that’s been carefully crafted to offer both urban convenience and access to natural amenities that are truly unique,” said Michael Tubridy, Crescent Communities’ Senior Managing Director of the Carolinas and Tennessee. “Residents at NOVEL River District will be part of a pioneering experience, enjoying the best of both worlds – vibrant city living alongside serene, untouched landscapes – making it a truly special place to call home.”
At full build-out, The River District will include up to 2,350 multifamily residential units, with a portion dedicated to mixed-income housing in partnership with local developer Laurel Street Residential. In addition to multifamily housing, The River District will feature up to 2,300 single family homes. Last month, Crescent Communities announced the selection of David Weekley Homes, DRB Homes, Saussy Burbank, and Toll Brothers as part of the first builder phase consisting of over 260 lots. Construction on model homes is expected to begin in early 2025. All homes in the first phase of development will be in Westrow, with homes set to be completed at the end of 2025, and the second phase of residential development will be in The River District’s Basswood neighborhood.
Featuring a thoughtful development process guided by environmental sustainability, The River District is planned to include up to 8 million square feet of commercial space, 500,000 square feet of retail space, multi- and single-family housing, and preserved land. Nestled between the banks of the Catawba River and Charlotte-Douglas International Airport, The River District will integrate the primary components of urban life – a connected network of homes, retail shops, restaurants, office buildings, schools, and public spaces – with the allure of the parks, trails, forests, river access, and open spaces abound in nature.
More broadly in the Charlotte market, Crescent Communities’ robust multifamily portfolio includes the award-winning NOVEL University Place and NOVEL Mallard Creek in University City, NOVEL Ballantyne in south Charlotte. Additionally noting several legacy communities include MAA LoSo, formerly NOVEL LoSo Station; Pointe at Research Park, formerly NOVEL Research Park; 30Six NoDa, formerly NOVEL NoDa; Emerson Montford Park, formerly NOVEL Montford Place and The Atherton, formerly NOVEL Atherton.
Nationwide, Crescent Communities continues to experience significant growth with $7.2 billion of residential and commercial investments and developments in various stages of construction, operations, and planning. That pipeline includes 15,300 multi- and single-family build-to-rent units; 58,000 square feet of complementary retail space; and 7.5 million square feet of office, industrial, and life-sciences facilities. With a focus on environmental sustainability and wellness, Crescent Communities is a leading recipient of LEED, NGBS (National Green Building Standard), Fitwel, and WELL certifications.
Key partners on NOVEL River District include Cooper Carry (architecture), Crescent Communities Construction (construction), Ellinwood + Machado (structural engineer), ENGR3 (MEP engineer), BB+M Architecture (interior design), and Land Design (landscape design and civil engineering).
View renderings of NOVEL River District here. For more information, visit www.theriverdistrict.com or follow the development on Instagram, Facebook, and X.
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About Crescent Communities:
Crescent Communities is a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use "communities." We create high-quality, differentiated multifamily and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 85 multifamily communities and 24 million square feet of commercial space. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, and Phoenix. Our multifamily communities are branded NOVEL, RENDER and HARMON by Crescent Communities, our industrial developments are branded AXIAL by Crescent Communities, and our life science developments are branded THE YIELD by Crescent Communities.
