Crescent Communities Celebrates Groundbreaking on New Multifamily Community
CHARLOTTE, NC (November 10, 2021) – Crescent Communities proudly announces the groundbreaking of a new multifamily community in the center of Northeast Charlotte’s University City submarket. The highly anticipated NOVEL University Place by Crescent Communities, located at the intersection of J.W. Clay and W.T. Harris Blvd, will include 311 for-rent residences and act as the residential anchor for the planned mixed-use redevelopment known as Waters Edge. The groundbreaking ceremony took place on Thursday, November 4.
Crescent Communities and financial partner Goldman Sachs purchased the land in October 2021 with construction financing provided by Synovus Bank. EB Arrow commenced site work during the summer of 2021, and Crescent Communities expects to deliver first units in early 2023.
“We are thrilled to break ground on NOVEL University Place, a charming and dynamic high-end residential community,” said Michael Tubridy, Managing Director of Multifamily Development for the Carolinas and Tennessee at Crescent Communities. “Our goal is to raise the bar for the residential experience in University City and add value to this high-growth market.”
As part of the Waters Edge master redevelopment plan, NOVEL University Place will be a surface-parked apartment community and consist of four buildings, each with three to five floors, as well as three carriage buildings with tuck-under garages. It will feature a mix of 311 studio, one-, two-, and three-bedroom residences complete with lake views and luxury finishes. The architecture for NOVEL University Place will take cues from classic Southern waterfront cities like Savannah and Charleston. With an enviable location boasting easy access to the refurbished waterfront park and path, miles of existing greenway trails, and Fortune 500 employers, this vibrant, walkable development will breathe new life into University City and provide a community space where residents, office workers, and community members can come together to enjoy convenience, luxury, and connectivity.
Design partners include building and landscape architect Cline Design Associates, land planner and civil engineer LandDesign, and interior designer BB+M. The General Contractor for NOVEL University Place is Crescent Communities Construction.
NOVEL University Place will offer residents a host of amenities including a resort-style pool and cabana overlooking the lake, a multi-level covered patio with indoor and outdoor gathering space, pocket gardens, dog park, outdoor and indoor spaces to work from home, as well as outdoor fitness space and a two-level fitness center. The community will feature an open outdoor plaza designed to be closed to traffic for festivals and community gatherings. While Crescent Communities will include the amenities that today’s residents expect, perhaps the most notable amenity is the convenience offered by the dynamic master planned community, providing a true live, work, play experience further enhanced by connectivity to University City, the Research Park, and beyond, through the extensive network of walking trails, greenways, and easy access to the Lynx light rail.
NOVEL University Place marks the 4th investment in the University area by Crescent Communities and their 13th multifamily investment in the Charlotte market, where the company is also headquartered. In addition, NOVEL LoSo Station is now leasing. More broadly, Crescent Communities continues to experience significant growth with $6.0 billion of multifamily and commercial investments and developments currently under construction, operations and planning including 13,000 units of multifamily, 260,000 square feet of complimentary retail and 8.0 million square feet of office, industrial and life-sciences. With a focus on sustainable development practices, the organization pursues USGBC LEED certification for commercial spaces and NGBS certification for multifamily residences.
Additional details surrounding the community will be announced at a later date. Renderings are available here and photos from the groundbreaking can be found here. Forthcoming imagery and logos are available upon request.
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 residential and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 69 multifamily communities, 22 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our residential communities are branded NOVEL, RENDER and HARMON by Crescent Communities.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
About EB Arrow
EB Arrow is an experienced commercial real estate investment firm specializing in mixed-use, multi-tenant and single-tenant retail properties located throughout the United States. The company identifies properties with redevelopment potential and creates value through a disciplined approach to development, leasing, asset management, investor relations and marketing. EB Arrow’s track record includes $3.5 billion in completed transactions and access to high-quality properties through strong market relationships. For more information, visit www.eba-us.com.
