Crescent Communities Breaks Ground on New Multifamily Community in Tampa

CHARLOTTE, NC (November 8, 2022) – Nationally recognized Crescent Communities and U.S. real estate manager CP Capital US recently celebrated the groundbreaking of a new multifamily community in Tampa, FL, NOVEL Independence Park. The groundbreaking ceremony took place on Tuesday, October 4, and included a donation from both companies to the American Red Cross to help Floridians affected by Hurricane Ian.

Situated in Tampa’s Westshore Business District, NOVEL Independence Park will be at the epicenter of one of Florida’s largest concentrations of Class A office space, consisting of over 18 million square feet and nearly 100,000 employees. The location of the community provides great access to some of Tampa Bay’s best retail destinations including Midtown Tampa and International Plaza and Bay Street; established employers such as JP Morgan Chase, Bristol Myers Squibb, AIG, and the U.S. Social Security Administration; and transportation hubs including Tampa International Airport, I-275 Memorial Highway, and Dale Mabry Highway.

Even with its central location, the community offers a relaxed and laid-back environment that fosters comfortable lakeside living. Within walking distance of the community is public golf course Rocky Point Golf Club, Skyway Sports Complex, and the trailhead for the Skyway Park Trail, which connects to the Courtney Campbell Trail, a biking and walking-friendly route to Clearwater that has access to restaurants and beaches along the way.

In addition to its desirable location and lakeside-inspired atmosphere, NOVEL Independence Park will also feature Class A interior home finishes such as stainless-steel appliances, stone surface countertops, and vinyl wood flooring that complement the casual, yet refined personality of the community. NOVEL Independence Park will encourage residents to come as they are and do as they like, offering social amenities including a double-height fitness center with a private yoga and spin studio, expansive pool deck overlooking a pond, rooftop lounge, indoor-outdoor private events space, dog park, detached garages, and a pedestrian nature trail. The community will include three distinctly programmed buildings, each five stories in height, totaling 277 for-rent residences and will be part of Independence Park, a 44-acre, mixed-use site that was recently rezoned to accommodate residential homes and future phases of office, retail, and townhomes.

“We are thrilled to officially break ground on NOVEL Independence Park and continue our strategic growth in the Tampa market,” said Tim Graff, Managing Director of Florida for Crescent Communities' multifamily business. “Together with NOVEL Beach Park, another community that recently broke ground in the Tampa area, we are grateful for the incredible growth and success we continue to see in this vibrant market.”

“Tampa is a market with enormous potential and ongoing opportunities for growth,” said Logan King, Vice President at CP Capital US. “We are thankful for our partnership with Crescent Communities and are thrilled to celebrate the groundbreaking of NOVEL Independence Park, a premier residential experience within the Westshore Business District. Our goal is to offer a first-class community for residents in the thriving Tampa market, and we look forward to seeing this vision unfold over the coming months.”

Design partners for NOVEL Independence Park include architecture firm Dwell Design Studio, landscape architect LandDesign, civil engineer Haiff Associates, and interior designer Vignette Interior Design. CBG Construction will serve as the general contractor. Renderings and photos from the groundbreaking are available upon request.  

Crescent Communities continues to strategically grow and seek out opportunities in Tampa, recently breaking ground on another multifamily community in the area, NOVEL Beach Park. NOVEL Independence Park is the company’s seventh multifamily community in the Tampa market. More broadly, Crescent Communities continues to experience significant growth with $7.2 billion of residential and commercial investments and developments currently under construction, operations and planning including 15,300 units of multifamily / single family build-to-rent, 58,000 square feet of complimentary retail, and 7.5 million square feet of office, industrial and life-sciences.  With a focus on environmental sustainability and wellness, the organization pursues certifications including LEED, NGBS (National Green Building Standard), Fitwel, and WELL.

Crescent Communities recently partnered with CP Capital, formerly known as HQ Capital Real Estate, to develop RENDER Covington, a 315-unit multifamily community in the Atlanta suburb of Covington, Georgia.

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 83 multifamily communities, 24 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 and our industrial developments are branded AXIAL by Crescent Communities and our life science developments are branded THE YIELD by Crescent Communities.

About CP Capital

CP Capital, formerly known as HQ Capital Real Estate, is a highly disciplined U.S. real estate investment manager focused on the multifamily sector. Founded in 1989, the firm has invested in approximately $15 billion of U.S. real estate through sponsored funds and separate accounts on behalf of global institutions, family offices and ultra-high net worth individuals. These investments total more than 70,000 residential units and 21 million square feet of commercial space. In-house capabilities of CP Capital also include asset and construction management, capital markets, legal, reporting, and tax structuring expertise. Through its consistent participation in the market over the past three decades, the firm has developed deep relationships across the real estate industry. CP Capital’s primary investment strategy focuses on opportunistic and value-add rental apartment investments with best-in-class joint venture partners in growth markets throughout the U.S., which has resulted in a strong track record of more than 230 realized multifamily fund investments as of June 30, 2022. Visit cpcapitalus.com for more information.