Crescent Resources Starts Circle Terminus Construction Begins on $67 Million Luxury Community
ATLANTA, Jan. 2, 2013 /PRNewswire/ -- Crescent Resources, LLC has completed its purchase of a three-acre site within Cousins Properties' Terminus development. Construction will begin immediately on the Circle Terminus, a $67 million innovative community with 355 apartment homes. The first units are expected to be available in the spring 2014.
"This site has all the ingredients for a very successful luxury apartment community," said Ben Collins, regional director for Crescent Resources. "Its location in the heart of Buckhead is ideal. And, with its existing world-class office space, luxury condominiums, outstanding public art, five-star dining and street level retail, Circle Terminus will offer a unique lifestyle that allows residents an opportunity to work, play and live all within easy walking distances. This location and all those attributes are consistent with the Crescent brand of exceptional and irreplaceable development."
"We selected Crescent Resources for this important aspect of Terminus due to its expertise, experience, financial resources and commitment to sustainable development," said John McColl, executive vice president of Cousins Properties. "As a proven developer of high-quality, successful apartment communities, they are a welcome addition to the development team at Terminus."
Crescent and Cousins have been working together for more than a year in the planning for the newest addition to Terminus. The architecture of the three, eight-story buildings (three levels of parking topped by five stories of apartment homes) that comprise Circle Terminus takes its inspiration from the existing contemporary buildings in the development.
Unique amenities will include a salt-water resort-style pool, roof-top terraces with dramatic skyline views, a wine bar and tavern, an extensive fitness center, a dog walk park, an art gallery and a business center. The apartments will feature granite countertops, stainless steel appliances, faux hardwood flooring and a custom lighting package are highlights.
Circle Terminus is designed to meet Leadership in Energy and Environmental Design (LEED) certification requirements from the U.S. Green Building Council. Lord Aeck & Sargent of Atlanta is the project architect. Southern Civil Engineers of Atlanta serves as the civil engineer while Vignette Interior Design of Charlotte is the interior designer LandDesign of Charlotte is the land planner and landscape architect, and, and Hardin Construction of Atlanta has been named the general contractor. Greystar, will serve as the property manager.
Circle Terminus is being financed by an equity investment from Crescent Resources. The construction lender is JPMorgan Chase & Co.
With the start of the Circle Terminus, Crescent has 2,906 multifamily units in communities valued at $442 million under construction throughout the Southeast. The company has developed more than 20 apartment communities.
While this is Crescent's first multifamily development planned for Atlanta, Crescent Resources has been an active developer in the metro area for more than two decades. The company developed the residential communities Sugarloaf Country Club and The River Club as well as office and industrial parks Crescent Ridge, Satellite Place, Riverside and Corporate Centre at Deerfield. Along with Manulife Financial, the company is also the developer of Phipps Tower.
Circle was inspired through extensive review and analysis of current industry trends and marketplace needs. The progressive Circle communities are places where neighbors connect. In addition to presenting a new breed of apartments that people are excited to live in, Circle developments are also infused with the exceptional quality and customer-oriented features that have become Crescent hallmarks.
In addition to Circle Terminus, other Crescent multifamily communities under construction include Circle Bayshore and Circle Crosstown in Tampa, Fla.; Gallery at Cameron Village in Raleigh, N.C.; Circle Ninth Street in Durham, N.C.; and Circle Alexander Village and Circle SouthPark in Charlotte.
Crescent Resources developed Circle at South End in Charlotte; Circle at Concord Mills in Concord, N.C.; Circle West Campus in Austin, Texas; and The Venue at Cool Springs in Nashville, Tenn.
About Crescent Resources
Crescent Resources is a real estate development company with interests throughout the southeastern United States. Based in Charlotte and established in 1969, Crescent Resources is known for its single-family, multifamily and resort residential communities. Crescent also develops business and industrial parks and shopping centers. Visit www.crescent-resources.com for more information.
SOURCE Crescent Resources, LLC