Crescent Resources Starts New Apartment Community Circle Bayshore will be $68 million apartment development

TAMPA, Fla., Sept. 10, 2012 /PRNewswire/ -- Crescent Resources, LLC is starting work on a new 367-unit apartment community in Tampa, Fla. With dramatic views of the bay, the $68 million community at 319 Bayshore Blvd. will be named Circle Bayshore.  

"This extraordinary location is ideal for multifamily residential with its close proximity to the water, entertainment and dining venues," said Brian Natwick, president of Crescent Resources' multifamily division. "Circle Bayshore will offer its residents a unique lifestyle in an uncommon location with amazing amenities, first-class programming and high-quality interiors."

Circle Bayshore will feature thoughtfully designed studio, one-, two-, and three-bedroom floor plans and include amenities such as a two-story health club and fitness center, resort-style swimming pool, an outdoor living area with grilling stations and a fire pit, a business center and clubroom. Typical of Crescent's other Circle communities, Circle Bayshore will incorporate many sustainable features and materials. The community has been designed to meet Leadership in Energy and Environmental Design (LEED) certification requirements from the U.S. Green Building Council. The first apartments are expected to be complete in the first quarter of 2014.

MSA Architects of Miami designed the Spanish Eclectic eight-story structure. The building will surround a parking garage for residents and their guests.

The apartments will feature gourmet kitchens with granite countertops, undermount sinks, a prep island and stainless steel appliances. The bathrooms will be finished with granite countertops, custom wood cabinetry, ceramic tile floors, and tub and shower surrounds. High ceilings, spacious walk-in-closets and separate linen closets are also included. Each apartment will have a private balcony and full-size washer and dryer.

Circle Bayshore is being financed by an equity investment from Crescent Resources, construction financing from Capital One and mezzanine financing from Nationwide Real Estate Investments.

Moss & Associates of Fort Lauderdale, Fla., is the general contractor. The civil engineer is King Engineering of Tampa, and the landscape architect is Land Resource Design Group, Inc., of Orlando, Fla. 

More information about Circle Bayshore can be found at www.circlebayshore.com.

About Circle

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 in which people are excited to live, Circle developments are also infused with the exceptional quality and customer-oriented features that have become Crescent hallmarks.

Crescent Resources developed Circle at South End in Charlotte, N.C., Circle West Campus in Austin, Texas, Circle at Concord Mills in Concord, N.C., and The Venue at Cool Springs in Nashville, Tenn. In addition to Circle Bayshore, Crescent is developing Circle Crosstown in Tampa. Other Crescent multifamily communities under construction include Gallery at Cameron Village in Raleigh, N.C.; Circle Ninth Street in Durham, N.C.; and Circle SouthPark in Charlotte. Crescent's planned multifamily communities include Circle Alexander Village in Charlotte and Circle Terminus in Atlanta, as well as three additional developments for which construction is planned to start this year. The company has developed more than 20 multifamily communities throughout the Southeast.

About Crescent Resources, LLC

Founded in 1969 and based in Charlotte, Crescent Resources is a diversified real estate development and operating company. The company conducts business through four divisions in growing markets in the Southeast and Texas and has a long history of developing high-quality residential communities and commercial assets. Currently, Crescent has 20 master-planned communities and seven multifamily communities with 2,200 units valued at $340 million under development. An additional 3,700 multifamily units are in predevelopment. Crescent owns more than 75,000 acres of land across its four divisions, including 1,400 acres zoned for a variety of commercial uses. Visit www.crescent-resources.com for more information.

SOURCE Crescent Resources, LLC



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