Resurgence in Development Sparks Mixed-Use, Master-Planned Community in Altamonte Springs Planned 15 Years Ago by Crescent Communities Company Announces Luxury Apartment Community
ORLANDO, Fla., March 18, 2014 /PRNewswire/ -- Nearly 15 years ago, Crescent Communities outlined plans for Gateway, an 80-acre, mixed-use community in Altamonte Springs in the Orlando area. Thanks to the company's patience and a resurgence in development, Gateway is in growth mode. Its plans have expanded to include Crescent Gateway, a luxury apartment community located on the north side of Maitland Boulevard just a few miles west of Interstate 4.
"Crescent Communities is a patient land owner," said Whit Duncan, president of Crescent's commercial group. "We waited for the right time to bring a vibrant development to this area, and that time is now. With a luxury multifamily community and future office and retail space, Gateway will become a landmark for the city of Altamonte Springs."
Crescent's commercial group developed Gateway's Publix grocery store in 2000 and in 2011 constructed the Adventist Health System headquarters. The company's multifamily group will now use eight acres of the property to develop Crescent Gateway, the multifamily element that will help deliver on Crescent's ultimate vision for a mixed-use, master-planned community in Altamonte Springs.
Crescent Gateway is designed as an upscale multifamily community with an urban appeal. The 249-unit community will include elevator-served, four-story buildings with studios and one and two-bedroom apartment homes. Three-bedroom units and two-story townhomes with attached garages will round out the unit mix and offer ideal living for families.
"Our goal is to create a balanced lifestyle for people who want it all," said Jay Curran, vice president of Crescent's multifamily group. "This community will set a new standard in the area for finishes and amenities and is ideally located to take advantage of the nearby Altamonte Springs and Maitland employment centers, downtown Orlando and the Seminole County school system."
Amenities will range from a pool courtyard with outdoor cabanas to an indoor/outdoor cafe, yoga lawn and dog park. Crescent Gateway residents will enjoy a quick walk to the grocery store, retail and major employers such as EA Sports, Charles Schwab and Adventist Health System as well as easy access to I-4 and a short drive to downtown Orlando.
Crescent Gateway, which is projected to open in summer 2015, is financed by an equity investment from Crescent and CNL Financial Group, Inc. and construction financing by PNC Bank.
In addition to Crescent Gateway, the company's current plans for future expansion of the master-planned community include 300,000 square feet of office, retail and potentially a hotel, bringing new jobs and visitors to Altamonte Springs.
"We're excited about the potential for Gateway to become a compelling piece of the greater Orlando area's job market," Duncan said. "There are already several large employers in place, but Gateway will provide a solution to growing demand for office space in what we believe is an under-supplied market."
Gateway is part of Crescent Communities' growing presence in the Orlando area and central Florida. In early February, Crescent broke ground on Crescent Central Station, a luxury apartment community in the heart of downtown Orlando offering unmatched access to the SunRail commuter train. The company's multifamily group also recently opened Crescent Crosstown in Tampa, and Crescent Bayshore is on track to open there this spring. In January, Crescent's residential group announced the launch of a new phase and the completion of existing home sites in Oakland Park outside Orlando. The company's commercial group also has a strong presence in Orlando in addition to the Gateway project; its operations are based in the City, which benefits from above average job growth, a booming health sciences complex and affordable living.
About Crescent Communities
Founded in 1969 in Charlotte, Crescent Communities is a diversified real estate investment, development and operating company dedicated to enhancing the quality of life for people through sustainable multifamily, residential and commercial communities and responsible land management. Crescent's portfolio today includes 21 master-planned communities, including its signature Palmetto Bluff, as well as 22 multifamily projects with 6,500 units under construction/lease-up or in planning/pre-development. The company owns and manages approximately 43,600 acres, including 611 acres zoned for commercial.
SOURCE Crescent Communities