Crescent Communities Acquires Land for Crescent Dilworth

CHARLOTTE, N.C., May 29, 2013 /PRNewswire/ -- Crescent Communities has acquired a 2.3-acre site in Charlotte's Dilworth neighborhood where it plans to build a mixed-use community with street-level retail and approximately 300 luxury apartment units. Construction is scheduled to begin at Crescent Dilworth this fall.

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Located on the corner of East Morehead Street and Harding Place, Crescent Dilworth is adjacent to the Little Sugarcreek Greenway and across from Carolina's Medical Center (CMC), one of the region's premier employers.  Situated a short walk along the Greenway to Metropolitan Midtown, residents of Crescent Dilworth will enjoy easy access to the area's employers, parks, shopping and dining.

"Dilworth's features, adjacency to CMC and proximity to Uptown Charlotte make it well suited for a mixed-use community," said Ben Collins, vice president for Crescent Communities Multifamily Group, which purchased the land with Crescent equity and anticipates building a more than $50 million community.

Crescent has partnered with Charlotte-based Southern Apartment Group for the development of Crescent Dilworth. Southern Apartment Group was originally responsible for consolidating the land parcels that make up the 2.3-acre site and will remain a partner in the development.

"Crescent Dilworth will be an ideal residential location for those who enjoy active lifestyles and who value easy access to all that the area has to offer," Collins said.

To appeal to residents' active lifestyles, Crescent Dilworth will feature a lap pool that connects to a lounge pool, an athletic club with state of the art cardio equipment, CrossFit gym, yoga studio, and bicycle repair center. Crescent Dilworth also will provide indoor and outdoor bike storage.

The seven-story building will feature street level retail along with, two levels of parking and five levels of luxury apartments. The community will include approximately 300 luxury apartments comprised of studio, one and two-bedroom units. Walk-up units along Morehead Street will have a residential look in keeping with the Dilworth streetscape, while several deluxe, 2,600-square-foot units will feature large private terraces with indoor and outdoor fireplaces.

All residents will have access to a seventh-floor terrace, courtyard with lounging pool, fire pits, grilling areas and outdoor seating overlooking the Little Sugarcreek Greenway. Crescent Dilworth also will feature an indoor/outdoor clubhouse, dog spa, blackout shades and acoustic dampening between floors to accommodate the varying sleep schedules of medical professionals who work at CMC.

"Crescent is focused on designing communities that integrate well with existing neighborhoods and community lifestyles," Collins said. "The exterior facade of Crescent Dilworth incorporates design elements from the Greenway, such as the Tennessee fieldstone which is utilized in many of the Greenway's structures, with traditional brick and cedar trellis elements found throughout the Dilworth area to enhance the residential look and feel of the community."

The development team also includes architect BB+M Architecture, interior designer Vignette Interior Design, civil engineer and landscape architect LandDesign and conceptual design consultant Historical Concepts.

Crescent Dilworth is expected to open in Spring 2015.

About Crescent   

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 27 master-planned communities, including its signature Palmetto Bluff, as well as 18 multifamily projects with 5,300 units under construction or in planning/pre-development. The company owns and manages approximately 72,000 acres, including 1,400 acres zoned for commercial use.

About Southern Apartment Group

Southern Apartment Group, LLC is a Carolinas-based multifamily development company headed by Charles Lindsey McAlpine and Shane Seagle.  In addition to the Crescent Dilworth partnership with Crescent Communities, the company is currently working on a student housing project at UNC Charlotte and an urban infill project in Charlotte, N.C.  The Crescent Dilworth development is their second project on Morehead Street.

SOURCE Crescent Communities