Crescent Communities Breaks Ground for $61 Million Crescent Scottsdale Quarter

SCOTTSDALE, Ariz., Nov. 20, 2013 /PRNewswire/ -- Crescent Communities has broken ground on Crescent Scottsdale Quarter in partnership with Glimcher Realty Trust. The $61 million, 275-unit luxury apartment community is the only residence within Scottsdale Quarter, an upscale retail center. Crescent Scottsdale Quarter is expected to open in Spring 2015.

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"Scottsdale Quarter is a fashionable hub that offers unmatched amenities yet preserves the beauty of the desert," said Jim Cauley, senior vice president of Crescent's multifamily group. "It is the perfect fit for our model of building authentic lifestyle experiences for people, and we are pleased to bring the Crescent approach to luxury multifamily living to Scottsdale."

The official residence of Scottsdale Quarter is among Crescent's first luxury multifamily residential communities west of the Mississippi. The company developed Portland Place in Phoenix in 2006 and developed and sold a student housing community near the University of Texas in 2012. Headquartered in Charlotte, N.C., Crescent's multifamily group has 5,900 units under construction or in planning/pre-development.

Crescent Scottsdale Quarter will be built on 2.7 acres along the Greenway Hayden Loop on the Northeast corner of Glimcher Realty Trust's Scottsdale Quarter property. An open air center on 28 acres, Scottsdale Quarter includes 370,000 square feet of retail and restaurant options and 203,000 square feet of office space complemented by sophisticated architecture, lush landscaping and the natural beauty of the Arizona desert.

"Scottsdale Quarter has become one of the preeminent examples of experience-centered retail in the country," said Marshall Loeb, president and chief operating officer of Glimcher Realty Trust. "We are pleased to welcome Crescent Scottsdale Quarter to the center, where residents will enjoy front-door access to the area's most vibrant mix of shopping, dining and entertainment."

Crescent's six-story building will feature studios, one- and two-bedroom units and an upscale amenity package including a resort-style saltwater pool and two-story fitness center with views of the McDowell Mountains. Crescent Scottsdale Quarter will also be one of the first apartment communities in Scottsdale to comply with the 2012 International Energy Conservation Code (IECC) and International Green Construction Code (IgCC). Occupants will enjoy exclusive access to some of Scottsdale Quarter's top shops and restaurants including Apple, Restoration Hardware, lululemon, Calypso St. Barth and True Food Kitchen.

"We're thankful for the support of the City of Scottsdale and our partners at Glimcher Realty Trust," said Scott Makee, regional director of Crescent's multifamily group. "With its chic location and best-in-class amenities, Crescent Scottsdale Quarter will give residents the opportunity to be fully integrated into the unique experience of Scottsdale Quarter."

Crescent Scottsdale Quarter is financed by equity from Crescent Communities and Glimcher Realty Trust, with a construction loan from Regions Bank. Whiting-Turner Contracting Co. is the builder. The architect is Gromatzky Dupree & Associates. Nelsen Partners, Inc. is the design architect, and Kimley-Horn and Associates is the civil engineering partner.

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 27 master-planned communities, including its signature Palmetto Bluff, as well as 21 multifamily projects with 5,900 units under construction or in pre-development. The company owns and manages approximately 45,000 acres, including 1,400 acres zoned for commercial use. www.CrescentCommunities.com.

SOURCE Crescent Communities