Crescent Resources Set to Begin Construction on Circle at Cool Springs

FRANKLIN, Tenn., Oct. 27 /PRNewswire/ -- Construction is starting this week on Circle at Cool Springs apartment community. Developer Crescent Resources has entered into an agreement with Mid-America Apartment Communities, Inc., with MAA purchasing the land and providing construction financing and Crescent serving as the master developer.

The deal will bring Crescent's very successful Circle concept to the Nashville market for the first time. The progressive Circle communities are places where neighbors connect and become stewards of the larger community, and are very focused on the environment and green living.

"We are pleased to partner with MAA," said Scott Makee, development manager for the multifamily development group of Crescent Resources. "We have just completed the roads and infrastructure leading to the site that we began last spring. The market timing is ideal to introduce the Circle concept to Franklin."

Plans call for a total of 428 apartment homes with a mix of one-, two- and three-bedroom floor plans in a series of three-story buildings. Designed by The Housing Studio of Charlotte, Circle at Cool Springs features Craftsman style architecture.

In keeping with Circle's green philosophy, the design upholds the standards of a National Association of Home Builders (NAHB) Green Certified Site Design and Development. Additionally, Crescent will seek designation as a Signature Sanctuary from Audubon International which ensures that managers apply sustainable resource management practices in the long-term stewardship of the property.

Circle communities offer unique programming – from volunteering to pet happy hours – aimed at enriching social experiences and fostering a sense of community among residents. In keeping with that philosophy, Circle at Cool Springs will feature a dog park, grilling patios, and a clubhouse with exercise, fitness and Yoga rooms, as well as a commercial demonstration-style kitchen.

Crescent Resources has named Cox Schepp Construction, Inc. the general contractor. The first apartments and clubhouse will be complete in July 2011. The entire community is anticipated to be complete by the end of the first quarter of 2012.

Crescent Resources remains the major owner of undeveloped property in the Cool Springs market. Today, it owns more than 100 acres in Cool Springs, including approximately 71 acres west of Carothers Parkway and an additional 36 acres to the east of that major thoroughfare.

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 and become stewards of the larger community. In addition to presenting a new breed of apartments that people are excited to live in, Circle developments are infused with the exceptional quality and customer-oriented features that have become Crescent hallmarks. Visit www.liveinthecircle.com for more information.

Crescent presently has Circle communities in Tampa and Jacksonville, Fla., and Charlotte and Concord, N.C., and has announced plans for a Circle community in Durham, N.C. The company is actively seeking new markets across the southeast for its successful Circle apartment communities.

About Crescent Resources, LLC

Crescent Resources, LLC, is a land management and real estate development company with interests throughout the southeastern United States. Based in Charlotte and established in 1969, Crescent creates mixed-use developments, single-family neighborhoods, apartment and condominium communities, Class A office space, business and industrial parks and shopping centers. Visit www.crescent-resources.com for more information.

SOURCE Crescent Resources, LLC