Crescent Communities Adds Atherton Mixed-Use Development to Bring Active Multifamily Investment in the Charlotte Market to Nearly $500 Million
Crescent Communities and EDENS, one of the leading retail real estate developers in the country, have announced their partnership to develop a new mixed-use development in the heart of Charlotte’s Historic South End neighborhood. Work at Atherton, which will be located directly adjacent to the popular Atherton Mill retail center and conveniently positioned along the LYNX light rail, is expected to begin early next month bringing Crescent’s active multifamily investment in the Queen City to nearly $500 million.
Crescent is partnering with EDENS for the first time to develop the 62,000 sq. ft. retail component of Atherton as the neighborhood expands from a South End retail center to a top Charlotte destination for dining, shopping and living – confirming it as the soul of South End. In line with that transformation, Crescent will also develop the Crescent Atherton residences located above the project’s ground floor retail, which will feature 346 uniquely designed apartment homes with a market-leading amenity package, including expansive skyline views and access to the soon-to-be expanded “rail trail” multi-use path.
“The Historic South End is one of Charlotte’s most beloved and storied neighborhoods and Atherton promises to be the heart and soul of the community that blends distinctive living with access to unparalled amenities. With public transportation readily available, direct access to the Rail Trail and the specially curated mix of retail just steps outside your home, Atherton will be a one-of-a kind community,” said Michael Tubridy, Managing Director of the Charlotte market for Crescent Communities.
Earlier this month, Crescent Communities announced plans for a mixed-use development along Park Road at the sought-after site of the former Pfeiffer University Charlotte campus. Called Crescent Montford Park, this community will be walkable to shopping and dining destinations at Park Road Shopping Center and along Montford Drive. Together, the Atherton and Montford Park developments represent $175 million of additional investment in the market, will comprise nearly 700 apartments and 80,000 sq. ft. of retail space, and are further testament to Crescent’s commitment to its hometown, fortifying it as one of Charlotte’s leading developers.
The addition of Crescent Atherton brings Crescent’s total active projects under development in Charlotte – representing a total of 1,900 units and 140,000 sq. ft. of retail – to five. Crescent Stonewall Station, Crescent NoDa, Crescent Providence Farm, Crescent Montford Park and Crescent Atherton. In total, these communities represent just under $500 million of investment in new development and construction in Charlotte.
Equity financing for the Crescent Atherton development is being provided through a joint venture partnership between Crescent Communities and Sumitomo Forestry. BMO Harris Bank will provide the senior construction loan for the development. Crescent has hired Summit Contracting of Jacksonville, Fla. as the project’s general contractor. Charlotte-based LandDesign will serve as the civil engineer for the project, MV&A led the project’s conceptual design with Dwell Design Studio acting as the project architect, and INTEC Group leading the community’s interior design.