Crescent Communities Moves Forward with NOVEL Research Park Multifamily Community in Thriving University City

05/08/2018

CHARLOTTE, N.C. – Crescent Communities recently broke ground on its latest multifamily project, NOVEL Research Park by Crescent Communities, in Charlotte’s thriving tech hub, University City. Expected to be completed in the second quarter of 2019, NOVEL Research Park is the sixth multifamily community the company currently has under construction or in lease up in Charlotte totaling more than 2,200 apartment units all adjacent to compelling mixed use and lifestyle retail.

Located at the intersection of W. Mallard Creek Church Rd. and Senator Royall Pl., NOVEL Research Park will bring much needed housing and improved walkability to University Research Park with an ideal site convenient to the University of North Carolina Charlotte (UNCC), a vibrant mix of retail and shopping and many of the area’s major employers, all in an amenity-rich, resort-style neighborhood nestled in a wooded natural setting. Located just over two miles from the UNC Charlotte Main Station of the LYNX Blue Line extension that opened in March, residents will have access to quick and easy travel between nearby neighborhoods like NoDa, Uptown and South End.

Comprised of 280 one-, two- and three-bedroom apartments, NOVEL Research Park by Crescent Communities is designed to bring together the convenience and maintenance-free living of a multifamily community, complete with nature trails and many outdoor living features that blend into the natural setting to create a sense of community, and the feel of single-family backyard living. Planned amenities include a resort-style pool, multiple outdoor grilling areas and fire pits, a host of classic outdoor games from shuffleboard and bocce to corn hole and table tennis, a hammock garden and a sprawling fully-fenced dog park. While walkable to a number of the area’s largest employers, NOVEL Research Park will offer 2,500 square feet of creative, drop-in co-working space with a stocked coffee bar, Wi-Fi, video conferencing capabilities and private work pods, making the community ideal for working remotely. 

“While already well-established as the City’s education and technology hub, University City is a dynamic place that is increasingly becoming one of the most sought-after locations to live in Charlotte,” said Michael Tubridy, Managing Director with Crescent Communities. “We believe the area is primed for additional growth as more employment opportunities and newly established access to mass transit bring in more talented people who will appreciate the relaxed lifestyle and sense of community we are curating all within a short walk of not only employment, but also the best restaurants and lifestyle retail the area offers.”

Crescent Communities is developing the project in partnership with Phoenix Capital Partners with construction financing provided by Santander Bank. Cline Design Associates is the project architect and Crescent Multifamily Construction is serving as the general contractor.

NOVEL Research Park by Crescent Communities will be only the second multifamily community within University Research Park. Crescent developed and sold the first in 2015. Currently no other land within the Research Park development is zoned for multifamily housing. 

The addition of Research Park brings NOVEL by Crescent Communities’ total number of multifamily communities under construction or in operation across the U.S. to 19 with six in the Queen City recently opening – NOVEL NoDaNOVEL Providence Farm and NOVEL Stonewall Station – or in development – NOVEL Atherton and NOVEL Montford Park. Together, these multifamily and mixed-use developments represent more than 6,000 apartments, 225,000 square feet of retail space and a total investment of over $1.4 billion. 

About Crescent Communities

Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of multifamily, commercial and mixed use communities. Crescent creates high-quality, differentiated communities in desirable locations in many of the fastest growing markets in the Southeast and Southwest. Since the company was founded in 1963, Crescent’s development portfolio has included more than 60 single family master-planned communities,  43 multifamily communities and more than 21 million square feet of commercial space. Its multifamily communities are branded NOVEL by Crescent Communities.