CONSTRUCTION BEGINS AT ELIZABETH ON SEVENTH, CRESCENT COMMUNITIES’ LATEST MIXED-USE, SPECULATIVE OFFICE ENDEAVOR

  • 08/05/2020

Charlotte, N.C. – (August 5, 2020)Crescent Communities, a nationally-recognized, market-leading real estate investor, developer, and operator of mixed-use communities, is proud to announce that construction at the company’s upcoming retail and speculative office community, Elizabeth on Seventh, has broken ground.

Situated at the prominent intersection of East 7th Street and North Caswell Road in Charlotte’s Elizabeth neighborhood, the mixed-use community will embrace and enrich the area’s urban energy while preserving the heritage of its residents and businesses. One of Charlotte’s most desirable neighborhoods with an unparalleled location, Elizabeth – and Elizabeth on Seventh – are minutes from Uptown, I-85, I-77, I-74, Independence Park, and near the Little Sugar Greenway, with easy access to the CityLYNX Gold Line streetcar. Walkable to 40+ retailers and restaurants, the area is easily accessible without sacrificing character and charm.

“The Elizabeth on Seventh community incorporates the latest health and wellness specifications that the market will require in a post-COVID world,” said Brendan Pierce, Senior Managing Director of Crescent Communities. “The modern building – coupled with walkable amenities in a dynamic neighborhood – will be a competitive advantage for companies seeking to recruit and retain superior talent.”

The speculative office component of Elizabeth on Seventh poses a “blank slate” opportunity for tenants to design a space that accommodates their unique needs – including shifting needs around health, wellness, and safety. Additionally, Crescent Communities is actively pursuing a Fitwel certification, which will ensure the prioritization of wellness throughout the building’s design, development, and operations processes.

Elizabeth on Seventh’s appropriately scaled neighborhood façade will feature a mix of timeless materials such as brick, masonry, metal, wood, and glass, and offices will boast a combination of floor-to-ceiling glass windows and a minimum of 10-foot ceilings to maximize views and provide natural light. Column-free floor plates will allow for flexible space planning, and a second-floor balcony is planned to overlook North Caswell Road, while a 4th-floor balcony offers views of Uptown.

“The historic characteristics of the Elizabeth neighborhood provided a palette of materials, color, and architecture that helped us design a building that feels authentic to the community while embracing a high-caliber workplace,” said Sagar Rathie, Managing Director of Crescent Communities.

Stephen Woodard with JLL is leading office leasing efforts for the new community. “This location within the Elizabeth neighborhood is ideal for an office—the intersection has charm, and it’s easily accessed from many parts of town,” said Stephen. “The building’s design, architecture, and layout will add to the appeal; Crescent Communities’ has been thoughtful to incorporate amenities that will enhance the tenant experience.”

The community’s 103,500 square feet of office and ground-floor retail space will include artistic design with public art throughout, a pedestrian-friendly plan, a courtyard, a first-floor tenant lounge, and three outdoor terraces for collaboration beyond the office. Convenient garage parking will be available, with entry points on East 7th Street and North Caswell Road. Bike parking will also be available.

Elizabeth on Seventh is being developed in a joint venture with Faison Enterprises. BB&T now Truist is providing construction financing. Choate Construction will serve as the general contractor, BB+M is the project architect, and LandDesign has been named the civil engineer and landscape architect.

About Crescent Communities:

Crescent Communities is a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use communities. We create high-quality, differentiated multifamily and commercial communities in many of the fastest-growing markets in the United States. Since 1963, our development portfolio has included more than 59 multifamily communities, 21 million square feet of commercial space, and 60 single family master-planned communities. Headquartered in Charlotte, Crescent Communities has regional offices in Washington, DC, Atlanta, Orlando, Nashville, Dallas, Denver, and Phoenix. Our multifamily communities are branded NOVEL by Crescent Communities.

About Faison Enterprises:

Faison is a private real estate investment firm with a strong legacy that dates back to the 1970s. We selectively place capital in development, value-add, and core opportunities. Our objective is to build a diverse portfolio across multiple asset classes within the major markets in the Southeast.

About JLL:

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com

For more information about Elizabeth on Seventh, please visit elizabethonseventh.com. To inquire about office leasing please contact Stephen Woodard with JLL (704-905-4309 or stephen.woodard@am.jll.com), and for information about available retail, please contact Charles Thrift with Thrift Commercial Real Estate (704.622.1795 or charles@thriftcres.com).