CRESCENT COMMUNITIES ANNOUNCES CONSTRUCTION OF MULTIFAMILY COMMUNITY IN LAKE NONA

  • 05/24/2021

Orlando, FL (May 24, 2021)Crescent Communities is pleased to announce the construction of a new mixed-use multifamily community in Orlando’s Lake Nona area, NOVEL Nona by Crescent Communities. Located along Narcoossee Road, NOVEL Nona will offer 260 luxury apartment residences. This project marks Crescent Communities’ fourth project in the Orlando market.

“We look forward to this opportunity to be part of Orlando’s incredible Lake Nona neighborhood,” says Tim Graff, Managing Director Florida for Crescent Communities. “This area continues to grow at a promising rate, and we are thrilled to build a community within this thriving market. NOVEL Nona will provide residents with the best-in-class offerings and wellness-focused amenities that will not only complement, but elevate their lifestyle.”

Crescent Communities purchased the land in May 2021 with construction financing provided by Santander. Construction is set to begin June 2021, with the first residences slated to be delivered later next year.

The residences at NOVEL Nona will be housed in a four-story wood frame building with enclosed, conditioned corridors and elevator serviced buildings. Residents will have a choice between studio, one- and two-bedroom offerings in a range of floor plans. In addition, the community will also feature luxury finishes in both the community spaces and residences, as well as a resort style, saltwater pool with premium lakefront views.

The Lake Nona community of Orlando has experienced explosive growth over recent years, catalyzed by the emergence of Lake Nona Medical City, a 650-acre health and sciences park. Directly across from the NOVEL Nona community is Lake Nona Landing, a 596,000 SF retail center. Also within walking distance is Valencia College – Lake Nona Campus and the A-rated Lake Nona High School. Additional future retail is also being developed including Tyson’s Corner, a 73,000 SF retail project.

Beyond the abundance of medical and retail employment, the submarket is also transforming with the creation of diversified jobs. Last year, Amazon opened its $132 MM, 2.5 MM SF fulfillment center, KPMG opened its Learning, Development & Innovation Center, and Nona Corporate Park project is also under development adjacent to Lake Nona Town Center, bringing 640,000 SF of additional office space.

Construction of the luxury community will be handled by DeAngelis Diamond. Lead architect is Dwell Design Studio, with additional design consultancy from 505 Design. Madden Morehead and Stokes is handling civil engineering needs with landscape architecture directed by Dix.Hite Partners and interior design by CID Design Group.

Additional details surrounding the community will be announced at a later date. Renderings are available here. Forthcoming imagery will be available upon request.

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 residential and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 63 multifamily communities, 21 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our multifamily communities are branded NOVEL by Crescent Communities.