Crescent Communities Announces New Multifamily Development in Washington, D.C.
WASHINGTON, D.C. (January 19, 2023) – Crescent Communities is pleased to announce the groundbreaking of a new multifamily community in Washington, D.C. Located at 2601 14th Street N.W., NOVEL 14th Street will sit prominently atop the 14th Street Hill proximate and walkable to several local neighborhoods including the U Street Corridor, Columbia Heights, Adams Morgan, Mount Pleasant, Logan Circle, and Shaw. The community will be developed alongside a brand-new adjacent affordable housing community, The Faircliff, made possible by Somerset Development Co. and Jonathan Rose Cos. This marks Crescent Communities’ second investment in the District. The groundbreaking ceremony took place on Wednesday, January 18.
“NOVEL 14th Street will be a dynamic addition to one of Washington, D.C.’s most bustling corridors,” said Brandon Wright, Crescent Communities’ Managing Director for the Mid-Atlantic. “Our goal is to provide a thoughtfully-crafted community that seamlessly weaves itself into the vibrant neighborhood fabric present today and adds sought-after amenities for both our future residents as well as our neighbors.”
NOVEL 14th Street will include 197 for-rent residences featuring a mix of studio, 1-, and 2-bedroom plans. The Fitwel and LEED Silver-targeted community is designed to reflect the area’s soulful and bold personality, with globally inspired pieces and patterns throughout the community that are ethically sourced and supportive of organizations with a “give back” philosophy. Top of the market amenities will provide residents a respite from city life and will include a Land of a Thousand Hills Coffee & Social, rooftop pool and clubhouse, ground-level zen courtyard, expansive gym with treadwall and yoga room, multiple co-working rooms, and library. Construction has begun, and the first residences are scheduled to deliver in early 2025.
The NOVEL 14th Street project team includes architectural firm Hord Coplan Macht, Streetsense for interior design, Vika Capitol providing civil engineering services, Lee and Associates, Inc. for landscape architecture, and J. Moriarty & Associates as the general contractor.
Construction on The Faircliff will occur simultaneously with NOVEL 14th Street in which the brand-new adjacent affordable housing community will offer 125 affordable residences, adding 45 new units to the original 80 residences that were previously onsite. Residents of the former Faircliff Plaza East voted unanimously in 2021 to move forward with the overall project and over 80 percent of those residents have elected to return to live at The Faircliff after construction is complete.
Crescent Communities continues to expand its footprint in the Mid-Atlantic, recently announcing the groundbreaking of NOVEL Scott’s Addition in Richmond while actively engaging in several new development pursuits in the region. The firm sold its stake in NOVEL South Capitol in D.C. at year-end, a community it developed in the Navy Yard district. More broadly, Crescent Communities continues to experience significant growth with $7.2 billion of residential and commercial investments and developments currently under construction, operations, and planning including 15,300 units of multifamily/single family build-to-rent, 58,000 square feet of complementary retail, and 7.5 million square feet of office, industrial and life-sciences. With a focus on environmental sustainability and wellness, the organization pursues certifications including LEED, NGBS (National Green Building Standard), Fitwel, and WELL.
Additional details surrounding the community will be announced at a later date. Renderings are available here and photos from the groundbreaking can be found here. Forthcoming imagery and logos are 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 83 multifamily communities, 24 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 residential communities are branded NOVEL, RENDER and HARMON by Crescent Communities and our industrial developments are branded AXIAL by Crescent Communities and our life science developments are branded THE YIELD by Crescent Communities.