Crescent Communities Announces New Multifamily Community in University City
CHARLOTTE, NC (October 13, 2021) – Crescent Communities is pleased to announce the construction of a new multifamily community in center of Northeast Charlotte’s University City submarket. The highly anticipated NOVEL University Place by Crescent Communities, located at the intersection of J.W. Clay and W.T. Harris Blvd, will include 311 for-rent residences and act as the residential anchor for the planned mixed-use redevelopment known as Waters Edge. This marks the 4th investment in the University area by Crescent Communities and their 13th multifamily investment in the Charlotte market.
“We have been looking forward to breaking ground on NOVEL University Place and are thrilled to have the opportunity to create a new center of activity for this growing and reimagined neighborhood,” said Michael Tubridy, Managing Director of Multifamily Development for the Carolinas and Tennessee at Crescent Communities. “The redevelopment of University Place will be the catalyst for the long overdue creation of a walkable, vibrant, urban core in the University area of Charlotte.”
Crescent Communities and financial partner Goldman Sachs purchased the land in October 2021 with construction financing provided by Synovus Bank. EB Arrow commenced site work during the summer of 2021, and Crescent Communities expects to start construction of the residential buildings following land acquisition and deliver first units in early 2023.
“The Waters Edge development is destined to be the new hub of Northeast Charlotte, and NOVEL University Place will be located in the middle of all the excitement and energy that the new plaza, library, retail, and office will bring to the lakefront,” said Greg Watson of EB Arrow.
As part of the Waters Edge master redevelopment plan, NOVEL University Place will be a surface-parked apartment community and consist of four buildings, each with three to five floors, as well as three carriage buildings with tuck-under garages. It will feature a mix of 311 studio, one-, two-, and three-bedroom residences complete with lake views and luxury finishes. The architecture for NOVEL University Place will take cues from classic Southern waterfront cities like Savannah and Charleston. With an enviable location boasting easy access to the refurbished waterfront park and path, miles of existing greenway trails, and Fortune 500 employers, this vibrant, walkable development will breathe new life into University City and provide a community space where residents, office workers, and community members can come together to enjoy convenience, luxury, and connectivity.
Design partners include architecture firms Cline Design Associates (Crescent’s multifamily), Gensler (EB Arrow’s office) and KTGY, civil engineer LandDesign, and interior designer BB+M.
NOVEL University Place will offer residents a host of amenities including a resort-style pool and cabana overlooking the lake, a multi-level covered patio with indoor and outdoor gathering space, pocket gardens, dog park, outdoor and indoor spaces to work from home, as well as outdoor fitness space and a two-level fitness center. The community will feature an open outdoor plaza designed to be closed to traffic for festivals and community gatherings. While Crescent Communities will include the amenities that today’s residents expect, perhaps the most notable amenity is the convenience offered by the dynamic master planned community, providing a true live, work, play experience further enhanced by connectivity to University City, the Research Park, and beyond, through the extensive network of walking trails, greenways, and easy access to the Lynx light rail.
Additional details surrounding the community will be announced at a later date. Renderings are available 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 68 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.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
About EB Arrow
EB Arrow is an experienced commercial real estate investment firm specializing in mixed-use, multi-tenant and single-tenant retail properties located throughout the United States. The company identifies properties with redevelopment potential and creates value through a disciplined approach to development, leasing, asset management, investor relations and marketing. EB Arrow’s track record includes $3.5 billion in completed transactions and access to high-quality properties through strong market relationships. For more information, visit www.eba-us.com.