Crescent Communities To Develop Novel Independence Park In Tampa, Florida With CP Capital US
TAMPA, FLORIDA (MAY 10, 2022) — CP Capital, a highly disciplined U.S. real estate manager specializing in multifamily investments, today announced a joint venture with Crescent Communities, a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use communities, to develop ‘NOVEL Independence Park’ — a 277-unit multifamily project in Tampa, Florida.
NOVEL Independence Park will feature Class A interior home finishes such as stainless-steel appliances, stone surface countertops, and vinyl wood flooring. Community amenities will include a fitness center, resort style swimming pool, rooftop lounge, dog park, detached garages and a pedestrian nature trail.
The community will feature three five-story buildings and be a part of Independence Park, a 44-acre, mixed-use site that was recently rezoned to accommodate the project as well as future phases that include office, retail, and townhomes. Situated in Tampa’s Westshore Business District, NOVEL Independence Park will be at the epicenter of one of Florida’s largest concentrations of Class A office space, consisting of over 18 million square feet and nearly 100,000 employees.
The project is expected to break ground this month, with first units expected in Q3 2023, and construction completion in early 2024.
Truist provided construction financing for the transaction.
“Tampa’s rental housing market has experienced tremendous growth over the last year as the city’s economy continues to expand and add vital jobs,” said Jeremy Katz, Co-Head of CP Capital. “We look forward to continuing our partnership with Crescent Communities to provide a premier residential experience within the thriving Westshore Business District.”
The project will benefit from immediate proximity to International Plaza & Bay Street, a renowned shopping destination home to more than 200 specialty shops, restaurants, and luxury retailers; established employers such as JP Morgan Chase, Bristol Myers Squibb, AIG and the U.S. Social Security Administration; transportation hubs including Tampa International Airport, I-275 Memorial Highway and Dale Mabry Highway, and The Raymond James Stadium.
Design partners for NOVEL Independence Park include architecture firm Dwell Design Studio, landscape architect LandDesign, civil engineer Haiff Associates, and interior designer Vignette Interior Design. CBG Construction will serve as the general contractor. Renderings are available here.
“NOVEL Independence Park offers a unique urban experience, with exceptional convenience to employment, retail and recreational amenities in the center of Tampa. Despite this central location, our goal is to provide a differentiated, relaxed and rejuvenating environment for our residents that fosters comfortable living,” said Tim Graff, Managing Director of Florida for Crescent Communities' multifamily business. “The larger transformation of Independence Park that is currently underway is going to make this location, and NOVEL Independence Park, a welcome addition to Tampa. We are thrilled to be a part of the resurgence and look forward to filling an unmet housing need.”
Crescent purchased the site from Independence Park master developer, Highwoods Properties (NYSE: HIW) who owns over 3 million square feet of Class A commercial office space in Tampa including Independence Park I – the existing 116,000 square foot office building at Independence Park. “We’ve had a vision to turn Independence Park into Westshore’s next best address to live, work and play amid a mixed-use and walkable master plan,” said Dan Woodward, Senior Vice President & Tampa Market Leader, Highwoods Properties. “Crescent Communities brings an unquestioned ability to create compelling places and we have no doubt NOVEL Independence Park will become the sought-after place to live for Tampa’s best and brightest.”
CP Capital, formerly known as HQ Capital Real Estate, recently partnered with Crescent Communities to develop RENDER Covington, a 315-unit multifamily community in Covington, Georgia.
About CP Capital
CP Capital, formerly known as HQ Capital Real Estate, is a highly disciplined U.S. real estate investment manager focused on the multifamily sector. Founded in 1989, the firm has invested in approximately $15 billion of U.S. real estate through sponsored funds and separate accounts on behalf of global institutions, family offices and ultra-high net worth individuals. These investments total more than 70,000 residential units and 21 million square feet of commercial space. In-house capabilities of CP Capital also include asset and construction management, capital markets, legal, reporting, and tax structuring expertise. Through its consistent participation in the market over the past three decades, the firm has developed deep relationships across the real estate industry. CP Capital’s primary investment strategy focuses on opportunistic and value-add rental apartment investments with best-in-class joint venture partners in growth markets throughout the U.S., which has resulted in a strong track record of more than 230 realized multifamily fund investments as of December 31, 2021. Visit cpcapitalus.com for more information.
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 74 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.