Crescent Communities Hosts Ceremonial Groundbreaking for Multifamily Community in Tampa’s Beach Park Neighborhood
TAMPA, FL (September 12, 2022) – Nationally recognized Crescent Communities is pleased to celebrate the commemorative groundbreaking of NOVEL Beach Park, the company’s most recent investment in the Tampa market, which now tallies seven multifamily communities. The groundbreaking celebration took place on Wednesday, September 7.
Located at 5426 Bay Center Drive in Tampa’s Beach Park neighborhood, NOVEL Beach Park embraces the best of waterfront living while remaining a short drive from Tampa’s best shopping, dining, and employment hubs. The community will feature 289 for-rent residences, with the vast majority offering unobstructed views of Old Tampa Bay and Tampa’s picturesque sunsets.
NOVEL Beach Park is the first community made possible by the newly established Crescent Communities Real Estate Opportunities Fund, the first in a series of funds that Crescent Communities will sponsor in order to fund the development and investment in real estate across its investment platforms. The debt financing was provided by TD Bank. Construction of the luxury community is being handled by FINFROCK. Additional partners include Kimley-Horn for civil engineering, DIX•HITE + Partners for landscape architecture, and ID & Design International for interior design. The first residences are anticipated to deliver in the summer of 2023.
“It’s an exciting time in Tampa for Crescent Communities as we look to follow our success on NOVEL Midtown Tampa with the groundbreaking of NOVEL Beach Park,” said Tim Graff, Managing Director of Florida for Crescent Communities. “This community will allow residents to experience the best of both worlds, living on the water while maintaining such a close connection to the city. We’re thrilled to continue our investment in the city and this high-growth market.”
At its core, NOVEL Beach Park is designed to be the home for Tampa’s discerning waterfront renter. The community will consist of a nine-story building with studios and one-, two-, and three-bedroom apartment homes, all with floor-to-ceiling glass windows and breathtaking water views. Additional amenities include a ground-level resort-style pool and lounge, a top-of-the-line fitness center, and a sky bar on the 9th floor.
Crescent Communities continues to expand its footprint in Florida, recently announcing the land closing for another Tampa multifamily community, NOVEL Independence Park, as well as RENDER Legacy Trail and HARMON Legacy Trail, Crescent Communities’ suburban multifamily and build-to-rent offerings just south of Sarasota. The company also recently debuted its forthcoming industrial project AXIAL 301 Manatee in nearby Bradenton, FL. More broadly, Crescent Communities continues to experience significant growth with $7.6 billion of residential and commercial investments and developments currently under construction, operations and planning including 15,700 units of multifamily / single family build-to-rent, 200,000 square feet of complementary retail, and 11.1 million square feet of office, industrial, and life science. 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 photos from the groundbreaking 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 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.