ORLANDO, FL (August 3, 2021) – Crescent Communities is pleased to announce the purchase of a 14.8-acre site for a new multifamily community in Lake Mary, a suburb of Orlando, Florida. NOVEL Parkway by Crescent Communities, located at 5065 Wilson Road, is situated at the intersection of International Parkway and Wilson Road, just north of the Wekiva Parkway interchange. The community will include 325 for-rent luxury residences with two additional parcels offering up to 13,900 SF of retail and 29,500 SF of commercial and office, respectively. This marks the fifth investment in the Orlando market by Crescent Communities.
“Crescent Communities looks forward to bringing NOVEL Parkway to the Lake Mary area,” says Tim Graff, Managing Director of Florida for Crescent Communities. “The community is thoughtfully designed for residents to take advantage of Florida’s diverse array of outdoor experiences, in addition to offering luxury spaces and amenities that create a sense of connection with the environment.”
Crescent Communities and an affiliate of financial partner Heitman LLC, a global real estate investment management firm, purchased the land in June 2021. Construction financing is provided by Wells Fargo with construction commencing in July 2021 and first residences scheduled to be delivered in late 2022.
“Significant demand remains for well-located, high quality residential space and we look forward to working with a best-in-class developer to bring these high-quality residences to the Orlando market,” said Brian Pieracci, Heitman Managing Director and Head of North American Acquisitions. “Demand for the residential sector is underpinned by secular and demographic shifts, providing a layer of resiliency to our portfolios in times of volatility.”
Construction of the luxury community will be handled by Doster Construction with LRK, Inc. acting as lead architect, and Madden, Moorhead, & Stokes, LLC as civil engineers. Landscape architecture is being performed by Dix Hite and interior design by CID Design Group.
The vision of NOVEL Parkway was inspired by the iconic and scenic main streets of central Florida, including the neighborhoods of Winter Park, Winter Garden, and Historic Downtown Sanford. The community will consist of three- and four-story elevator served buildings with enclosed conditioned corridors. Residents will have the option to choose between one-, two-, and three-bedroom layouts with high end finishes and amenities both inside and out.
The community will be located within Seminole County. Seminole County is known as one of Orlando’s preeminent employment centers with high wage jobs, Fortune 500 companies, A-rated public schools, and a wide array of recreational activities. In addition, the community’s accessibility will also serve as a defining characteristic, with proximity to I-4 and the Wekiva Parkway Interchange, which will connect with SR-147 and complete the beltway around Orlando.
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.
Founded in 1966, Heitman LLC is a global real estate investment management firm with approximately $44 billion in assets under management. Heitman’s real estate investment strategies include direct investments in the equity or debt capitalization of a property or in the securities of listed and publicly traded real estate companies. Heitman serves a global client base with clients from North American, European, Middle Eastern and Asia-Pacific institutions, pension plans, foundations and corporations and individual investors. Headquartered in Chicago, with additional offices in North America, Europe, and Asia-Pacific, Heitman’s approximately 350 employees offer specialized expertise – from a specific discipline to local insight.