Crescent Bets Big Again On Charlotte
Crescent Communities, in partnership with Atherton Mill and Market owner Edens, is preparing to break ground on Crescent Atherton, which will include 346 apartment units over a retail component. The development brings Crescent’s active multifamily investment in the Queen City to nearly $500M, making its hometown one of the company's most active markets.
Crescent has five projects — representing a total of 1,900 units and 140K SF of retail — under development in Charlotte: Crescent Stonewall Station, Crescent NoDa, Crescent Providence Farm, the recently announced Crescent Montford Park and Crescent Atherton.
The new South End development will be in the Atherton Mill retail center and along the LYNX Blue Line. The residential component will feature skyline views and access to the soon-to-be expanded Rail Trail multi-use path.
Crescent is partnering with Edens for the first time to develop the Crescent Atherton project's 62K SF retail component.
“The South End is one of Charlotte’s most storied neighborhoods," Crescent Communities Managing Director for the Charlotte Market Michael Tubridy said. "With public transportation readily available, direct access to the Rail Trail, and a curated mix of retail just outside, Atherton will be one-of-a kind.”
Crescent tapped Summit Contracting of Jacksonville as the project’s general contractor. MV&A led the project’s conceptual design, with Dwell Design Studio acting as the project architect and INTEC Group leading the community’s interior design.
A partnership between Crescent Communities and Sumitomo Forestry is providing equity financing for Crescent Atherton. BMO Harris Bank will provide the senior construction loan for the development.