Crescent Communities Announces Plans for Dripping Springs and Oak Point, Texas

Master-Planned Communities Feature Green Spaces, Proximity to Austin and Dallas

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Oct 07, 2013, 11:57 ET

CHARLOTTE, N.C., Oct. 7, 2013 /PRNewswire/ -- Crescent Communities, a real estate investment, development and operations company in Charlotte, N.C., is meeting demands for large-scale, amenitized master-planned communities in Texas with new land development in the Austin and Dallas areas. The company will complete the final phase of Belterra including a new retail component for the existing master-planned community in Dripping Springs and enhance its plans for Timberlake in Oak Point with the purchase of an additional 100 acres.

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"Half of the 10 fastest-growing cities in the country are in Texas, and people are looking for well-planned communities where they can live a balanced life with easy access to work, good schools and recreational activities," said Steve Yetts, senior vice president of Crescent Communities' residential group, which is known for Rough Hollow, its stunning community on the Lake Travis waterfront near Austin.

"As we finish Belterra in Dipping Springs and launch our community in Oak Point, we'll be creating additional master-planned communities that meet today's demands for living with an eye toward sustainability for the future," said Yetts.

Belterra, a 12-year-old community located just minutes south of downtown Austin, is a Texas Hill Country oasis that offers resort-style amenities including hiking trails, parks and pools. Situated on 1,600 acres of pristine land, it includes 400 acres of "greenbelt" space to highlight the area's wide open spaces and natural beauty.

The area also features top schools and a steady job market; Austin is a hub for high-tech, biotechnology and pharmaceutical companies, and it is also home to the University of Texas at Austin.

"Belterra is a gorgeous, vibrant community, and we are fortunate to be part of its continued development," Yetts said. "We will work to ensure the continued success of the community that neighbors know and love."

Crescent's Belterra land acquisition also includes approximately 70 acres for commercial development that will reflect the character of the community.

"In addition to building homes and enhancing amenities for this growing community, we are excited about the opportunity to bring services to residents where they live and play," said Yetts, describing the commercial space at Belterra as ideal for small offices and neighborhood retail space such as grocery stores, veterinary offices and other conveniences for residents.

The second community, currently called Timberlake, is a new master-planned community in Oak Point in partnership with Taylor Duncan Interests, Inc., a Dallas-based land developer. Crescent acquired 250 acres for the community in 2012, and the recent purchase of 100 acres will allow the company to enhance existing plans.

Located about 40 miles north of Dallas, the community will include 1,000 homes on 370 acres. The community has access to scenic Lake Lewisville and offers a peaceful setting just a short drive to major employment centers in the Dallas-Fort Worth area. The lake's marinas, restaurants and natural parks complement the community's parks, ponds, trails and community center to offer abundant recreation opportunities.

Residents will appreciate the accessible location; the Denton County, Texas property is convenient to many Fortune 500 companies and large universities that call the Dallas-Fort Worth metroplex home as well as excellent shopping and dining options. At home, neighbors will enjoy the tranquil vibe of a suburban city that lives, works and plays together.

"The Dallas area continues to grow, and the market has a major need for new homes offering high-quality lifestyle," said Yetts. "People across the nation are discovering that Texas is a great place to live, and we are honored to be part of helping them call it home."

New home building in Timberlake is expected to begin in early 2015 with prices ranging from the $200,000s to the $400,000s.

About Crescent

Founded in 1969 in Charlotte, Crescent Communities is a diversified real estate investment, development and operating company dedicated to enhancing the quality of life for people through sustainable multifamily, residential and commercial communities and responsible land management. Crescent's portfolio today includes 27 master-planned communities, including its signature Palmetto Bluff, as well as 16 multifamily projects with 4,600 units under construction or in planning/pre-development. The company owns and manages approximately 72,000 acres, including 1,400 acres zoned for commercial use.

SOURCE Crescent Communities