Crescent Communities Breaks Ground on Crescent Gateway

Luxury Apartment Community is First Phase of Crescent's 80-Acre, Mixed-Use Development

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May 15, 2014, 05:35 ET

ORLANDO, Fla., May 15, 2014 /PRNewswire/ -- Crescent Communities has broken ground on Crescent Gateway. The luxury apartment community is the first phase of Gateway, an 80-acre, mixed-used development by Crescent that will be transformative for the Orlando-area community of Altamonte Springs. Crescent Gateway is expected to open in summer 2015.

"We're excited about the future of the Gateway development," said Jay Curran, vice president of Crescent's multifamily group. "It fits Crescent's model of creating an exceptional lifestyle experience, and with unmatched amenities and an ideal location, Crescent Gateway will set the stage."

Crescent Gateway is designed as a high-end multifamily community with an urban appeal. The 249-unit community, positioned just east of the new Adventist Health Systems headquarters at the intersection of Maitland Boulevard and state Route 434, will feature studios and one and two-bedroom apartment homes in elevator-served, four-story buildings. Three-bedroom units and two-story townhomes with attached garages, ideal for families, will round out the offerings at Crescent Gateway.

Unit interiors will include best-of-class finishes such as granite countertops, stainless steel appliances, upmarket lighting and USB ports for connectivity. Community amenities include a well-appointed, resort-style pool, outdoor fireplace, grilling area, indoor/outdoor cafe with flat-screen televisions, yoga lawn and dog park. Crescent Gateway residents will enjoy a quick walk to the grocery store, retail and major employers such as Adventist Health System, EA Sports and Charles Schwab in addition to easy access to Interstate 4 and a short drive to downtown Orlando.

Crescent's future plans for the Gateway development include 300,000 square feet of office and retail space and potentially a hotel, bringing additional jobs and visitors to Altamonte Springs.

"Altamonte Springs is already an important piece of the Orlando area's job market, but the demand for superior office and retail space will only continue to grow," Curran said. "We look forward to building for the future and are excited that Crescent Gateway residents will have front-door access to this vibrant community."

Crescent Gateway is financed by an equity investment from Crescent and CNL Growth Properties, Inc. with construction financing by PNC Bank. Crescent Multifamily Construction is the general contractor. Charlan Brock and Associates is the project architect, DRMP is the civil engineer and Dix.Hite + Partners is the landscape architect. ZRS is the property manager, and Vignette Interior Design is the interior designer.

About Crescent Communities

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 21 master-planned communities, including its signature Palmetto Bluff, as well as 22 multifamily projects with 6,500 units under construction/lease-up or in planning/pre-development. The company owns and manages approximately 43,600 acres, including 611 acres zoned for commercial.

SOURCE Crescent Communities