Crescent Communities Breaks Ground on Multi-Use Development Alexander Village

Crescent Alexander Village Cottages, Health Club Inspired by Company's Palmetto Bluff Resort

Next Phase of Development of 63-Acre Site To Include Retail, Office and Hotel

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Apr 10, 2013, 02:00 ET

CHARLOTTE, N.C., April 10, 2013 /PRNewswire/ -- Crescent Communities today celebrated breaking ground on Alexander Village, a 63-acre multi-use development at the gateway to Charlotte's fast-growing University Research Park. A 320-unit luxury garden-style apartment community marks the first phase of development and features design elements inspired by Crescent's signature Palmetto Bluff Resort in the Lowcountry of South Carolina as well as the history of the property.

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Plans for Alexander Village include a hotel, up to 75,000 square feet of retail, 250,000 square feet of office and Crescent Alexander Village (formerly Circle Alexander Village), the luxury apartment community that sits on 27 acres of the site.

"The design for Crescent Alexander Village combines elements of resort-style living with classic designs, resulting in a great new addition to the vibrancy of this submarket," said Ben Collins, vice president with Crescent's multifamily group, which expects to begin preleasing Crescent Alexander Village this fall with the first units available in early 2014.

Named for one of Charlotte's founding families and the previous land owners, Crescent Alexander Village is located on Senator Royall Drive, just south of Mallard Creek Church Road. The 'main street' in the village-style community, Graham Ridge Drive, was named in honor of Graham Alexander, who granted the land to the University Research Park for the purposes of expansion.

The vernacular classical design of the buildings, including the clubhouse's center stonework, is designed to be reminiscent of how stone homes originally built in the 1700s looked as they were expanded to make room for families growing in wealth and size.

Crescent also turned to its award-winning Palmetto Bluff resort community, located in Bluffton, S.C., for conceptual inspiration of several elements of the $33.6 million Alexander Village community, including a state-of-the-art health club whose numerous windows and outdoor yoga lawn reflect the seaside resort's approach to incorporating the outdoors into a fitness environment.

The health club overlooks a scenic pond with a fitness trail, as do eight cottage units, which are modeled after cottage-style living at Palmetto Bluff. The cottages at Crescent Alexander Village are perfect for working professionals or corporate apartments. An amphitheater and expansive, wooded dog park add to the amenities near the health club.

The clubhouse, which is designed to LEED certification standards, features a gaming area, business center, catering kitchen and clubroom. Residents can also take advantage of a resort-style saltwater pool, aqua sundeck, outdoor kitchen, outdoor fireplace, bocce courts and lounging areas created to provide space for residents to come together.

Crescent Alexander Village is a registered member of the Audubon International Signature Program and is currently working toward designation as a Certified Signature Sanctuary.

"We are creating a community that will be an ideal complement to the continued growth in high-level career opportunities within University Research Park," said Brian Natwick, president of Crescent's multifamily group, which is also developing two other Charlotte multifamily properties – one in SouthPark and a student living community called Circle University City across from UNC Charlotte.

The construction lender for Crescent Alexander Village is Regions Bank.

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 18 multifamily projects with 5,300 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