Crescent Communities Launches Crescent Main Street in Durham, N.C.

$40 Million Multifamily Community Near Duke University Medical Campus Offering Area's Largest Luxury Apartments

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Jul 16, 2013, 02:10 ET

CHARLOTTE N.C., July 16, 2013 /PRNewswire/ -- Responding to a growing demand for large luxury rental living from area professionals, Crescent Communities has launched development of Crescent Main Street, a $40 million multifamily community in Durham's Ninth Street district. The community will feature the area's largest luxury apartments complemented by a full range of amenities and easy access to Duke University Medical Campus.

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"Our research indicates growing interest in larger apartments in the Durham area," said Ben Collins, vice president for Crescent Communities' Multifamily Group. "Apartments at Crescent Main Street, many of which incorporate den floor plans, will be among the largest in the region, which we believe will appeal to nearby professionals looking for more space than typically is available in urban apartment communities."

Crescent Main Street, slated to open in Fall 2014, will have a boutique feel with 208 apartments and many of the two-bedroom units will range from 1,200 to 2,000 square feet.

Crescent Main Street also will be differentiated from other multifamily communities in the area by its exterior design. The three-story and four-story building each features contrasting interior and exterior architecture, color schemes and aesthetics; one of the buildings has a classic design while the other is more modern in look.

"We've designed Crescent Main Street to resemble a neighborhood built over time – much like the charm of Durham itself with architecture reflecting the ornate ambience of Old Durham juxtaposed with more contemporary structures," Collins said.

Within the Crescent Main Street community, residents will enjoy the conveniences of structured and secure parking, a health and wellness facility with private training room, a pet spa and demonstration kitchen. Outdoor amenities include a resort-style pool with sundeck, outdoor kitchen and dining area, community fire lounge, rooftop terrace and dog run.

Located on the northeast corner of 15^th and Main streets, the new apartments will be two blocks from Duke University Central Campus and Medical Center and two blocks from eclectic dinning and street-level retail on Ninth Street.

"Crescent is focused on improving the quality of life for residents in all of our communities through thoughtful site selection and community design integrated with the programming of amenities and added services," said Brian Natwick, president of Crescent's Multifamily group. "Crescent Main Street offers an exciting lifestyle for Duke University Medical students, employees, professors and doctors."

Crescent has a growing presence in North Carolina's Triangle area. In addition to Crescent Main Street, the company is developing Crescent Ninth Street (www.crescentninthstreet.com), a 303-unit luxury apartment community in Durham, and Crescent Cameron Village (www.crescentcameronvillage.com), a 282-unit apartment community in Raleigh's historic Cameron Village lifestyle center. Both communities open this fall.

Crescent Main Street is being financed by an equity investment by Crescent Communities, and Regions Bank is providing a construction loan. Cline Design Associates of Raleigh is serving as project and landscape architect, Historical Concepts of Atlanta is the design consultant, and John R. McAdams of Durham is the civil engineer. Vignette Interior Design of Charlotte is the interior designer and Clancy & Theys Construction of Charlotte has been named general contractor.

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