Crescent Communities to Bring Luxury Apartment Living to Tampa's Westshore Business District

New Community Complements Area's Jobs Growth and Lifestyle Needs

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Apr 01, 2015, 10:37 ET

TAMPA, Fla., April 1, 2015 /PRNewswire/ -- Crescent Communities has begun construction on Crescent Westshore, a 374-unit luxury apartment community on 5.3 acres in Tampa's Westshore area. Crescent Westshore will bring the thriving business and retail district a distinctive living option it currently lacks and add to the neighborhood's live-work-play balance.

"Westshore is an exceptional part of the City of Tampa," said Crescent Communities Senior Vice President Jay Curran. "In addition to being one of Florida's top employment centers, Westshore provides fantastic amenities for its residents, including restaurants, shopping, sports and easy access to the major roadways and bridges that take you to other areas in the city.

"More and more people want to live where they work and play, and Crescent Westshore will offer a luxury apartment living solution that enhances the connectivity of the community," he said.

More than 4,000 businesses call Tampa's Westshore district home with nearly 100,000 employees and 12 million square feet of office space. Crescent Westshore, located at the intersection of West Boy Scout Boulevard and Lois Avenue will also give residents easy access to Westshore's International Plaza and Bay Street mall, which includes destination retailers and restaurants such as Neiman Marcus, Nordstrom, Apple, Burberry, Crate & Barrel, Fleming's, Brio and Capital Grille.

Crescent residents are only five minutes from Tampa International Airport and less than one mile north of the I-275 exit to Lois Avenue, providing convenient access to downtown Tampa and its workplaces and cultural and entertainment venues, as well.

The design of Crescent Westshore ensures residents can enjoy their neighbors and down time with amenities including two resort-style, saltwater pools, an outdoor grilling area and a sports courtyard with full-sized bocce ball court. The community will include studios and one-, two- and three-bedroom apartment homes.

"Crescent Westshore will have an urban feel, with a mix of on-site amenities and neighborhood conveniences that reflect the way people live today," Curran said. "We're excited about the potential of Crescent Westshore to raise the bar for luxury apartment homes in the Westshore District."

Crescent Westshore is the fifth multifamily community Crescent has developed in Florida in the past several years and its third in Tampa, including Crescent Crosstown and Crescent Bayshore. Crescent Bayshore, on Bayshore Boulevard in the Hyde Park area, opened in October and was part of a landmark sale by Crescent in which nine of its multifamily properties in Florida, Georgia and North Carolina were sold to two separate buyers. The nearly $700 million transaction is helping fund Crescent's strategy of growth and development across all of its business in its targeted markets, including fast-growing Tampa and the Westshore district.

With construction recently underway, Crescent Westshore is projected to open in the summer of 2016. The community is financed by Crescent equity, as well as construction loans by Citizens Bank and Nationwide. The architect is Dwell Design Studio, and Summit is the general contractor.

About Crescent Communities

Crescent Communities, LLC is a leading real estate investment and operating firm driven to create long-term value by developing thoughtful, sustainable communities that improve people's lives. Founded in 1963, Crescent's original mandate as a land management company continues to inform its commitment to the wise stewardship of natural resources. The company finances, plans and develops properties in the Sunbelt and Mid-Atlantic markets that represent more than 50% of the U.S. population growth over the next decade. Its multi-product platform includes residential, multi-family, mixed-used, commercial and land assets, valued in total at $1.2 billion. Crescent's robust capital deployment, seasoned leadership team, and model of sustainability enable the company to maximize opportunity in a recovering real estate market.

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SOURCE Crescent Communities