Crescent Unveils Uptown Charlotte’s Next Big Deal…

Posted on February 12th, 2015

Crescent Communities just announced the mixed-use transit oriented Uptown Charlotte project we are working on and it is making headlines…

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Crescent Communities has confirmed that Whole Foods Market will be the retail anchor for a mixed-use project on East Stonewall Street that will include 450 apartments units, up to two hotels and an additional 15,000 square feet of retail space.

The 47,000-square-foot grocery store will be integrated into the planned apartment project at the uptown Charlotte site and will be immediately adjacent and connected to the light-rail line, with an entry point into the store from the Stonewall station.

The development also will feature a public plaza at the light-rail deck, says Ben Collins, regional vice president at Crescent.

“We would contend that this is one of the most transit-accessible grocers in the country because you can literally walk right off the light rail and into the store,” he says. “Between this and Tryon Place, we’re really trying to anchor the southern edge of uptown and redefine urban living for Charlotte and bring all the everyday necessities to uptown residents and workers.”

Crescent is planning a five-story midrise apartment building that will wrap around a 1,200-space parking deck. And it plans to build 10 to 12 stories of additional residential units on top of the deck, creating a high-rise residential tower that would climb to 20 stories. The parking deck would serve the Whole Foods (NASDAQ:WFM) store, the residential units and up to two hotels and 15,000 to 20,000 square feet of additional retail.

Crescent has its hotel partners in place and will announce those in the coming months, Collins says. The company intends to start all phases of development in the fourth quarter of this year and expects to complete the project in 2017.

The as-yet-unnamed project is slated for 5.4 acres that Crescent has under contract on the south side of Stonewall valdiazep.com Street, between South Caldwell Street and The Westin Charlotte. That includes a 3.6-acre parcel owned by the city and 1.7 acres closest to The Westin, including a nightclub building, that are controlled by the Mellisaris family, which is partnering with Crescent on the development.

With the mix of a grocer, residential and hotel uses planned for the site, Crescent is working to complement its planned Tryon Place development on the opposite side of The Westin, at South Tryon Street and Stonewall, where the firm is planning an office tower, restaurants and retail, and a 300- to 400-room hotel.

The Whole Foods store would be the first full-sized grocery in uptown Charlotte. The center city has a Harris Teeter store on the ground floor of the Fifth & Poplar condominium development project, but at 18,000 square feet, it’s much smaller than the average store.

Bill Moseley of Moseley Real Estate Advisors represented Whole Foods. Lord Aeck Sargent and Preston Partnership provided site planning and design services for Crescent, and Land Design is the civil engineer.

– Will Boye, Charlotte Business Journal

For more information on Crescent Communities and their ongoing Projects please visit their website.

About Crescent Communities
Crescent Communities, LLC ( www.crescentcommunities.com) 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.

“I have said many times that you should always hire architectural firms that have the kind of expertise and experience needed for the development you are attempting to build.  The Preston Partnership is one of those firms that I have had the distinct pleasure of working with on many, many developments.  Experienced, professional, willing and capable to take on any challenge.”
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