CRESCENT BUYS LAND FOR NEW MULTI-USE COMMUNITY

CHARLOTTE, N.C. — Crescent Communities has acquired a 2.3-acre site in Charlotte’s Dilworth neighborhood for the construction of a more than $50 million multi-use community. Crescent Dilworth will contain 300 luxury apartments above street-level retail space. The apartments will comprise a mix of studio through two-bedroom units along with walk-up units and 2,600-square-foot deluxe units. The community will feature a clubhouse, pool, athletic facilities, bicycle storage and a repair center, and a rooftop terrace overlooking Sugarcreek Greenway. The seven-story building will be constructed at the corner of East Morehead Street and Harding Place, across from Carolinas Medical Center. Crescent is partnering with locally based Southern Apartment Group, which originally assembled the land parcels, for the project. BB+M Archiotecture will design Crescent Dilworth. Construction will begin this fall, and completion is expected in spring 2015.