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Crescent Resources starts construction on Circle South Park

$52 million luxury-apartment project to feature more than 300 units

Crescent Resources said construction started today on Circle South Park, a $52 million luxury-apartment project adjacent to Piedmont Town Center.

The project will include 321 apartments on Carnegie Boulevard near SouthPark Mall, the Charlotte-based developer said, adding that the first apartments should be available by the summer of 2013.

Crescent is the developer of other “Circle” projects, including Circle at South End in Charlotte and Circle at Concord Mills in Concord.

Circle South Park will feature “classical traditional architecture” and blend with other buildings in the neighborhood, a press release from Crescent says.
Brian Natwick, president of Crescent’s multifamily division, in the release called SouthPark “the southeast’s premier shopping and dining destination.”

The project will feature a cyber lounge, business center, Wi-Fi in amenity areas and a clubroom with a “show kitchen” and gaming area. Other features: a multistory health club; a resort-style saltwater pool with aqua sundeck, outdoor kitchen and lounging area; a 2-acre dog park; and a pond with a walking trail.

Crescent plans studio and one- and two-bedroom apartments as part of the project. The units will feature stainless-steel appliances, washers and dryers, stone countertops, wood cabinetry, Moen fixtures and a designer lighting package, the company said.

Crescent said an equity investment from itself, construction financing from JPMorgan Real Estate Banking and mezzanine financing from Nationwide Real Estate Investments will fund the project.

The architect is The Preston Partnership, the landscape architect is LandDesign, the civil engineer is ColeJenest & Stone, the interior designer is Vignette Interior Design, the general contractor is State Building Group and the property management firm is Greystar.

Crescent said plans call for the project to seek Leadership in Energy and Environmental Design certification when it’s complete.

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