Crescent Communities starting work on Tennessee project

NASHVILLE, TENN. – Crescent Communities, the Charlotte-based commercial development firm, has broken ground on Crescent Cool Springs, a $42 million, 252-unit multifamily project at Carothers and Resource parkways, just off Interstate 65.

The 13-acre development is in Nashville’s historic Franklin suburb, close to nearly 5 million square feet of retail, according to a release from Crescent. The Queen City firm has developed more than 1.5 million square feet of office space and more than 400 apartments in the Franklin area.

The Cool Springs community will have a pool, fire pits, gas grilling area and walking trails, according to Crescent, continuing the emphasis on outdoor amenities that is popular in the multifamily industry. Apartment interiors will have granite countertops in kitchens and bathrooms, vinyl wood flooring, and stainless steel appliances, the company said.

The community is being financed with equity from Crescent Communities and Orlando, Fla.-based CNL Growth Properties, which has invested more than $275 million in multifamily properties, including three in partnership with Crescent Communities, according to the release. Construction financing for Crescent Cool Springs is provided by Fifth Third Bank. Summit Contractors, based in Jacksonville, Fla., will be the general contractor and Charleston, S.C.-based Greystar will manage the apartment community.