Crescent Resources Announces $36M Student Housing Project
By Eliza Theiss, Associate Editor
Charlotte-based real estate development company Crescent Resources recently announced its new Circle University City project—a 546-bed student housing complex near the University of North Carolina (UNC) Charlotte campus. Construction on the $36 million community is set to start by December 23.
The ambitious project represents an emerging trend in student housing—communities that offer students upper-echelon amenities and green features. The 187-unit community will offer features such as a salt-water pool, tanning beds and outdoor fire pits.
The community’s design will draw on architectural elements from the UNC Charlotte campus. As such, residents will enjoy generous living areas and open floor plans. Recycled materials will be used in the development process. Solar power will also be implemented, along with other, yet-to-be-announced environmentally sustainable elements.
“Circle University City will offer a unique student living experience that isn’t typically found in campus housing. The community’s targeted amenities will provide a great environment for both study and recreation,” said Ben Collins, regional director for Crescent Resources, in a press release.
Financing for the project is being provided by equity from Crescent Resources and a construction loan from Regions Bank. Crescent also partnered up with Charlotte-based Carbon Properties LLC—a real estate development company specializing in providing integrated sustainable development initiatives to reduce a project’s carbon footprint.
Charlotte-based architecture firm BeachamBunce+Manley Architecture (BB+M) is also signed on to the project, as is local interior design firm Vignette Interior Design. LandDesign was selected as civil engineer and landscape architect for the project, while Adolfson & Peterson Construction was named general contractor. Greystar will handle property management.
The project was prompted by UNC Charlotte’s soaring enrollment, which is expected to continue in the next few years. Due to record number of students choosing the university, campus housing has become an issue. Circle University City will relieve some of the pressure on housing around the campus, as the wave of units will be available in time for the fall 2014 semester.
Photo courtesy of LandDesign
Chart courtesy of Marcus &Millichap