Charlotte’s Crescent Communities Named Developer of the Year for 2024

Charlotte Firm Crowned Developer of the Year

Charlotte has once again shown its prowess in the commercial real estate sector as Crescent Communities was honored with the prestigious title of Developer of the Year for 2024. This recognition comes from NAIOP, the Commercial Real Estate Development Association, a national trade organization that has been celebrating exceptional industry performance since 1979. The award was presented during the recent CRE.Converge conference in Las Vegas, which brought together some of the brightest minds in commercial real estate.

A Testament to Leadership and Innovation

The award highlights Crescent Communities’ outstanding ability to adapt and thrive even amidst challenging market conditions. Brendan Pierce, the president of commercial for Crescent, accepted the award and expressed great pride in his team’s achievements. He noted, “The firm was chosen this year because of its ability to thrive despite market headwinds.”

Crescent’s impressive comeback can be credited largely to its diversified portfolio, which includes various sectors like multifamily, office, industrial, and life sciences. Pierce pointed out, “One of the differentiators from our competition is the number of different products we develop.” While the office space faced hurdles in recent years, other sectors such as multifamily and industrial have continued to flourish.

Diversification as a Strategy

Pierce further elaborated on the advantages of diversification, stating, “Diversification helps us get through tough times, and our size allows us to weather tough environments better versus some smaller developers.” By branching out, Crescent has positioned itself as a formidable player in the commercial real estate landscape.

A Look into Crescent’s Portfolio

Since 2021, Crescent Communities has expanded its multifamily offerings to include the suburban mixed-market brand Render and the single-family build-to-rent brand Harmon. These additions complement their luxury multifamily brand, Novel, paving the way for a well-rounded approach to housing. Additionally, Crescent has established a brand for its industrial developments called Axial Industrial to enhance market awareness.

The firm boasts an impressive portfolio that encompasses 65 projects across more than 14 million square feet. They are also taking on exciting projects such as The River District, a multiphase, mixed-use development on a sprawling 1,400-acre site along the Catawba River. Construction for the first phase—a 70-acre town center community named Westrow—kicked off in March 2023, and the development of a 318-unit apartment community, Novel River District, is also underway.

Recent Office Developments

Crescent has also made significant strides in the office market with projects like Elizabeth on Seventh, a stylish four-story building that spans 103,500 square feet and opened its doors in 2022. The good news? The office property is already about 90% leased. Moreover, Crescent owns and operates One Independence Center in uptown, a property acquired in 2019 for $132.3 million. The firm has since revitalized the tower, investing about $25 million into upgrading its lobby and retail spaces, including the addition of the Monarch Market, an $18 million food hall that welcomed its first customers in November.

An Expanding Presence

With a full portfolio that includes over 86 multifamily communities and 25 million square feet of commercial space, Crescent is not just making waves in Charlotte but is actively involved in 17 markets nationwide. The firm has established a presence with offices spread across cities like Charlotte, Atlanta, Denver, Dallas, Nashville, Orlando, and Phoenix.

It’s an exciting time for Crescent Communities, and as they continue to push the envelope on what’s possible in commercial real estate, the future looks bright for both the firm and the city of Charlotte.