Exciting New Developments in Charlotte’s University Area
Charlotte, known for its vibrant economy and rich culture, is buzzing with excitement over the latest developments in its University area. Crescent Communities, a prominent developer, is wrapping up construction on Novel Mallard Creek, a stunning new apartment community set to welcome its first residents by December. This impressive project features four buildings with a total of 298 units located at 9001 Senator Royall Drive.
Growth in the University Submarket
This marks Crescent’s fourth multifamily project in the University submarket, and they’re clearly enthusiastic about the continued growth in this area. Michael Tubridy, senior managing director of multifamily development at Crescent, believes that the University area is often underestimated. He pointed out that it’s actually the city’s second-largest employment center, coming in just behind uptown.
“We’re bullish in the changing dynamics we feel we can take advantage of with the light rail coming in,” Tubridy said. He emphasized how this infrastructure improvement is a catalyst for more economic development and job creation in the area.
A Unique Vision for Novel Mallard Creek
The site for Novel Mallard Creek didn’t just appear out of thin air; Crescent and AEW Capital Management acquired over 28 acres of land at the location for $4.7 million in January 2022. Following that, they sold off a smaller portion of the lot—3.4 acres—for $1.2 million shortly after the acquisition. What makes this development stand out is its design, which aims for a “mountain lodge” aesthetic. Tubridy shared that the community is focused on integrating natural elements into the living spaces, such as preserving the existing trees that wind their way between the buildings, creating a serene vibe reminiscent of North Carolina’s mountains.
Contrast with Urban Developments
In contrast, Crescent’s recent project, Novel University Place, is a more urban infill development, featuring 311 units and part of the Waters Edge master redevelopment plan that opened its doors in 2023. While Novel University Place speaks to those who appreciate a bustling urban lifestyle, Novel Mallard Creek aims to provide a quieter, more nature-centric environment.
A Strong Track Record in Development
Looking back, Crescent has significant tenure in this part of Charlotte. Their journey began in 2012 with the development of what is now known as Alexander Village. They later shifted their focus to multifamily projects, developing Novel Research Park in 2017, which was subsequently acquired and renamed by California-based RK Properties.
Even though there are no immediate plans for additional projects in the University area, Tubridy remains hopeful about the future potential. He suggested that as more companies move into the space, there might be opportunities for higher-density developments. “I’d like to think we would as it continues to grow,” he added.
Crescent’s Broader Vision
The firm has also set its sights on a broader scope of development with various other projects, including two office developments: One University Place and Escent Research Park. The success in the University area led to the expansion of Crescent’s multifamily portfolio, which has hit new heights since 2021, now including suburban mixed-market brands like Render and a single-family build-to-rent brand called Harmon.
Crescent is undeniably playing an essential role in shaping the future of Charlotte with its ambitious projects. With over 86 multifamily communities and 25 million square feet of commercial space nationwide, they are proving to be a significant player in the growth of the city. One exciting facet on the horizon includes The River District, a massive mixed-use project along the Catawba River that promises to be a game changer for the region.
As all these developments unfold, it’s clear that Charlotte’s University area will continue to thrive and attract new residents with its blend of urban conveniences and tranquil living. Keep an eye on this space as it transforms and grows into an even more vibrant community!
