Crescent Communities just broke ground on their newest mixed-use development in the center of Northeast Charlotte’s University City submarket.
The new development will include a commercial and retail hub known as Waters Edge and a 311 unit apartment complex called NOVEL University Place.
“We are thrilled to break ground on NOVEL University Place, a charming and dynamic high-end residential community,” said Michael Tubridy, Managing Director of Multifamily Development for the Carolinas and Tennessee at Crescent Communities. “Our goal is to raise the bar for the residential experience in University City and add value to this high-growth market.”
As part of the Waters Edge master redevelopment plan, NOVEL University Place will be a surface-parked apartment community and consist of four buildings, each with three to five floors, as well as three carriage buildings with tuck-under garages. It will feature a mix of 311 studio, one-, two-, and three-bedroom residences complete with lake views and luxury finishes. The architecture for NOVEL University Place will take cues from classic Southern waterfront cities like Savannah and Charleston. With an enviable location boasting easy access to the refurbished waterfront park and path, miles of existing greenway trails, and Fortune 500 employers, this vibrant, walkable development will breathe new life into University City and provide a community space where residents, office workers, and community members can come together to enjoy convenience, luxury, and connectivity.
Design partners include building and landscape architect Cline Design Associates, land planner and civil engineer LandDesign, and interior designer BB+M. The General Contractor for NOVEL University Place is Crescent Communities Construction.
NOVEL University Place marks the 4th investment in the University area by Crescent Communities and their 13th multifamily investment in the Charlotte market, where the company is also headquartered. The company continues to experience significant growth with $6.0 billion of multifamily and commercial investments and developments currently under construction, operations and planning including 13,000 units of multifamily, 260,000 square feet of complimentary retail and 8.0 million square feet of office, industrial and life-sciences.