Nov. 09, 2007
New Crescent complex rising over South End
Apartment-retail effort will be green
DOUG SMITH

Crescent Resources LLC is ready to start construction this month of a $68 million, 360-unit apartment-retail project in South End.

The company's multifamily division said it has completed a joint venture development agreement with Sarofim Realty Advisors of Dallas.

The outlook for apartments has improved for landlords as home building has slowed and mortgage requirements have tightened. The Charlotte area vacancy rate has dropped to the 7 percent range from nearly 11 percent in early 2005.

Crescent said the green community, to include 8,000 square feet of street-level shops, services and restaurants, will be a Leadership in Energy and Environmental Design (LEED) certified project.

The company has planned to redevelop the 6 acres at South Boulevard and Bland Street for more than two years.

This new concept integrates "the principles of green building, mixed-use community and easy access to mass transit," said Todd Farrell, president of Crescent's multifamily division.

In early 2006, officials announced plans for midrise apartments and condos, offices and 25,000-square-feet of retail in a community named "C."

Crescent changed course in January of this year, noting that "The market is asking for luxury apartments on this site along the light-rail line."

The new Crescent community will be adjacent to the Bland Street Station.

Officials plan a new, yet-to-be-disclosed name for the rental community, which will have one-, two- and three-bedroom apartments ranging from 550 to 1,650 square feet.

Crescent expects to begin leasing in spring 2009 and complete work in fall 2009.

The project team includes Perkins Eastman Architects, architect; Design Resource Group, civil engineer and landscape architect; and Fortune & Johnson Inc., contractor. Bank of America is financing.

Doug Smith's Notebook

• Charlotte's First Colony Healthcare plans to break ground this month on a three-story, 45,000-square-foot medical office building next to Iredell Memorial Hospital in Statesville.

First Colony Healthcare principal Tommy Catone said the hospital supports the project and plans to lease space there for a research lab and educational/assembly area.

Ed Rush, CEO of Iredell Memorial, said the Class A building, named Colony at Brookdale, will be a convenience for physicians and patients and will serve as an entrance to the medical facility's campus.

First Colony Healthcare said tenants can lease space ranging from 1,250 square feet to 15,000 square feet for $16.50 to $17 a square foot annually.

The $9 million construction project will include a covered pedestrian walkway between the office building and the hospital, a covered patient drop-off and a pick-up entrance.

First Colony Corp.'s Marshall Williamson is handling leasing. The Charlotte office of Hayes, Seay, Mattern & Mattern Inc. designed and engineered the building. Statesville's G.L. Wilson Building Co. is the contractor.

First Colony Healthcare, which develops all types of medical facilities, is an affiliate of First Colony Corp.

• Hudson Legal, a company that provides law firms and corporations with document review and production facilities, has opened an office at 129 W. Trade St.

In addition to Hudson staffers, the 11th floor, 6,000-square-foot office can house teams of contract attorneys working on client assignments, including electronic-discovery review work, officials said.

Hudson said the facility can accommodate more than 50 contractors on assignment and provide all required office equipment and connections.

The company employs 3,600 professionals in 20 countries.

• Staubach Retail said it has expanded into the Carolinas with the hiring recently of Steve Ellis, vice president.

"He will be representing retailers in the Carolinas and directing major project leasing assignments," said Ray Uttenhove, managing principle of Staubach Retail's Atlanta office.

DEVELOPMENT Doug Smith