As described in the Triangle Business Journal article from a few months ago, the influx of new construction in and around Ninth Street area represents the first major development since the early 1990 when the Erwin Square Plaza and the adjacent apartment complex were built. In addition to Circle Nine, a new Hilton Garden Inn Hotel is in the development pipeline of Olympia Properties, a Maine-basde developer. This hotel will be facing Main Street, with Circle Nine Apartments immediately behind it (see the map below)
Perhaps relatedly -- and I will cover this in a separate post later this week -- a new Harris Teeter is coming to the building formerly occupied by George's Garage.
Here is what the construction site looks like today.
The full press release is after the break.
Crescent Invests Equity; Pearlmark and U.S. Bank to Provide Financing
DURHAM, N.C., Feb. 22, 2012 /PRNewswire/ -- Crescent Resources, LLC celebrated the start of construction today on a landmark 303-apartment community, Circle Ninth Street. The $47 million apartment project is located on a six-acre site adjacent to Ninth Street and the historic Erwin Mill building.
The community is being financed by an equity investment from Crescent Resources and financing from Pearlmark Real Estate Partners LLC and U.S. Bank N.A.
"Partnering with solid financiers such as Pearlmark and U.S. Bank that share our commitment to high-quality development will produce an extraordinary multifamily community," said Brian Natwick, president of Crescent's Multifamily Division. "With such an irreplaceable site in close proximity to employers, dining and entertainment options, Circle Ninth Street is poised to offer residents a true work, live and play lifestyle."
"Our investment in Circle Ninth Street is consistent with our strategy, which is focused on proven developers with prime locations in markets with strong growth potential," said Mark Witt, managing director with Pearlmark.
"With the strong market location and the expertise of Crescent's development team, we see great potential for Circle Ninth Street," said Amy Clement, senior vice president of real estate for U.S. Bank.
Several distinct building types, inspired by the existing historic Erwin Mill building and the previous factories and warehouses in the area, will provide a neighborhood feel and context for Circle Ninth Street. The arrangement of the four-story buildings allows for a number of private outdoor amenity areas, including a central lawn, community park, dog park, and pool and fitness courtyard. Highlights of the resident amenities are a wireless cafe, gaming room, demonstration kitchen, lounge, group study library, business center, media room and fitness center.
A mix of reclaimed industrial materials and clean modern aesthetics will highlight the interior spaces. Circle Ninth Street is designed to meet Leadership in Energy and Environmental Design (LEED) certification requirements from the U.S. Green Building Council.
Cline Design Associates of Raleigh is the project architect and landscape architect. Historical Concepts, based in Atlanta, serves as the design consultant. John R. McAdams of Durham is the land planner and civil engineer, and Vignette Interior Design of Charlotte is the interior designer. State Building Group of Charlotte has been named the general contractor. Kettler Management of McLean, Va., will serve as the property manager.
More information is available at LiveNinthStreet.com.
About Circle
Circle was inspired through extensive review and analysis of current industry trends and marketplace needs. The progressive Circle communities are places where neighbors connect. In addition to presenting a new breed of apartments that people are excited to live in, Circle developments are also infused with the exceptional quality and customer-oriented features that have become Crescent hallmarks.
In addition to Circle Ninth Street, multifamily communities under construction include The Venue at Cool Springs in Nashville, Tenn.; Circle West Campus in Austin, Texas; and Gallery at Cameron Village in Raleigh, N.C. Crescent's planned multifamily communities include Circle SouthPark in Charlotte; and Circle Bayshore in Tampa; and four additional developments planned to start construction in 2012. The company has developed more than 15 multifamily communities throughout the southeast.
About Crescent Resources
Crescent Resources is a real estate development company with interests throughout the southeastern United States. Based inCharlotte and established in 1969, Crescent Resources is known for its single-family, multifamily and resort residential communities. Crescent also develops business and industrial parks and shopping centers. Visit www.crescent-resources.com for more information.
SOURCE Crescent Resources, LLC
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The HT was rumored for awhile last year, but coming in the George's Garage site is a suprise (if happening at all, I would have expected it in the new Circle 9 development). The footprint of George's Garage seems pretty small for a prototypical mass-market grocery store.
ReplyDeleteThank you for reading! I've had trouble finding any information on HR's move except that there is now a large sign on the corner of hillsborough and ninth that announces that it is coming to the neighborhood in the fall of 2013. There are a few things that are worrisome about this, not the least of which is the fact that a large supermarket chain so close to Ninth Street may irreparably transform the character of the neighborhood. My hope is that the team of investors behind George's Garage (Terry Sanford et al) will insist that HR create more of an urban boutique store, similar to their stores in Washington, DC. This remains to be seen however. I plan on posting more on this issue later this week.
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