Charlotte, N.C. — Crescent Communities plans to break ground Wednesday on The River District, a master-planned community on Charlotte’s west side. The development will span 1,400 acres between the Catawba River and Charlotte Douglas International Airport, including 500 acres of preserved land.
Upon completion, The River District will feature 5,000 residences (single-family homes and apartments), 8 million square feet of commercial space, hotels and retirement homes. Crescent expects the development to generate more than $5.6 billion of gross annual economic impact for the region and state.
“The River District’s location along the Catawba River, Charlotte’s only major body of water, will provide urban amenities and public access to the riverfront that has not previously been available to Charlotte,” says Chase Kerley, managing director of Crescent Communities.
The first series of milestones includes delivering major utility and roadway infrastructure for The River District’s first phase, Westrow. The 70-acre area will feature a range of residential offerings including apartments, townhomes and single-family residential lots, as well as small retail spaces, restaurants, event space and offices. Westrow will also include trails, parks, an event lawn and a two-acre working farm.
Crescent’s NOVEL brand will anchor the first phase with 514 market-rate apartments, as well as 124 mixed-income units in partnership with Charlotte-based affordable housing developer Laurel Street Residential. Crescent will serve as landowner for the mixed-income community.
Tomorrow’s groundbreaking ceremony will host representatives from Crescent, the City of Charlotte and the State of North Carolina. Partners for The River District include 505 Design, LandDesign, Thrift Commercial Real Estate Services and Blythe Construction.
Including The River District, Crescent Communities currently has $7.2 billion of residential and commercial investments and developments under construction. The development pipeline comprises 15,300 multifamily and build-to-rent units, 58,000 square feet of complementary retail space and 7.5 million square feet of office, industrial and life sciences real estate.
The privately held developer is based in Charlotte and has offices in Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix, Salt Lake City and Washington, D.C. The firm’s residential brands include NOVEL, RENDER and HARMON by Crescent Communities and its industrial developments are branded AXIAL by Crescent Communities. The firm also has a life sciences brand called THE YIELD by Crescent Communities.
— John Nelson