DURHAM, NC - Crescent Resources, LLC completed its acquisition of a six-acre site adjacent to Ninth Street and the historic building today. Construction will begin immediately on a landmark 303-apartment home community, Circle Ninth Street. The first apartments are expected to be complete in the fall.
"This irreplaceable site is ideal for multifamily residential with its close proximity to the entertainment and dining venues in the Ninth Street District, Whole Foods, Duke University and Duke's medical campus that employs more than 32,000 people," said Brian Natwick, president of Crescent Resources' multifamily division. "Circle Ninth Street will offer a unique lifestyle that allows residents an opportunity to work, play and live all within easy walking distances."
The architectural style of Circle Ninth Street was inspired by the existing historic Erwin Mill building and the previous factories and warehouses in the area. Those styles will be incorporated across several distinct building types to provide a neighborhood feel and context for the Ninth Street community. 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.
The arrangement of the four-story buildings will provide several private outdoor amenity areas, including a central lawn, community park, dog park, and pool and fitness courtyard. The courtyards will be interconnected, and the streetscape areas are designed for urban, walkable connections. Resident amenities will include a lounge, wireless cafe, gaming room, demonstration kitchen, group study library, business center, screening room and fitness center.
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.
The $47 million project is being financed by an equity investment from Crescent Resources and financing through U.S. Bank N.A. and Pearlmark Real Estate Partners LLC. Crescent has started construction on four multifamily communities in 2011, and this is the company's third equity investment in a multifamily project this year.
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.