Development

Crescent under contract to purchase large site in Huntersville

The site on Ervin Cook Road is mostly vacant.
The site on Ervin Cook Road is mostly vacant.

Charlotte-based Crescent Communities is under contract to buy a large tract of mostly vacant land in Huntersville, real estate records filed last week show.

The contract documents show the development company has an agreement to buy more than 200 acres of land along Ervin Cook Road, at the intersection with Gilead Road. That’s west of Exit 23 on Interstate 77.

The land is mostly vacant, except for a few houses. Mecklenburg County real estate records show the deal has until March 2018 to close.

Crescent’s plans for the tract weren’t immediately clear. A spokeswoman said the company is still conducting due diligence and it’s too early to say what the site could be.

Formerly a subsidiary of Duke Energy (then Duke Power) that managed the electric utility’s vast tracts of land, Crescent made its name developing large, upscale suburban subdivisions. Those included The Sanctuary on Lake Wylie and The Farms on Lake Norman.

Lately, however, Crescent has taken a leap into dense, mixed-use, urban developments, with projects such as a Whole Foods and apartments on Stonewall Street uptown, an office tower and hotel at Stonewall and Tryon streets and apartments and retail at 36th Street Station on the Blue Line extension.

Despite the company’s shifting focus, Crescent still develops residential subdivisions. In Fort Mill, the company is underway on Masons Bend, a master-planned community that will total 650 houses on 550 acres. The company is also building Providence Farms, a 72-acre, mixed-use development in south Charlotte on Providence Road, near Interstate 485, that will include hundreds of residences and space for shops and restaurants.

Ely Portillo: 704-358-5041, @ESPortillo

  Comments