Development

Crescent swaps apartments for offices in next phase of mixed-use development in University area

The site at W. Mallard Creek Church Road.
The site at W. Mallard Creek Church Road.

Crescent Communities is moving ahead with the next phase of its mixed-use development formerly known as Alexander Village, with more apartments instead of office space as originally planned.

The 37-acre site, now called The Village at Research Park, is at the intersection of Mallard Creek Church Road and Senator Royall Drive, near Interstate 85. Charlotte-based Crescent sold the first phase of the development, a 312-unit apartment community, for $52.3 million in December. The next phase of the development is adjacent to those apartments.

“Building upon the success of our first phase of development, The Village at Research Park is well positioned to meet the demand for new multifamily located within a mixed-use environment and in close proximity to mass transit,” said Michael Tubridy, director of development for Crescent’s multifamily group, in a statement. The site is about 1.5 miles from the Blue Line light rail extension along North Tryon Street that’s set to open next year.

According to a rezoning request made public Thursday, Crescent plans to build 300 apartments, 75,000 square feet of shops and restaurants and a 200-room hotel on the site. The buildings could be up to 90 feet high.

Crescent is partnering with developer Crosland Southeast on the retail portion. The companies are currently developing adjacent mixed-use developments in south Charlotte at Providence Road near Interstate 485. In a statement, Crescent said that Crosland Southeast “is discussing the site with national and regional retailers, several of which would be new to the Charlotte market.”

The apartments would be built instead of 250,000 square feet of office space originally planned for the development. Crescent said the new apartments will be connected to the retail space via sidewalks and walking trails.

The site is currently vacant and wooded. Crescent has held the land for more than a decade and paid more than $4.8 million for the site, real estate records show.

Charlotte City Council will consider and vote on Crescent’s rezoning request later this year, likely in the fourth quarter.

Ely Portillo: 704-358-5041, @ESPortillo

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