Crescent Resources is asking to rezone nearly 63 acres at Royall Drive and Mallard Creek Church Road for a mixed-use community.
A zoning change from research to mixed-use-district category would make way for a nearly 17-acre multifamily development, about 15 acres for retail and restaurants, and nearly 21 acres for office space.
The site, between Claude Freeman Drive and Legranger Road, is located across from The Arbors, also a mixed-use site. Its tenants include Trader Joe's.
Charlotte-based Crescent Resources LLC is a real estate development and land management company that was formerly owned by Duke Energy.
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Crescent is known across the Southeast for building upscale lakefront communities, shopping centers, multifamily housing and industrial parks.
It has built projects in Atlanta; Nashville, Tenn.; Orlando and Tampa, Fla., in addition to Charlotte.
Yet, Crescent lost $420 million in net income in 2008, Duke reported. Crescent filed a Chapter 11 bankruptcy petition in the western district of Texas in June 2009.
The company emerged from Chapter 11 bankruptcy protection last year. The restructured company is estimated to be worth about $650 million, compared with the $2.2 billion in assets listed in its 2009 bankruptcy petition.
Crescent filed an application in March to request rezoning of the property on Royall Drive. The Charlotte City Council will hold a public hearing on the request June 20.