CHARLOTTE, N.C.– Crescent Communities announced Wednesday that the construction of a new multifamily community in the center of northeast Charlotte’s University City submarket will begin in November.
NOVEL University Place by Crescent Communities, located at the intersection of J.W. Clay and W.T. Harris Blvd, will include 311 for-rent residences and act as the residential anchor for the planned mixed-use redevelopment known as Waters Edge.
The new development will marks the 4th investment in the University area by Crescent Communities and their 13th multifamily investment in the Charlotte market, according to a news release.
“We have been looking forward to breaking ground on NOVEL University Place and are thrilled to have the opportunity to create a new center of activity for this growing and reimagined neighborhood,” said Michael Tubridy, Managing Director of Multifamily Development for the Carolinas and Tennessee at Crescent Communities. “The redevelopment of University Place will be the catalyst for the long overdue creation of a walkable, vibrant, urban core in the University area of Charlotte.”
NOVEL University Place will offer residents multiple amenities including a resort-style pool and cabana overlooking the lake, a multi-level covered patio with indoor and outdoor gathering space, pocket gardens, dog park, outdoor and indoor spaces to work from home, as well as outdoor fitness space and a two-level fitness center. The community will feature an open outdoor plaza designed to be closed to traffic for festivals and community gatherings.
Along with residential amenities the Crescent Communities location will also provide the convenience of being close by the University City and the Research Park, along with the extensive network of walking trails, greenways, and easy access to the Lynx light rail nearby.
“The Waters Edge development is destined to be the new hub of Northeast Charlotte, and NOVEL University Place will be located in the middle of all the excitement and energy that the new plaza, library, retail, and office will bring to the lakefront,” said Greg Watson of EB Arrow.
As part of the Waters Edge master redevelopment plan, NOVEL University Place will be a surface-parked apartment community and consist of four buildings, each with three to five floors, as well as three carriage buildings with tuck-under garages. It will feature a mix of 311 studio, one-, two-, and three-bedroom residences complete with lake views and luxury finishes.
The architecture for NOVEL University Place will take cues from classic Southern waterfront cities like Savannah and Charleston, according to a news release.
The first units are expected to be ready in early 2023.