Crescent Resources, LLC is starting work on Circle Bayshore, a new 367-unit apartment community at 319 Bayshore Blvd. in Tampa, FL.
The location of the $68 million development is ideal for multifamily residential with its close proximity to the water, entertainment and dining venues, said Brian Natwick, president of Crescent Resources' multifamily division.
Crescent recently announced the raising of $350 million and a $50 million credit line
to make targeted investments in residential and multifamily.
Circle Bayshore will feature studio, one-, two-, and three-bedroom floor plans with a two-story health club and fitness center, resort-style swimming pool, an outdoor living area with grilling stations and a fire pit, a business center and clubroom.
The community has been designed to meet Leadership in Energy and Environmental Design (LEED) certification requirements from the U.S. Green Building Council. The first apartments are expected to be complete in the first quarter of 2014.
MSA Architects of Miami designed the Spanish Eclectic eight-story structure. The building will surround a parking garage for residents and their guests.
Circle Bayshore is being financed by an equity investment from Crescent Resources, with construction financing from Capital One and mezzanine financing from Nationwide Real Estate Investments. Moss & Associates of Fort Lauderdale, Fla., is the general contractor.
Crescent has 20 master-planned communities and seven multifamily communities with 2,200 units valued at $340 million under development, with an additional 3,700 multifamily units are in predevelopment. Crescent owns more than 75,000 acres of land across its four divisions, including 1,400 acres zoned for a variety of commercial uses.