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Crescent breaks ground on ‘green’ US multi-family projects

An affiliate of Crescent Resources, the joint venture between Morgan Stanley Real Estate and Duke Energy, is constructing environmentally friendly apartment communities in the US.

Crescent Multifamily Development Group, a division of Charlotte-based Crescent Resources—the joint venture between Morgan Stanley Real Estate and Duke Energy—has broken ground on Circle, a new multifamily apartment concept featuring upscale ‘green’ living.

The Circle developments comprise suburban garden apartment communities and urban mid- to high-rise apartments. Some developments will be Leadership in Energy and Environmental Design (LEED) designed according to guidelines by the US Green Building Council, but all developments will incorporate environmentally-friendly designs.

Three projects are already under construction in North Carolina and Florida with additional developments planned for North Carolina, Tennessee and Texas. Crescent is also looking at markets in Dallas and Washington, DC and expects to have 1,300 Circle residences under construction by mid-April 2008.

The four-story Circle at South End in Charlotte, North Carolina, Crescent’s first Circle project, comprises 360 apartments including one-, two- and three-bedroom units ranging from 550 to 1,650 square feet. The Circle at Crosstown in Tampa and Circle at Bartram Park in Jacksonville, Florida comprise three-story communities featuring one-, two- and three-bedroom units ranging from 780 to more than 1,300 square feet.

Developments planned for the Southeast and Texas include the Circle at University Marketplace in Durham, North Carolina, part of an overall mixed-use project that also features a retail center; Circle at Cool Springs in Nashville, Tennessee; and Circle at Stonelake in Austin, Texas.