Crescent Communities Announces Groundbreaking for 550-Acre Master Planned Project
- Dec 12, 2014
By Eliza Theiss, Associate Editor
Leading real estate investment and operating firm Crescent Communities has announced it will be breaking ground on Masons Bed, a 550-acre master-planned community in Fort Mill, S.C.
Development on the first phase is set to begin in the first quarter of 2015. The project, whose development cost has yet to be announced, is Crescent’s first new foray into the Charlotte residential market since 2008.
Mason’s Bend will be developed close to Fort Mill’s retail corridor, near I-77’s high-quality employment opportunities and shopping destinations such as Baxter Village. The master-planned community will comprise 650 homes and high-end amenities such as a pool, clubhouse, wooded nature trails and a mile of scenic Catawba River frontage. Crescent is also considering developing a multifamily component.
“As the Town of Fort Mill continues to grow, we are excited to be a partner for growth while preserving the character and charm people know and love,” declared James Martin, vice president of Crescent Communities’ residential group. Crescent announced it will partner with local and state agencies to ensure the land is developed in a responsible manner. Crescent also donated $150,000 to the Town of Fort Mill, which will be used to create public recreational amenities.
With the housing market on the mend, the development of Masons Bend is on the mark. Although metro Charlotte is experiencing more population growth in its inner city than in its suburbs – 2.4 percent compared to 1.7 percent, according to the Charlotte Business Journal, there is plenty of demand in the nation’s eighth fastest growing city in 2014 as ranked by Forbes.
The nation’s second largest banking and financial center, the Queen City also boasts a vibrant biotechnology and life sciences industry as well as dynamic energy, motorsports, aerospace and aviation, manufacturing and education sectors. Multiple Fortune 500 companies call the Queen City home, and many more (both Fortune 500 and otherwise) are moving here or opening chapters.
Among them are the Lash Group and LPL Financial, both of which have announced investments in Metrolina, specifically Fort Mill. As previously reported, Lash Group will establish a new 250,000-sq.-ft., $90 million national headquarters in Fort Mill’s Kingsley office park, where it will employ 2,400. LPL Financial will also establish a strong presence in Fort Mill’s Kingsley office park, investing $150 million in a new facility. LPL is expected to create 3,000 new jobs in Fort Mill.
Click here for further Charlotte market data
Image courtesy of Crescent Communities