N.C. developer starts work on $68M complex

Charlotte, N.C.-based developer Crescent Resources LLC has started site work for a new 367-unit apartment community in Tampa. The $68 million multifamily project, located at 319 Bayshore Blvd., is called Circle Bayshore.

“This extraordinary location is ideal for multifamily residential with its close proximity to the water, entertainment and dining venues,” Brian Natwick, president of Crescent Resources' multifamily division, says in a press release.

Vertical construction is scheduled to start sometime in the next 30 days and the entire project is expected to be completed in the first quarter of 2014.

Circle Bayshore will feature studio, one, two-, and three-bedroom units. Building amenities include a two-story health club and fitness center, resort-style swimming pool, an outdoor living area with grilling stations, a business center and a clubroom. The apartment building will surround a parking garage for residents and guests.

MSA Architects of Miami designed the Spanish-style, eight-story structure.

Circle Bayshore is being financed by an equity investment from Crescent Resources, construction financing from Capital One and mezzanine financing from Nationwide Real Estate Investments.

Moss & Associates of Fort Lauderdale is the general contractor. The civil engineer is King Engineering of Tampa, and the landscape architect is Land Resource Design Group Inc. of Orlando.

Crescent Resources is currently developing the 344-unit Circle Crosstown at 9891 Delaney Creek Blvd., Tampa. It has a total of 20 master-planned communities and seven multifamily communities with 2,200 units valued at $340 million under development. An additional 3,700 multifamily units are in predevelopment. Crescent also owns more than 75,000 acres of land across its four divisions, including 1,400 acres zoned for a variety of commercial uses.