Piles of rubble dot the ground where 20 homes once stood in central Phoenix as Chasse Building Team began demolition work on June 1 on the 3.6-acre site that will become a 329-unit apartment complex.
Crescent Midtown is the latest development by Charlotte, N.C.-based Crescent Communities and follows Crescent Highland in Phoenix and Crescent Scottsdale Quarter into the marketplace. Crescent has another project currently under construction in Tempe. The 209-unit Novel Rio Salado is expected to be completed in April of 2019.
The Crescent Midtown site stretches from 3rd Street and Earll Drive to 5th Street at Cheery Lane. Crescent Midtown will be a four and five-level apartment complex that offers studio, one and two-bedroom units. The construction on Crescent Midtown will begin later this summer, with an anticipated completion 18 months later.
Crescent Communities anticipated paying close to $7 million on the homes and development costs are estimated at $70 million.
Crescent Communities was recently purchased by Sumitomo Forestry America Inc., a subsidiary of Sumitomo Forestry Co., Ltd., which is based in Japan. The purchase paid off all of Crescent’s corporate debt. Nationwide, Crescent has $2.2 billion in investments recently completed or currently under construction and $1.2 billion in active pipeline investments.