{"id":1004120371,"date":"2015-06-01T06:20:08","date_gmt":"2015-06-01T14:20:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004120371"},"modified":"2022-12-08T06:01:20","modified_gmt":"2022-12-08T14:01:20","slug":"crescent-communities-breaks-ground-on-apartment-community-in-tampa","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/crescent-communities-breaks-ground-on-apartment-community-in-tampa\/","title":{"rendered":"Crescent Puts Tampa on the Hot List"},"content":{"rendered":"<p><em>By Scott Baltic, Contributing Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/Crescent.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004120374\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/crescent-communities-breaks-ground-on-apartment-community-in-tampa\/crescent-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/Crescent.jpg\" data-orig-size=\"1024,512\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Crescent\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/Crescent.jpg?w=1024\" class=\"alignright size-medium wp-image-1004120374\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/Crescent.jpg\" alt=\"Crescent\" width=\"300\" height=\"150\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/Crescent.jpg 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/Crescent.jpg?resize=300,150 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/Crescent.jpg?resize=768,384 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a> <\/em><\/p>\n<p>The prolific Crescent Communities has broken ground on Crescent Westshore, a 374-unit luxury apartment community in Tampa\u2019s Westshore business district, the developer announced late last week.<\/p>\n<p>With more than 12 million square feet of office space and nearly 100,000 workers, the Westshore area reportedly is Florida\u2019s largest office community. But Westshore is \u201cmore than just an employment center,\u201d Jay Curran, senior vice president of Crescent\u2019s multi-family group, said in a release. \u201cWestshore has evolved to become a vibrant community that boasts some of Tampa\u2019s finest restaurants, world-class shopping, extraordinary hotels and beautiful residential neighborhoods.\u201d<\/p>\n<p>The project\u2019s location at West Boy Scout Boulevard and Lois Avenue is close to International Plaza and Bay Street Mall, which features shopping and dining options such as Neiman Marcus, Nordstrom, Apple, Burberry, Crate &amp; Barrel, Fleming\u2019s, Brio and Capital Grille.<\/p>\n<p>Crescent Westshore will consist of four- and five-story buildings with studios and one-, two- and three-bedroom units featuring quartz countertops, stainless-steel appliances, premium cabinets and designer lighting. Its amenities will include two resort-style saltwater pools, cabanas and a clubhouse; a large athletic center; and a state-of-the-art business center.<\/p>\n<p>The complex is being financed through Crescent\u2019s own equity, in addition to construction loans from Citizens Bank and Nationwide, and is expected to open in summer 2016. The architect is Dwell Design Studio, and the general contractor is Summit.<\/p>\n<p>(Crescent Westshore is the fifth apartment community Crescent has developed in Florida in recent years and its third in Tampa, the other two being Crescent Crosstown and Crescent Bayshore. The latter property, on Bayshore Boulevard in the Hyde Park area, opened in October and was part of a nearly <a href=\"https:\/\/www.commercialsearch.com\/news\/cities\/raleigh-durham\/crescents-700m-multi-family-portfolio-sale-includes-three-new-triangle-apartment-communities\/1004107495.html\">$700 million sale by Crescent<\/a> of nine multi-family properties in Florida, Georgia and North Carolina to two separate buyers.)<\/p>\n<p>The Tampa area\u2019s apartment market continues to recover, with employment rising strongly and overall vacancy declining despite substantial new construction, according to a first-quarter report from Marcus &amp; Millichap.<\/p>\n<p>Healthcare, retailing and hospitality\/tourism are important drivers of job growth, which will total about 37,000 new jobs this year. And even though about 5,000 apartment units will be delivered this year (versus 4,100 last year), average metro-area apartment vacancy is expected to slide by 30 basis points, to 4.9 percent. As a result, the report predicts, landlords can anticipate average rent hikes of 5.3 percent this year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crescent Communities is building its third apartment project in Tampa, this time in Florida\u2019s largest office location.<\/p>\n","protected":false},"author":882,"featured_media":1004120374,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21742],"tags":[],"class_list":["post-1004120371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Crescent Puts Tampa on the Hot List - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/crescent-communities-breaks-ground-on-apartment-community-in-tampa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crescent Puts Tampa on the Hot List\" \/>\n<meta property=\"og:description\" content=\"Crescent Communities is building its third apartment project in Tampa, this time in Florida\u2019s largest office location.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/crescent-communities-breaks-ground-on-apartment-community-in-tampa\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-01T14:20:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T14:01:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/Crescent.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/crescent-communities-breaks-ground-on-apartment-community-in-tampa\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/crescent-communities-breaks-ground-on-apartment-community-in-tampa\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Crescent Puts Tampa on the Hot List\",\"datePublished\":\"2015-06-01T14:20:08+00:00\",\"dateModified\":\"2022-12-08T14:01:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/crescent-communities-breaks-ground-on-apartment-community-in-tampa\\\/\"},\"wordCount\":397,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/crescent-communities-breaks-ground-on-apartment-community-in-tampa\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/06\\\/Crescent.jpg\",\"articleSection\":[\"Development\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/crescent-communities-breaks-ground-on-apartment-community-in-tampa\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/crescent-communities-breaks-ground-on-apartment-community-in-tampa\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/crescent-communities-breaks-ground-on-apartment-community-in-tampa\\\/\",\"name\":\"Crescent Puts Tampa on the Hot List - 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