Developer acquires 221 acres off South Carothers Parkway
Crescent Resources, LLC, has acquired 221 acres from South Carothers Partners, LLC, for a new residential community named Lockwood Glen. According to information provided by Crescent Resources, planning is under way for the master-planned community of up to 384 for-sale homes and 240 apartment homes, and construction of the initial phase of70 single-family homesites and 27 townhomes is scheduled to begin in March. The property is located along the east side of I-65 approximately one mile south of Murfreesboro Road, and will feature approximately one mile of frontage on the recently approved extension of South Carothers Parkway.
“Williamson County is one of the most vibrant and economically attractive areas in the Southeast, and this property is well-positioned to satisfy the high demand for new housing,” Keith Glenn, vice president of the residential division for Crescent Resources, said in a press release. “Adjacent to the major roadways that connect Cool Springs’ employment center and the planned Berry Farms, this is an exceptional location for a new master-planned community. With the addition of our thoughtful land plan and desirable amenities, we’ll transform the property into a great place to call home.”
“Lockwood Glen is an ideal opportunity to introduce Crescent Resources’ residential division to the Nashville market,” Andy Carmody, president of the residential division for Crescent Resources, said in the same press release. “Along with our existing multifamily and commercial interests in the market, we now have significant residential investment in the future of Middle Tennessee.”
While planning for Lockwood Glen is ongoing, officials with Crescent describe a vision for a community with multiple family-friendly amenities. Homebuilders Celebration Homes, Goodall Homes and Regent Homes of Nashville have committed to purchasing all 97 homesites in the first phase. The developer said the first homes, with prices starting between $200,000 and $250,000, to be complete early in 2014. Pearl Street Partners, LLC will continue in its capacity as the development manager of this community working in concert with Crescent Resources.
Crescent is the master developer of the Cool Springs office parks Corporate Centre and Greenway Centre as well as the luxury apartment community Venue at Cool Springs. In addition Crescent owns 60 acres in Cool Springs that area entitled and planned for an additional 750,000 square feet of Class A office space. The company is also the developer of CentrePoint Distribution Park, a warehouse and distribution center in LaVergne.
Posted on: 1/22/2013