Crescent Communities says it expects to break ground within months on its The River District project, that the company estimated in 2017 would generate $2.7 billion in new taxable property.
The planned development will transform a largely vacant tract along the Catawba River into a mixed-used residential and commercial community. A Crescent Communities project manager observed the start-up schedule at a Charlotte City Council meeting on Oct. 4, the Charlotte Observer reports.
The first stage of construction will be along an extension of West Boulevard. Once this is done, developers will prepare water and sewer infrastructure, before building housing and office space.
Taxpayers will contribute some of the project’s funding, about $30 million since the original project proposal in 2016. These funds include $16.2 million in capital improvement bonds and 415 million through a tax increment grant subsidy.
The developers say the 1,400 acre community will integrate the area’s natural beauty with luxuries. There will be nearly 20 miles of bike and pedestrian trails, with apartment buildings, homes, restaurants and office spaces built throughout the site.
Crescent Communities managing director Chase Kerley told city councillors the development company had agreed to make 10 percent of the development’s site affordable, though the definition of “affordable” wasn’t clearly outlined at the meeting.
Kerley said Crescent has agreed to donate some land to Laurel Street, which will construct 124 affordable apartments.
He said The River District is expected to have 5,000 residential units, including 2,500 single-family homes and 2,500 multifamily units.