Crescent Communities
FormerlySouth Carolina Land and Timber (1963)
Crescent Land and Timber (1969)
Crescent Resources (mid-80s)
TypePrivate Corporation
IndustryMixed-Use Real Estate - both Multifamily and Commercial
Headquarters
Charlotte, North Carolina, U.S.
Key people
  • Brian Natwick (Chairman & CEO)
  • Kevin H. Lambert (CFO)
Total assetsUS$1 billion+ (2017)
Number of employees
115
Websitehttp://www.crescentcommunities.com/

Crescent Communities is a real estate investor, developer, and operator of mixed-use communities with headquarters in Charlotte, North Carolina. It has approximately 115 employees. The company has offices in Charlotte, Washington, D.C., Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix, and Salt Lake City.

History

In 1939, Duke Power (now Duke Energy) established a forestry department to manage company land not used for power generation. In 1963, this department became the company South Carolina Land and Timber. As the holdings expanded to include land in North Carolina, the organization was renamed Crescent Land and Timber in 1969.[1] Some of the original land was sold to Crescent Land and Timber by the Singer Corporation.[2]

In the mid-1980s, the company was renamed Crescent Resources as it began to actively develop residential communities. Crescent Resources began work on its first commercial development, Coliseum Centre, in 1990.[3] As of 1991, Crescent Resources managed 270,000 acres of land.[4] Holdings included part of what became Lake James State Park, which it later sold to the state of North Carolina. Crescent Resources became a separate entity from Duke Energy in 2006, [5] with Duke Energy selling its 49% stake to Morgan Stanley.[6]

Crescent Resources filed for bankruptcy in 2009, and has emerged from it separated from the utility company. The company aimed to rebrand itself, renaming itself "Crescent Communities" in 2013.[7]

References

  1. ↑ Properties, Jocassee Real Estate Company - Lake Keowee and Lake Jocassee. "Lake Jocassee History - Jocassee Real Estate Company". www.jocasseerealestate.com. Retrieved August 2, 2017.
  2. ↑ "RESOURCE MANAGEMENT PLAN FOR JOCASSEE GORGES PROPERTY". www.dnr.sc.gov. Retrieved August 2, 2017.
  3. ↑ "www.bizjournals.com/charlotte/print-edition/2011/11/18/coliseum-centre-complex-is-being.html". www.bizjournals.com. Retrieved August 2, 2017.
  4. ↑ Skoog, Joanne (February 10, 1991). "NATIONAL NOTEBOOK: Charlotte, N.C.; Energizing Golf Projects". The New York Times. ISSN 0362-4331. Retrieved August 2, 2017.
  5. ↑ "Forgotten Land". charlotteobserver. Retrieved August 2, 2017.
  6. ↑ "Duke Energy Sells Stake in Crescent Resources | News & Rankings | About | Skadden, Arps, Slate, Meagher & Flom LLP". www.skadden.com. Retrieved August 2, 2017.
  7. ↑ "www.bizjournals.com/charlotte/blog/real_estate/2013/04/crescent-resources-changes-name-to.html". www.bizjournals.com. Retrieved August 2, 2017.
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