Construction begins on new Beach Park multifamily development
By Breanne Williams
Tampa Bay Business Journal
Published: Mar 30, 2022

Multifamily developer Crescent Communities has started construction on its upcoming residential development along the Westshore waterfront within the next month.

The development called Novel Beach Park will be built in the Beach Park neighborhood in the Westshore area of Tampa and will include 289 rental units. The first residences are planned to be completed by fall 2023.

“Crescent Communities looks forward to continuing our growth in Tampa with the introduction of Novel Beach Park,” Tim Graff, managing director of Florida for Crescent Communities, said in a release.

Construction will be handled by Finfrock and other partners, including Kimley-Horn providing civil engineering services, Dix Hite for landscape architecture and IDDI Design Group for interior design.

Many units will have unobstructed views of “Old Tampa Bay.” The development will feature a nine-story building with studios and one- to three-bedroom apartments. Amenities will include a resort-style pool, fitness center and a Sky Bar on the ninth floor.

Graff said the company will continue “to work closely with the neighborhood” as it goes forward with the development. The Westshore waterfront property was purchased via the company’s newly established Crescent Communities Real Estate Opportunities Fund from Highwoods Properties, which focuses on “opportunistic high-density multifamily developments in urban core areas,” according to a release.

“Our goal is to create the most talent-supportive workplace environment and experiences to give our customers a compelling and competitive advantage to retain, recruit and return talent to the office,” Dan Woodward, senior vice president and Tampa market leader for Highwoods Properties, said in a release. “To this end, talent-supportive environments are rich in amenities and provide options to live, work and play in close proximity.”

This is the sixth investment in the Tampa market by North Carolina-based Crescent Communities. Crescent is also behind Crescent Bayshore, now known as 2Bayshore, Crescent Crosstown, Crescent Westshore and recently built the Novel Riverwalk, now known as Anchor Riverwalk. It also owns Novel Midtown Tampa, which the company said is “nearing stabilization.”

The Tampa market continues to be a “top priority” for the group’s expansion in the Florida market, the company said.