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. Crescent Communities creates multifamily and commercial communities in many of the fastest growing markets in the United States. Since 1963, their development portfolio has included more than 57 multifamily communities, 20 million square feet of commercial space, and 60 single familymaster-planned communities. Its multifamily communities are branded NOVEL by Crescent Communities. The company is actively building in 10 states and operations offices in Charlotte, DC, Atlanta, Orlando, Dallas, and Denver.
History
In 1939, Duke Power 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. Some of the original land was sold to Crescent Land and Timber by the Singer Corporation. 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. As of 1991, Crescent Resources managed 270,000 acres of land. 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, with Duke Energy selling its 49% stake to Morgan Stanley. 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.
Homebuilding business
Taking advantage of increasing housing demand in the Southeast, and to further diversify their business operations, Crescent Communities launched a single family homebuilding company in early 2016 under the name Fielding Homes.
In July 2018, Crescent Communities was acquired by Sumitomo Forestry America, Inc., a comprehensive housing and wood products corporation and a wholly owned subsidiary of Sumitomo Forestry Co., Ltd., Sumitomo acquired the three key businesses, including single-family residential, multifamily, and commercial businesses. The acquired business retained the Crescent Communities name and remains headquartered in Charlotte, North Carolina, under the existing management team led by Todd Mansfield, Chief Executive Officer. As part of the acquisition, the Fielding Homes single family home building business became a subsidiary of Dan Ryan Builders, also part of the Sumitomo Forestry America family of companies. Additionally, Palmetto Bluff, the acclaimed 20,000-acre resort community with a Montage branded hotel located in Bluffton, South Carolina, was retained by Crescent Communities’ previous owners.
