Type Private Corporation Founded 1963 Parent organization Crescent Holdings LLC | Total assets US$1 billion+ (2016) Number of employees 166 | |
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Formerly called South Carolina Land and Timber (1963)
Crescent Land and Timber (1969)
Crescent Resources (mid-80s) Industry Residential and Commercial Real Estate Key people Todd W. Mansfield (President & CEO)
Tyler Niess (CMO)
Kevin H. Lambert (CFO) Headquarters Charlotte, North Carolina, United States Subsidiaries LandMar Group, LLC, Crescent-SDQ III Venture LLC, Crescent Ventures Inc. | ||
Crescent Communities is an American residential and commercial real estate company, with headquarters in Charlotte, North Carolina. It has approximately 166 employees. As of February 2016, Crescent has more than $1 billion in assets under management. Crescent Communities is seventh in the amount of land owned in Gaston County, North Carolina with 1686.18 acres. Its Gaston holdings include acres of undeveloped land at the Lincoln County, North Carolina line, west of Killian Cemetery, and a plot south of Mountain Island Park as well as a gas station and warehouse at Caldwell and Beatty drives in Mount Holly, North Carolina. The company aims to sell its Gaston County property portfolio which it almost entirely inherited from its Duke Energy origins.
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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. 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
In an attempt to cash in on the increasing housing demand in Charlotte, Crescent Communities has launched a new division that will construct single-family houses. They have named the new division Fielding Homes. Crescent will start its single-family construction in a new subdivision it is developing just south of Charlotte, at Masons Bend in Fort Mill, South Carolina. The company will build 64 single-family houses at Masons Bend, which at completion will total 650 houses near Interstate 77’s crossing over the Catawba River.