ABOUT THE MASTER DEVELOPER AT SUGARLOAF COUNTRY CLUB: Crescent Communities is an American residential and commercial real estate company, with headquarters in Charlotte, North Carolina. It has approximately 170 employees. As of February 2017, Crescent has more than $1.1 billion in assets under management within a multi-product platform includes Single Family, Multifamily, Commercial/Mixed Use and Land Sales. The company finances, plans and develops properties in the Southeast and Southwest markets that represent more than 50% of the U.S. population growth over the next decade. Crescent’s robust capital deployment, seasoned leadership team, and transformative model of sustainability enable the company to maximize opportunity in a recovering real estate market. Since 1963, the company has focused its land management practices on intended highest and best use, and since 1990 has sold more than 223,500 acres. Sugarloaf Country Club indeed is one of their most successful projects.
TODAY'S BUSINESS MODEL: In an attempt to take 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. The new business, Fielding Homes, sold and closed its first homes in Masons Bend, a Fort Mill, South Carolina community, in 2016. The builder is now active in two additional Charlotte-area communities, Paddlers Cove in Clover, South Carolina near Lake Wylie, and Chapel Cove, a Southwest Charlotte community. Fielding Homes is expanding to the Raleigh market with two additional communities in 2017. The builder will offer homes for sale in Forest Ridge, an established Hillsborough, North Carolina community and in Trinity Creek, a new Crescent Community in sought-after Holly Springs, North Carolina. Sugarloaf Country Club was a master-planned project that started in the mid-90s.
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, then, began with Sugarloaf Country Club in Duluth, GA. 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.