Major Charlotte developer lays off 15% of its workforce as housing market slows
Prominent Charlotte real estate developer Crescent Communities is laying off 15% of its workforce, the company confirmed Wednesday evening.
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The company recently went through two rounds of layoffs. A spokesperson did not provide the total number of job cuts or where they occurred.
“Crescent Communities made organizational changes over the past month that resulted in an approximately 15% reduction in headcount,” Crescent Communities stated. “The changes were a result of both opportunities to more efficiently operate across functions, as well as a slower development investment environment this year.”
Crescent Communities operates as a private company and is not publicly traded.
The Charlotte Ledger newsletter first reported on the layoffs. It cited a Charlotte Business Journal report from last year that Crescent Communities had 140 workers in Charlotte and 176 across the company, meaning a 15% job cut would impact about 26 employees.
As of December, Crescent Communities managed $7.2 billion in multifamily and commercial real estate investments and developments across various stages of construction and operation, according to a company news release.
This activity includes over 15,300 multifamily units, 58,000 square feet of retail space, and 7.5 million square feet of industrial, life science, and office facilities.
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Founded in 1963, Crescent Communities is a national real estate company that invests in, builds, and operates mixed-use developments, including apartments and commercial space, in many fast-growing U.S. markets.
It has developed more than 95 apartment communities and about 26 million square feet of commercial space. The company has offices in Charlotte and several other major cities, including Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix, and Washington, D.C.
Crescent Communities is also the master developer for West Charlotte’s River District. Located on the west side of the airport and Interstate 485 near the Catawba River, the River District’s development plans began in 2016. Since then, the area has added homes, trails, retail centers, and residents.
When complete, the River District will feature around 5,000 homes, including market-rate and affordable apartments, millions of square feet of office space, half a million square feet of retail, and 1,000 hotel rooms.
The most recent development from Crescent Communities includes plans for approximately 158 single-family attached units to be built on 31 acres at 8000 Dixie River Road for the River District, according to a land development construction plan permit filed with the city in mid-May.
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