A $500M Dilworth and South End mixed-use complex moves closer to groundbreaking
A $500 million mixed-income, mixed-use development on the edges of Dilworth, South End and uptown has taken another step toward creation. A monetary step.
The Fallon Company secured a $100.5 million construction loan for the first phase of its Centre South redevelopment project, according to JLL, which helped the developer secure the funding.
Centre South is a nearly 17-acre development along South Boulevard and South Caldwell Street. The first phase is Twelve03 at 1203 S. Caldwell St. That’s a six-story 329-unit mixed-income apartment complex that has been in the works for more than a decade.
Twelve03 will house both market-rate and affordable housing units. Of the 329 units, 66 will be for those making 65% to 80% of the area median income. For a family of four, that’s an income level between $67,320 and $89,750.
With the construction loan secured, the project moves closer to breaking ground this year. Residents would be moving into the new digs, which is equipped with sky lounge and co-working spaces, in 2028.
About Charlotte’s Centre South
Centre South has been almost a decade in the making, and technically a big longer than that.
The development stems from a public-private partnership between Fallon and Horizon Development Properties, Inlivian’s development branch. Inlivian is Charlotte’s housing authority.
In 2010, Inlivian realized it needed to invest in that intersection between South End, Dilworth and uptown. The site also is walking distance from the Bland Street light rail stop and near The Pearl, medical tech and med school complex.
The site housed the Strawn Cottages and the Strawn Tower, both income-restricted housing complexes. While the tower still exists and houses seniors, the cottages were demolished to make way for a mixed-income development.
In 2017, Inlivian chose Fallon to help redevelop the site. After a few delays, including for stormwater infrastructure upgrades, the pandemic and securing financing, the project is underway.
Once complete, Centre South will have 975 apartments, a 330,000-square-foot office tower, 36,000 square feet of retail and an 180-room hotel. There will be about 145 income-restricted units.
And this isn’t Fallon’s only project in Charlotte.
The Colwick is under construction in the Cotswold neighborhood at the corner of Colwick Road and Chiswick Road. Or for a better visual, between the Publix on Randolph Road and Cotswold Elementary School.
It’s a 234-unit, seven-story complex with a mix of one, two and three bedrooms. Construction should be completed in 2027.
