$500M Dilworth and South End mixed-income housing starts going up near the Pearl
Construction is beginning on a $500 million mixed-income, mixed-use development on the edges of Dilworth, South End and uptown.
Last week, The Fallon Company celebrated a groundbreaking on the first phase of its Centre South redevelopment project, a nearly 17-acre development along South Boulevard and South Caldwell Street. The first phase is Twelve03 at 1203 S. Caldwell St, a six-story, 329-unit mixed-income apartment complex.
About 20% of the units, or 66 apartments 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.
The median income for Dilworth, South End and uptown is between $93,700 and $143,000, according to several neighborhood guides.
The groundbreaking comes after Fallon Co. secured a $100.5 million construction loan in April for the first phase of Centre South, according to real estate company JLL, which helped the developer secure funding. TD Bank provided the loan.
Residents would be moving into the new digs, which is equipped with sky lounge and co-working spaces, by 2028.
About Charlotte’s Centre South development
Centre South has been in the works for almost a decade.
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 neighborhood intersection between South End, Dilworth and uptown.
The site is walking distance from the Bland Street light rail stop and was in an area Inlivian knew would be heavily developed. (For example, The Pearl, Charlotte’s first medical tech and med school complex, is near the development.)
The site previously housed the Strawn Cottages and the Strawn Tower, both income-restricted housing complexes operated by Inlivian. While the tower still exists and houses seniors, the cottages were demolished to make way for a mixed-income development.
And mixed-income projects are becoming a focus for Inlivian, as the housing authority seeks to integrate residents of all income brackets, according to Fulton Meachem, president and CEO of Inlivian.
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.
“This community helps bridge the gap between subsidized and market-rate housing,” Meachem said in a news release. “By creating attainable housing options, we are strengthening our community and providing a pathway for families to move forward while supporting Charlotte’s continued growth.
About developer Fallon Co.
The Boston-based developer has been busy in Charlotte.
Besides Centre South, Fallon Co. is working on The Colwick in the Cotswold neighborhood at the corner of Colwick Road and Chiswick Road. Or for a better visual, that’s 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 next year.
