The Fallon Co. has begun construction on the first phase of Centre South, a large mixed-use development in Charlotte. The initial phase centers on Twelve03, a 329-unit midrise multifamily community rising at 1203 S. Caldwell St. in the Dilworth neighborhood. The broader Centre South plan spans 16.7 acres and is envisioned as a mixed-use community combining residential, office, retail, hotel, and open space.
At full buildout, Centre South is planned to deliver up to 975 residential units. The master plan also calls for approximately 405,000 square feet of Class A office space and 36,000 square feet of retail. Hospitality is included in the program through a 180-room hotel, while a 1.5-acre central green space is expected to serve as a key amenity for residents, workers, and visitors across the project.
The entire development is expected to cost about $500 million. Earlier in the year, Fallon secured a $100.5 million financing package specifically for Twelve03 at Centre South. TD Bank is providing the senior construction loan for this multifamily phase, and RXR Realty Investments supplied the equity placement, giving the first phase both debt and equity capital to move forward.
Twelve03 is planned with a mix of studio, one-bedroom, and two-bedroom apartments, targeting a range of household types within the Dilworth area. The residential offering is supported by a package of on-site amenities, including a co-working lounge designed for residents who need flexible workspace. Recreational features will include a pool and a pool deck equipped with grilling stations and reservable cabanas, along with a fitness center.
Samet Corp. is leading construction for Twelve03, bringing the first phase of Centre South out of the ground. Design responsibilities are being handled by Charlotte-based BB+M Architecture, which is tasked with shaping both the multifamily building and its integration into the broader mixed-use environment envisioned for the site.
As construction on Twelve03 proceeds, it marks a tangible step toward realizing the larger Centre South concept, which is designed to blend housing, office space, retail, hotel rooms, and activated green space within a single, master-planned community in Charlotte’s Dilworth neighborhood.
