The Fallon Co. Lands $101M for Charlotte Mixed-Income Project
It's the first phase of a $500 million mixed-use development near the city's central business district.
The Fallon Co. has secured a $100.5 million financing package for Twelve03 at Centre South, a 329-unit mixed-income housing project in Charlotte, N.C. TD Bank provided a senior construction loan while RXR Realty Investments provided equity placement in a deal arranged by JLL.
Twelve03 at Centre South is the first phase of Centre South, a mixed-use, master-planned development totaling approximately 17 acres. It will rise at the crossroads of Charlotte’s South End, Uptown and Dilworth neighborhoods.
The multifamily property will have 263 market-rate units and 66 affordable apartments. Common-area amenities at Twelve03 will consist of a sky lounge, a saltwater swimming pool at rooftop level, coworking spaces, a fitness center and a pet spa.
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The six-story community at 1203 S. Caldwell St. will be close to the Bland Street light rail station and the city’s central business district. The medical and innovation district known as The Pearl, as well as multiple retail and restaurant options, are near the site. Charlotte Douglas International Airport is 6 miles away.
JLL Managing Director Taylor Allison, Senior Director Alexis Kaiser and Associate Ryan Mueller led the Capital Markets team that arranged the financing deal.
The first of three Centre South communities
The Fallon Co. is developing Centre South in partnership with Charlotte-based Inlivian and its subsidiary, Horizon Development Properties. When complete, the mixed-use property will include up to 975 apartments, a 180-key hotel, 405,000 square feet of office space, 36,000 square feet of retail and a 1.5-acre green area.
Twelve03 at Centre South will be the first of the project’s three residential buildings. The Fallon Co. unveiled plans in September 2025, with the first phase valued at more than $100 million in development costs and the overall project estimated at around $500 million, according to Charlotte Business Journal. At the time, the developer estimated it would start construction on Twelve03 in early 2026, with delivery scheduled for 2028.
The Fallon Co. launched the public-private partnership with Inlivian in 2016, back when the agency was known as the Charlotte Housing Authority. It was the first partnership of this kind in the city.
Charlotte developers keep an active pipeline
Charlotte’s multifamily rental market has experienced a supply surge over the past two years, influencing its occupancy rate. The index clocked in at 94.2 percent as of October, below the 94.7 percent national figure, a recent Yardi Matrix report shows.
Developers added more than 16,200 units in 2025 through November, representing 6.6 percent of the metro’s existing stock. This placed Charlotte on the fifth spot nationwide for multifamily deliveries. At the same time, Charlotte’s multifamily units under construction totaled 28,781 at the end of last year.
One of the underway projects is Skyview at Aria, a 338-unit community in Monroe, N.C. In March, Aria Communities secured a $53 million financing package for the development that is expected to reach completion by October 2027.
