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The Fallon Co. acquired the 184K SF 301 South McDowell St. near Uptown Charlotte, with plans to make it the company's Southeast regional HQ. The Boston-based developer chose the building for its prominent location between Uptown and Midtown, the Charlotte Observer reports.
Fallon wants to expand in Charlotte because of the city's booming economy.
Horizon Development Properties tapped Fallon last fall to be master developer for redevelopment of the 16.2-acre Strawn Cottages site, which was Fallon's entry into the market. The project site, immediately adjacent to South End in the Dilworth neighborhood, is a fully entitled, transit-oriented development site.
The redevelopment will ultimately include 725 apartments, 57K SF of retail and restaurant space, 330K SF of offices and a hotel of about 180 rooms. The project will be in several phases, the first of which will consist of 160 mixed-income apartments (20% affordable) and the hotel. Groundbreaking for the site's infrastructure is expected in late 2017.
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