Horizon Development Properties Inc. says it has selected Boston-based Fallon Co. to redevelop the 16.2-acre Strawn Cottages site in Dilworth.
The project site, situated immediately adjacent to South End in the Dilworth neighborhood, offers one of the largest fully entitled, transit oriented development sites in the region due to its close proximity to Charlotte’s Central Business District, numerous transit, trail and highway connections.
Once completed, the new $330 million mixed-use mixed-income development will feature: 725 mixed-income apartments (145 to be affordable for between 65 to 85% of Area Median Income), 20 for-sale townhouses, 57,000 sq. ft. of retail, a 330,000-square-foot office building and a 180-room hotel.
“HDP is excited about The Fallon Co.’s vision that will create an ‘inclusive housing strategy’ within a dynamic mixed-use community,” HDP CEO Fulton Meachem Jr. said in a statement. “The Fallon Co. will ensure that HDP’s goal of providing 20% of the new rental apartments are affordable to families earning between 65 to 80% of the area median income becomes a reality. Our model is an essential smart growth strategy that can be duplicated all over our great city.”
Managing director Michael Fallon will oversee all of the company’s efforts in Charlotte and throughout the Southeast, says the announcement.
“Charlotte is one of the fastest growing real estate markets in the country and we’re proud to contribute to its evolution and vitality as master developer of the Strawn project,” Michael Fallon said in a statement. “Both HDP and the City of Charlotte recognized the site’s potential many years ago, and we look forward to working together to create new opportunities for area residents and businesses as we bring the shared vision for a dynamic mixed-use neighborhood at Strawn to life.”
Construction is expected to start n late 2017 or early 2018. The project will be funded through master developer equity, commercial bank loans and HDP land equity.
The Urban Land Institute conducted a site study in 2008 to determine the highest and best use for the Strawn Cottages site. That study indicated a mixed-use, mixed-income development would be ideal for the property. HDP sought requests-for-proposals for the site last December, Charlotte Business Journal has reported.
Horizon Development Properties, Inc. (HDP) is a 501 (c)(3) non-profit development company guided by a mission to develop, operate, and provide housing in sustainable communities of choice for residents of diverse incomes. HDP’s most recently developed communities include the Vistas at 707, The Landing at Park Road (currently under construction), and the upcoming redevelopment of Tall Oaks in the Cherry neighborhood.
The Fallon Company, one of the leading developers in the United States, says it has an unmatched reputation for successfully undertaking the most complex and challenging real estate projects and executing them with the highest degree of quality: perfectly positioning them for optimal use for present and future generations.