301 South McDowell St. Google Earth
301 South McDowell St. Google Earth

Development

What’s new in commercial and residential real estate in the Charlotte region.

Development

Boston developer behind major Dilworth project plans to expand in Charlotte

By Katherine Peralta

kperalta@charlotteobserver.com

July 07, 2017 06:00 AM

UPDATED July 07, 2017 06:00 AM

The Fallon Company has acquired a 13-story office building near uptown Charlotte, a site that will serve as the Boston real estate developer’s Southeast regional headquarters.

The 184,144 square foot, multi-tenant building is at 301 South McDowell St.

In a statement Thursday, the firm cited the building’s prominent location – between uptown and midtown, and close to Interstate 277 – as the reason it opted to buy the McDowell building. The firm said the city’s booming economy is the reason it plans to expand its presence in Charlotte.

The Fallon Company first entered the Charlotte market in 2016, when it was selected by the Charlotte Housing Authority as the master developer for a $330 million project to redevelop the 16-acre Strawn Cottages site on South Boulevard. The redevelopment will include apartments, shops, restaurants, offices and a hotel.

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“Given Charlotte’s strong economic forecast, commercial and residential urban remigration, and central regional location, we plan to continue making significant investments in this market,” said Michael Fallon, chief investment officer of The Fallon Company.

The Fallon Company’s Charlotte office is led by Vice President Vincent Michalesko, Fallon said. He did not say how many the firm currently employs here, or by how much it plans to grow, but did say that currently it is “temporarily supplemented by operations personnel” in Boston.

Terms of Fallon’s deal were not disclosed.