  We analyze {\it Spitzer} and Magellan observations of a star forming core
near IRS-2 in the young cluster NGC 2264. The submillimeter source IRAS 12 S1,
previously believed to be an intermediate mass Class 0 object is shown to be a
dense collection of embedded, low mass stars. We argue that this group of stars
represents the fragmenting collapse of a dense, turbulent core, based on a
number of indicators of extreme youth. With reasonable estimates for the
velocity dispersion in the group, we estimate a dynamical lifetime of only a
few x 10$^{4}$ years. Spectral energy distributions of stars in the core are
consistent with Class I or Class 0 assignments. We present observations of an
extensive system of molecular hydrogen emission knots. The luminosity of the
objects in the core region are consistent with roughly solar mass protostars.
