$150 million development planned near Wake Forest U sports area
Winston-Salem’s Front Street Capital and Atlanta-based developer Carter plan to break ground in December on an $150 million project that will put retail, residential and office space near Wake Forest University’s football stadium and baseball park.
Spanning 100 acres, The Grounds will draw upon the more than 750,000 people who attend sports, concerts and other events in the Deacon Boulevard area annually, Front Street and Carter said in a release. The project will be near the Allegacy Federal Credit Union Stadium, David F. Couch Ballpark, the Lawrence Joel Veterans Memorial Coliseum, Wake Forest Tennis Center and Winston-Salem Fairgrounds & Arena.
Front Street and Carter are partnering with the city of Winston-Salem and the university on the project. The Grounds site is about three miles north of downtown Winston-Salem and a mile south of the main Wake Forest campus.
The combination “shows that Winston-Salem is ready for a project of this scale,’’ said Coleman Team, Front Street’s president and managing partner. His family business, led by Robin Team, has become a leading developer in the city.
The Grounds’ first phase will include a pedestrian-friendly 40,000-square-foot retail village, featuring a central lawn adjacent to a new Deacon Walk serving as a gateway to the football stadium.
Loft-style residential units will be located above restaurants, boutiques and other retail space, adding activity when events aren’t underway. A 240-unit residential community is also planned, with pedestrian access to the central plaza area.
The university plans to lease a 100,000-square-foot office planned for the site, the statement said.
“By creating a dynamic place that blends residential, commercial, athletic stadiums, and welcoming public gathering spaces, we are reimagining the University’s role as a community partner,” Wake Forest University President Susan Wente said in the release.
A state grant totaling $35 million will pay for infrastructure improvements, including roadwork, the restoration of Silas Creek and construction of a paved walking trail connecting to venues in The Grounds.
Wake Forest University enrolls about 9,100 students, including nearly 5,500 undergraduates at the Winston-Salem campus. It’s among the city’s major employers with nearly 7,500 faculty and staff.
The university is also expanding in Charlotte, where it is partnering with Atrium Health on a new medical school campus to complement the Winston-Salem school. It also offers a variety of graduate-level programs in the Queen City.
By: Chris Burritt, Business North Carolina