Exclusive: Key details of $150M development near Wake Forest athletic facilities revealed
A rendering shows the plan for the first phase of The Grounds, a mixed-use development near Wake Forest University by Front Street Capital and Carter.
There’s a well-known area of Winston-Salem, bounded by Whitaker Park, Wake Forest University and the Boston-Thurmond neighborhood. It’s home to Allegacy Federal Credit Union Stadium, the Lawrence Joel Veterans Memorial Coliseum and the Winston-Salem Fairgrounds.
But in the more-than-100 meetings that Adam Parker, vice president at Atlanta real estate developer Carter, conducted with community stakeholders, nobody had a name for the area.
Until now.
Carter and Winston-Salem’s Front Street Capital – in partnership with Wake Forest University and the city of Winston-Salem – have termed this area The Grounds, where they will create a $150 million, 100-acre mixed-use development.
The first phase of development, which will break ground this December, will bring together four major components: infrastructure and greenways; a 100,000-square-foot office building for WFU; a 240-unit residential community; and a 40,000-square-foot retail village.
The second part of Phase 1 – to be known as Phase 1b – will include a hospitality component such as a hotel or condotel (condo hotel).
Front Street and Carter expect to complete the infrastructure, office building and retail village by the end of summer 2026, with the multi-family housing community coming a year later.
“The Grounds has the opportunity to become Winston-Salem's and northwest North Carolina’s living room that is active on event days and non-event days alike,” said Coleman Team, president and managing partner of Front Street.
Team pointed out that this is the city’s first branded project of this scale, with the developers enlisting Winston-Salem marketing firm The Variable to help them land on a name.
“It’s a pretty simple name and that’s intentional,” Team said. “The Grounds can mean a lot of different things: it can be your stomping grounds or your common ground. We’re excited to see how The Grounds comes to life and what it means.”
Turning vacant parking lots into a community asset
Today, much of the 100 acres slated for redevelopment is made up of cracked parking lots and empty or demolished buildings. And it’s all owned by Wake Forest University, which owns 178 total acres in the area, including its sports venues and other facilities.
Last summer, Wake Forest University announced that it had selected Front Street Capital and Carter to redevelop the property with the goal of making it a destination for the community.
“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,” said President Susan Wente. “This development will enhance the student experience, attract new talent and contribute to the city’s overall vitality.”
Wake Forest’s athletics director, John Currie, noted that the university and the city operate the largest sports and entertainment facilities west of Greensboro and north of Charlotte.
With events such as Wake Forest sports, the Carolina Classic Fair, Winston-Salem Thunderbirds games, the ATP Winston-Salem Open and other concerts and shows, the area hosts more than 260 event days per year with more than 750,000 patrons. With The Grounds, the organizations hope that the area will see more patrons and see them every day of the year.
“We’re building this for 100 years from now, not just five years from now. For something like this to be successful, it has to be a Winston-Salem project, not just a Wake Forest project,” Team said.
Based in Atlanta, Carter has a long list of mixed-use developments, including The Banks in Cincinnati and Summerhill in Atlanta. Front Street Capital, led by Team, is the third-largest commercial real estate developer in the Triad, having developed more than 2.15 million square feet over the last five years.
The organizations have selected national architecture firm Nelson to serve as the project’s master developer and architect. Most recently, Nelson led the master development of The Battery, the new home of the Atlanta Braves and the nation’s first master-planned mixed-use development with a professional sports team as an anchor.
“The plans for this project are more than just renderings and drawings; they are a roadmap to a new era of vibrancy and opportunity for our city. The Grounds represents another key step in the growing momentum in this strategic and critical portion of our city,” said Mayor Allen Joines.
Infrastructure will pave way for office, residential, retail
Beginning in December, the first thing that needs to happen is infrastructure work, Team explained. It will be completed with a $35 million state grant that the city allocated to Front Street and Carter for this project.
This work includes renovating Silas Creek, which currently runs underneath Allegacy Stadium, and adding a greenway with walking trails. A crossing over Cherry Street and University Parkway will connect The Grounds with Wake Forest’s campus.
They’ll also move Deacon Boulevard, which Team called a very “pedestrian-unfriendly road,” and narrow it from four lanes to two, adding multiple pedestrian crossings.
Front Street and Carter will also add back parking lots. Team said that a parking deck will only be built when “absolutely necessary.”
Team and Parker credit the necessary infrastructure work with helping to unlock the rest of Phase 1 and allow it to be the pedestrian district they envision with plenty of green space and public gathering spaces.
The 40,000-square-foot retail village, featuring a large lawn adjacent to a new central pathway, will become the gateway to Allegacy Federal Credit Union Stadium.
Majority of the retail village will be food, beverage and entertainment options and won’t be national chains but rather places from local chefs and restauranteurs, Team said, adding that there will also be traditional shops and boutiques.
Additional housing in the form of 15 to 20 lofts will be above the retail buildings. Team and Parker said that these are not included in either the count for the 40,000 square feet nor the 240 units in the residential complex. These lofts will also be for sale rather than for rent, with Team adding that they have not decided yet on a size or price.
Meanwhile, the 240-unit residential community will be for-rent housing and targeted towards graduate students.
“There’s a huge demand over here for unique, close-to-campus housing options with amenities, [particularly for graduate students],” Team said.
And the 100,000-square-foot office building is intended to be leased by Wake Forest.
Team and Parker both emphasized that this is just the first phase, although they did not reveal further details about any remaining phases.
“We feel that we identified what are going to be the most successful, most impactful projects and put them in Phase 1. That then allows us to develop Phase 2, Phase 3, Phase 4 and diversify our options … that we can attract in the future,” Team said.
By: Lillian Johnson, Reporter, Triad Business Journal