Wake Forest will partner with Carter and Front Street Capital to explore the redevelopment of university-owned property along Deacon Boulevard.
The property is located about three miles east of the Reynolda Campus, bordered by Allegacy Federal Credit Union Stadium, David F. Couch Ballpark, the Lawrence Joel Veterans Memorial Coliseum and the Winston-Salem Fairgrounds. It is also adjacent to the Boston-Thurmond neighborhood.
The property covered in the redevelopment mostly comprises empty lots, but not entirely. Last Resort, a popular bar with Wake Forest students, is included in the redevelopment zone. At the time, it is unclear what plans, if any, the university has in regard to Last Resort.
In collaboration with the City of Winston-Salem, Wake Forest and the two development companies are considering the addition of new retail, restaurant, experiential and residential uses.
“This part of our city to the east of Wake Forest’s Reynolda Campus presents numerous opportunities for business, residential and retail spaces,” said Wake Forest President Susan Wente in a press release.
Carter is a real estate development and investment firm based in Atlanta, Ga. The firm is currently working on an 80-acre redevelopment of Turner Field, the former home of the Atlanta Braves and new home of Georgia State University athletics.
Their partner on the project is Front Street Capital, a private equity real estate company, who developed Bailey South, an office and retail development in downtown Winston-Salem.
The area proposed for redevelopment hosts more than 750,000 guests annually at sporting venues and fairgrounds.
“There is enormous potential for investment in this area which would not only bolster our goal of providing the best fan experience in North Carolina but also create year-round opportunities to gather and build community,” said Wake Forest Athletics Director John Currie.
During the project evaluation process with Carter/Front Street, the team will explore private-sector investment opportunities and garner feedback from the community and stakeholders to support the development effort.
“The demand in the region for housing, dining and entertainment options is high, and we look forward to working with Wake Forest and Carter/Front Street to create a plan for this area that supports the interests of the surrounding communities,” Winston-Salem Mayor Allen Joines said.
