CoStar: Wake Forest University partners with developers on mixed-use project near sports facilities
Commercial development set for Winston-Salem, North Carolina
Two developers started construction on The Grounds, a mixed-use development in Winston-Salem, North Carolina, that leverages the trend of matching new commercial properties with sports facilities.
Carter, an Atlanta-based company, and Winston-Salem-based Front Street Capital began work this month on a 229-unit apartment building, the first component of The Grounds. It’s the first phase of a $215 million project, located on a 100-acre site next to Wake Forest University’s football stadium and basketball arena. Kayne Anderson Real Estate and Truist Financial are providing financing for the project.
Professional sports franchises like the St. Louis Cardinals and Atlanta Braves have led the push to develop mixed-use projects adjacent to stadiums and arenas, but colleges are getting in on the act, too. The University of Tennessee in Knoxville and Iowa State University in Ames are among the colleges with mixed use projects underway next to existing stadiums and arenas.
Wake Forest, a private college in Winston-Salem, is a partner with Carter and Front Street in The Grounds project. The school’s Demon Deacons football team plays at Allegacy Federal Credit Union Stadium and its men’s and women’s basketball teams play at Joel Veterans Memorial Coliseum. Both facilities are located at the site of The Grounds, named for the nearby Winston-Salem Fairgrounds that hosts the yearly Carolina Classic Fair.
The Grounds are expected to include a 42,000-square-foot retail village with restaurants and outdoor spaces, 100,000 square feet of office, residential condos, apartments and improvements to local roads.
The developers are also restoring Upper Silas Creek, which runs through the property, by rebuilding eroded stream banks, adding greenspace and planting new trees, shrubs and grasses. The project team also plans to construct new sidewalks and bike paths to connect The Grounds to the Wake Forest campus, about one mile to the west.
Nelson Worldwide developed the master plan for The Grounds. Preston Partnership is design architect for the apartment building. Brasfield & Gorrie is the general contractor.
By Andy Peters CoStar News