Venture unveils first retail tenants for mixed-use district near Wake Forest University
First phase of 100-acre Winston-Salem, North Carolina, project represents roughly $250 million investment
Phase one of The Grounds is designed to feature five buildings, with student apartments on the left and an office building in the background on the right. (Carter/Front Street Capital)
Atlanta-based Carter and local partner Front Street Capital have named the first five tenants for the retail and dining component of The Grounds, a 100-acre mixed-use district taking shape in Winston-Salem, North Carolina's sports and entertainment corridor adjacent to Wake Forest University.
The roughly 42,000-square-foot Retail & Dining Village is slated to open in fall 2027 and feature five standalone buildings with varied architectural styles and elevations, two of which are set to include for-sale residences above ground-floor shops, according to the partnership.
The initial tenant roster includes a Mediterranean and Italian restaurant, a chef-driven sports bar, a breakfast-focused bagel shop, a reformer Pilates studio and a credit union branch with community programming space.
Aerial overview of The Grounds site. (Carter/Front Street Capital)
Those commitments mark the first wave of leasing within the $250 million first phase of The Grounds, an undertaking that extends well beyond retail. The initial phase also includes Creekside at the Grounds, a 229-unit, 521-bed purpose-built student apartment complex; a 130,000-square-foot office building fully leased to Wake Forest University for non-academic staff; 22 luxury loft-style condominiums; and about $40 million in state- and city-funded infrastructure work.
The project is a collaborative effort between Carter, Front Street Capital, Wake Forest University and the city of Winston-Salem. As of September, retail is going vertical, multifamily brickwork is almost done, and the office building is taking shape, the venture said. A multi-use trail has also been completed.
The Grounds is being developed on the site of a former manufacturer hub that began as a tobacco storage and production site for the R.J. Reynolds Tobacco Co. over a century ago. The surrounding district already draws more than 1.1 million visitors annually across more than 260 event days, including college and professional sports, concerts, the Carolina Classic Fair and other programming at nearby venues such as Allegacy Financial Stadium, Couch Ballpark and the Lawrence Joel Veterans Memorial Coliseum.
By Conrad Lehmkuhler