WINSTON-SALEM | Development Guide

[Matthew]

They are moving forward, exactly as I've said...

Originally Posted by Matthew

Fogle Commons:
Whiting-Turner Construction Company is preparing to start construction on this $20 million infrastructure and park project. They are currently seeking bids from subcontractors and suppliers. Look for construction to start in September or October of 2023.

Fogle Commons:
Confirmed today by the Journal! This project was officially announced yesterday, but since you follow this thread, you knew about it almost two weeks before it was announced! I also reported some details they still haven't released. So, what is new that we didn't know before: They will work with Access Center for Equity + Success to help minority business enterprise contractors in bidding on all construction projects in the second phase. They will also work with the U.S. Housing and Urban Development opportunity portal to help lower-income workers find jobs working on the infrastructure and park part of the project. Completion is set for December 2023. This will allow the Eye Institute, apartments, and other buildings to move forward and yes, that was in the article.

I'm expecting the other campus to be a place to work with major "Fortune 100 companies" and for this campus to be a destination university medical center campus that has students, research, residential for students/workers, medical procedures, and spin-outs/startups. That's the impression I get from what is said, leasing, and what I see in the development pipelines. When departments/schools within the university expand, I'm sure many of the current leaders are pushed to the side for the new "rock star" directors they bring-in and they completely change everything before expanding into their new buildings. It wouldn't surprise me if Dr. David Carroll is happy with the way things are at the Nanotechnology Department. I'm also guessing if Atrium thought it could be of use to their hospital system, it likely would already be in expansion mode. I do see one and potentially two sites to work with outside companies in downtown Winston-Salem. It will be interesting to see what happens with those sites. I'm sure they are seen more as flexible sites that can become anything.

[DCMetroRaleigh]

That’s great news, Matthew! But I wish we actually saw something under construction instead of mere plans.

[yadkin]

Need The Possum!

[Matthew]

And here is another proposed research center...

Center for Sleep and Circadian Rhythms:
A Translational Sleep Center is also among the new proposals at AHWFB. The official name appears to be "Center for Sleep and Circadian Rhythms." Their goal is to make this an internationally recognized sleep and circadian clinical and translational research center that will be competitive for large center (P50) grants and clinical trials. This will become a destination for treatment of sleep disorders. From what is said, they have most of the components required to develop their "world class" sleep and circadian rhythms research center, including a sizable "Sleep Center" with internationally recognized experts in sleep and circadian biology. They want to expand this "Sleep Center" into a noteworthy research center.

These are largely kept secret. I want to say there are maybe 9-12 of these? The word "destination" is used again.

[yadkin]

All of this is really good news and exciting, but the W-S syndrome still applies - don’t get excited until construction actually begins.

[DCMetroRaleigh]

Italian restaurant Cibo Trattoria is moving to larger space at 601 N. Liberty Street. https://www.bizjournals.com/triad/ne...ty-street.html

[Matthew]

In the category of converting proposals into construction and finished projects, developers proposing projects in Winston-Salem have a very impressive rate of doing this. I'm guessing it's among the best on this forum? The "balloon pop" emojis on my posts are cancelled projects and there aren't many of them. Cancelled projects are so rare, I have to look-up the font color and that emoji when I post them. Most are from two Atlanta-based developers (Brand Properties and Mayfair) and one was an adaptive-reuse project were the building collapsed in a snow storm before they could move forward, but even that project had part of the complex renovated and what remains is currently part of a new proposal. Even one of the projects Mayfair couldn't complete was built by someone else (Merschel Park). This city is great at converting proposals into construction and finished projects!

I will return later tonight, after this commercial break from Visit NC, to post an update:
• Video Link

That looks like an awesome city to visit.

[Matthew]

Projects & Construction:
I want to thank the photographers and local businesses, sharing updates on projects, who make this thread possible. Without you, these updates won't happen.

This was one of those weeks when many sources of photographs didn't have any construction photographs. Even with the World Stem Cell Summit in downtown Winston-Salem, I didn't see any tourist photographs around the big construction sites. A few were found and here they are...

• Video Link

Kaleideum Science Museum:
Frank L. Blum Construction has a really awesome virtual view for your phone. It's like you're entering the museum and looking around. I found a link to it that you can view on most devices: https://view.mylumion.com/?p=tgidkjjtwradrcua


Credit: Frank L. Blum Construction


Credit: Frank L. Blum Construction


Credit: Frank L. Blum Construction


Credit: Northedge Walls


Credit: Northedge Walls

Liberty Park:
I talked with someone on social media about this project and it may have upgraded, with a splash pad? Their information was from a presentation two weeks ago on Kaleideum (this park is the front door to Kaleideum). If so, this is something to be excited about.

8 W 3 Apartments & Retail:
The basement is an amenities space, including resident bicycle lockers/storage.

The Byrum Apartments:
They merged the eight properties into the final construction site on June 1. The parking deck is now in the permit application phase. 422 parking spaces in a 5-storey pre-cast deck. Total cost of the deck is estimated at $6,660,000. This is interesting, since work has to start within six months of issue. It's not issued at this time and is just an application. When it is issued, it could lock-in work to start in First Quarter 2024? It depends on that issue date.

1007 South Marshall:
I've seen so much conflicting information from different sources on this project, so I'll use information from the developer himself: This is now a $17 million project, up from $15 million. The developer will secure financing around September, with completion set for Spring 2024. Tenants in this project include Cobblestone Farmers Market, a shared-use commercial kitchen, events space, a social lab, and retail space.

Urban Garden Resource Center has five locations in the Southeast United States and is in talks to open a location in this building and move their headquarters here.

Did you know: Cobblestone Farmers Market is Winston-Salem’s nationally ranked, fully sustainable public market hosting over 50 regional agricultural businesses weekly and has annual gross sales in the millions! Wow!


Credit: City of Winston-Salem


Credit: City of Winston-Salem


Credit: City of Winston-Salem

1001:
The cost for this project has increased from $26 million to a $31.2 million project. Some places say $28 million, but the developer himself said $31.2 million, so that is the number I'll use. Financing could be secured around January 2025 and completion is set for January 2026. It has the following focuses: culinary, agriculture, textile/apparel, and creative digital arts and film in partnership with UNCSA film school. Noteworthy tenants include WSSK shared-use kitchen, clean-tech hemp and natural fibers company Textile Research & Development Lab, shared lab Textile Proof-to-Concept Lab, flower tech company STEMZ, hybrid shared office / active social space concept Social Connection Space, rentable film/movies/television studio Virtual Reality Film Studio, collaborative arts space Artist Hub, and retail spaces.

Best Performing Cities for Economic Development:
Winston-Salem is among the top performing cities, nationally, for economic development according to Milken Institute. Mark Owens at Greater Winston-Salem said, this city currently has 79 projects in its development pipeline.

Nationwide Marketing Headquarters:
Cibo Trattoria Italian restaurant will open in this building's largest retail space in July 2023. They spent $1.5 million on the restaurant's upfit.

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Alternative Transportation:

Oliver Cycling Park:
This project is entering the design development phase, including work on the safety and lighting plan. This Fall, they will launch their Capital Campaign, which will include funds for park upkeep. It's expected to become an important stop on the N.C. Civil Rights Tour.

Did you know: This project was on NPR's Here & Now!

Downtown Streetscape:
Second Street's two-way conversion will be completed on Tuesday.

The paving part of the streetscape project will start on June 26 for Fifth Street and July 10 for Third and Fourth streets. Work should be completed between Research Parkway and Broad Street on all three streets by July 31. I'm guessing this is when the construction workers for the three projects on Third Street will move their equipment out of the street and reopen it? It's (construction equipment moving and Third Street reopening) a major step closer to completion at Kaleideum Science Museum.

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Off-Subject:

6AM City:
Winston-Salem will be the 26th city for 6AM City. 6AM City is an online daily newsletter about recreation, entertainment, and cultural events with real estate and retail business news events. 6AM City is a conversational, five-minute read, without politics and divisive content. 6AM City is currently in Raleigh, Asheville, Charleston, Chattanooga, Austin, Nashville, Boston, Richmond, and several Midwest and western cities, including Indianapolis, Columbus, San Diego, Portland, Seattle, and San Jose.

Random Photographs:


Credit: Daniel Lyons


Credit: Daniel Lyons

Your City

[DCMetroRaleigh]

Thanks for the update, Matthew. It’s ironic Byrum isn’t under construction yet, but the project on 4th and Green
Is well under construction despite having little or no official media coverage. Byrum has been all over the media for a long time with little tangible construction to show for it.,

[yadkin]

Yes, thanks for the update Matthew - any news on the Marriott Autograph hotel in the IQ reported at one time as 16 stories and variably between 12 and 16 stories?

[DCMetroRaleigh]

Matthew, regarding 1007 South Marshall, what contrary informative have you heard that is inconsistent or different about this project?

[Matthew]

I haven't really looked into the proposed 16-storey hotel over the past few months. I'm thinking nothing will happen with that project until more serious work starts on Phase II of the IQ District. Someone did tell me, a few weeks ago, this hotel and a similar STITCH Design Shop project in the Triangle-area won't be in this fund, but the next, which sounds like they are waiting on the Eye Institute and other projects in the next phase? Someone at the old WSTB also suggested a wait for the economy to improve next year? I guess we shall see. I'm also thinking the same with the market and Railyard projects.

On 1007 and 1001, it's different pricing estimates, differences in tenants, different timelines for 1001, and I'm not sure if the financial stack information I have is all there, based on what the developer has said about the stack. I think the shared kitchen will have a presence in both buildings, based on what someone recently told me. I'm guessing differences in estimated cost is inflation and we should use the largest numbers? The smaller numbers are likely older documents, since we've talked about this project for a few years. Tenants connected to the largest cost estimates are likely the most recent tenant lists and the others are likely outdated? This is the same developer from Dayton, Ohio's Dayton Arcade project, which shows the impressive work he can do.

[Matthew]

Projects & Construction:
I want to thank the photographers and local businesses, sharing updates on projects, who make this thread possible. Without you, these updates won't happen.

I'm posting a day or two early, since some of the events posted are happening today.

• Video Link

Chatham Building Apartments, Hotel, & Retail:

It appears as if they are working on the bay window:

Credit: Brandon Ore

This developer has a lot of exterior restoration work to do:

Credit: Brandon Ore

1851 Main Building:
Designed by noteworthy architect Alexander Jackson Davis in 1851, this building will be renovated to add modern college dorm rooms, ADA upgrades, upgraded meeting spaces, and workers will make some exterior repairs to the 172 year old building. If I can find any construction photographs, this could be an interesting project to follow. Architect Alexander Jackson Davis created the first professional architectural firm in the United States in the 1820s.

500 West 5th:
Work is now completed on the Renfro Brands headquarters. The 10th and final floor opened yesterday.

Not many photographs of the completed space. Just employee photographs and food.

Opening party for employees in the new 10th floor space:

Credit: Renfro Brands

Allegacy Stadium Renovation:
Musco will replace the current stadium lighting with LEDs that can change color for light shows. Workers will also install stairs on Deacon Hill and install handrails for safety. There is also a new sponsorship with Starry soft drink. I haven't seen a cost estimate.

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Off-Subject:

Artists Thr!ve:
This appears to be a convention of some type? "Artists Thrive aims to raise the value of artists in every community. Artists Thrive is a growing initiative offering activities, practices, language, visions and values of what it means to succeed and thrive as an artist – and what it means to have a thriving arts sector and, eventually, thriving communities. It is a set of interconnected and holistic resources that can guide us in improving our performance and, ultimately, the conditions in which artists can thrive."

A great promotional video to show convention attendees what the host city is like and what they can do while attending the convention:
• Video Link

1 LOVE Festival:

• Video Link

Winston-Salem Pride 2023 Festival:
One of the Southeast's largest pride parade and festival events will be held in downtown Winston-Salem today. It's a big event, with national sponsors, that takes-over most of downtown. Estimates show nearly 50,000 people are expected for the event, which will continue into the night and has after parties. If you want to see the parade, it starts at 10 a.m.,. It is a rain or shine event, so if it's raining, the event is still happening. Cocktail Vibes After Party will allow you to see the recently restored Shaffner House we followed on this thread. You can also see Roar Entertainment Complex at the Pride 2023 After Party, which is another construction project we followed on this thread. If you attend, please take construction photographs at the various construction sites downtown.

Your City

[yadkin]

Thanks for the updates Matthew. Wouldn't it be great if Allegacy would fund or start a funding effort to enclose the empty end of the ACC's smallest stadium?

[zalo]

Thanks for the updates. Good stuff continues to happen! Hope to hear a formal announcement proclaiming Renfro Brands HQ is officially transferred to the Camel City.

Pleased that Allegacy Stadium is slated for improvements. Excited about the upgraded lighting package. While I would love to see an expansion in size take place, unsure that it will be considered until the football team consistently sells out the current seating. May that day be sooner than later.

[yadkin]

“Excited about the upgraded lighting package. While I would love to see an expansion in size take place, unsure that it will be considered until the football team consistently sells out the current seating. May that day be sooner than later.”

Yeah, but Wake has been nationally ranked the past couple of years and season tickets have sold out for the coming season. So, I still think the empty end should be completed. After all, Wake’s market area is bigger than some ACC schools approaching 2 million. Oh wait? I forgot that so-called triadism is but a wisp of smoke.

[TwinCity]

I'm interested in learning more about the 7 tracts on 4th St. that were purchased by 2 developers. That's prime real estate that Centenary Church just sold off.

0.48 acres at 633 W. Fourth St.
0.47 acres at 635 W. Fourth St.
0.25 acres at 637 Holly Ave.
0.25 acres at 0 Holly Ave.
0.24 acres at 635 1 W. Fourth St
0.23 acres at 635 2 W. Fourth St.
0.01 acre at 0 4½ St.

https://journalnow.com/news/local/bu...ce=mp-homepage

[Matthew]

The buyer of those properties owns restaurant properties and I'm thinking the existing buildings will become restaurants/food businesses. Just a "guess" from me and not based on any inside information. Those two office buildings on Fourth Street are perfect for restaurant conversions.

I would prefer to see new (ground-up) construction apartment buildings with ground floor retail, but I know restaurant conversions are more likely.

With an increased focus on football and football becoming "THE" money sport, it really wouldn't surprise me if they do expand that stadium on the Deacon Hill site a few years from now. Maybe not now, but a few years into the future, as they continue to build fan support and encourage students to attend games. Someone may also find another luxury seating option to add to stadiums, in the near future, and that would be the location for it. I do think it will reach around 50,000 seats in maybe ten years from now, if they are able to continue building support and growing the fan base outside the metro area. I will add that if they expand that stadium to 50,000 seats I think they do need the proposed North-South Rail Transit System (which does have a long stretch of dedicated ROW), to help take pressure off the roads in that area.

[Native Camel]

I don’t think they’ll expand the stadium anytime soon, if ever. Even with “sellouts” there are empty seats and the student section empties out in the second half. The stadium is the right size for Wake. As Ron Wellman said when he was AD there, they want Groves to be the Wrigley Field of college football. The last thing they want is large patches of empty aluminum benches. The stadium looks so much better now with the tower and scoreboard. The hill is one of the features of the stadium they want to keep. It draws families with children who otherwise wouldn’t be there.

[Matthew]

Wrigley Field was expanded and renovated. When I was born, if you told a Cubs fan that stadium would have lights and night games, they likely would've laughed. Night games were money makers and that stadium had lights three years later. In recent years, they've blocked some of the Rooftops (famous rooftop seating on buildings across the street) with a massive video board and even dug under the stadium seats to add themed experience areas. I want to say an original building (it may have been a groundskeeper building?) was moved for their massive renovations and they even built a grand entrance with an office building.

As football becomes the main money maker for the entire Wake Forest University Athletics Department, they will look for ways to bring more people to that stadium and create new experience areas to keep them there and separate fans from their money. I think this was missed in my post, but if they are successful in attracting more fans and building a larger fan base outside Winston-Salem by around 2033, it wouldn't surprise me if they add 15,000 to 20,000 seats to reach a very reasonable 50,000 seat goal (no less than 45,000 and no more than 50,000 would be a good size), with a lot of experiences included in that expansion. That would still rank among the smaller stadiums in the ACC and the Power Five, but it would be better sized to make money for them, allow them to host very popular teams at home instead of finding a larger venue elsewhere, and host more and larger non-game events, generating more money. Football is now the money sport in the ACC and a 50,000 seat stadium would allow Wake Forest to still have a smallish stadium while bringing in more money. Keep in mind the many college stadiums with twice that many seats. The university I graduated from has around 93,000 seats in their stadium! 50,000 is small. They are already working to keep their football team a ranked team, attract great players, bring more students to the stadium on game-day, and build a larger fan base in the region. It's that larger fan base that will make a bigger stadium happen. It will also bring more money into everything from baseball to golf to soccer. Again, if they are successful in their continued efforts to field a strong football team and attract more fans, I do think we could see a funding campaign and plans for added seats and new fan experiences in the 2030s.