WINSTON-SALEM, N.C. — The parking lot near Wake Forest’s football stadium might not look like much now, but soon, it will transform. The space will soon be filled with people, apartments, and businesses.
Wake Forest University is partnering with Carter and Front Street Capital on the revitalization project.
Here are some pictures of what the area will look like. The development will sit right next to the football stadium and will soon be home to more than 200 apartments. It will also feature a 40,000-square-foot village with restaurants, businesses, and office spaces. However, building on the 100-acre property isn’t cheap. The first phase alone will cost around $150 million, and by the end, the total investment could reach $1 billion.
“You know there’s 750,000 people that come to special events in Winston-Salem’s sports and entertainment district every year, whether it’s Wake Forest athletic events or concerts,” said John Currie, Wake Forest’s athletic director. “So there’s already a ton of energy happening here. These spaces — the retail, the dining, the sense of place, the new apartments — are going to bring even more vibrancy to this area.”
That new vibrancy is exactly what businesses in the area say they need. For the past few years, this space has served only as an overflow parking lot, but it used to be lined with restaurants and shops. Back then, those businesses were thriving, but things have slowed down considerably in recent years.
“We’re so excited because this area needs to rebuild and grow, to bring more families here,” said Frank Scotto-Rinaldi, a local business owner. “Right now, we have a few people come in for lunch, but at night, it’s dead. I used to have a lot of students come in and eat on the weekends.”
Wake Forest is expected to begin the first phase of construction in December, with completion of the entire project slated for 2027.
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