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Front Street Capital and Wake Forest Innovation Quarter today announced The Variable as the flagship tenant of its new redevelopment project at Bailey South in the Bailey Power Plant block. The three-time AdAge Small Agency of the Year focuses on business innovation, marketing consulting and advertising services, and will occupy the top two floors of the new building upon completion.

“We can’t imagine a better-suited marquee tenant to anchor our redevelopment of Bailey South,” said Coleman Team, developer of the project with Front Street Capital. “The Variable is perennially recognized as one of the most innovative and creative agencies in the entire country, and they work with well-known international, national and local companies. They are a homegrown, Winston-Salem success story and their presence will add significantly to the vibrancy of this development.”

The Variable’s team has quadrupled in size over the past four years, primarily driven by the success it’s had in helping its clients drive growth for their businesses. That has resulted in the company being on the brink of max capacity in its current space at Plant 64, also located in the Innovation Quarter, and potentially exceeding capacity as soon as mid-2019 based on its current growth projections.

“We needed to develop our office space plan for 2020 and beyond given our growth path, and we were dead set on finding something that would feed and grow our innovative spirit and creative heart,” said David Mullen, president and partner at The Variable. “When we heard Front Street Capital’s vision for Bailey South as a game-changer for downtown Winston-Salem, when we saw the building’s renderings and communal spaces, when we learned that STITCH Design Shop would be our architect and design partner, we knew it would be an incredibly special place for our city. And we wanted our fingerprint to be a part of it.”

Front Street Capital will begin construction on Bailey South in November and, upon completion, will begin redevelopment of the Morris Building as the last phase of the Bailey Power Plant block. These two phases total over $25 million in investment with 100,000 square feet of office, retail and entertainment space. Bailey South will be a six-story, 75,000sf building in between the iconic former RJ Reynolds smokestacks in the Innovation Quarter.

“The growth and expansion of The Variable over the last several years has been impressive,” said Graydon Pleasants, head of real estate development for the Innovation Quarter. “Their presence as the anchor tenant is an important central piece to the Bailey South project and the Innovation Quarter community.

The project also includes redeveloping the historic, elevated railroad trestle to serve as a pedestrian walkway with direct access into Bailey South and the outdoor space called “the coal pit.” The Variable’s occupancy of two floors will be complemented by two floors of retail and two additional floors of office space.

“An important part of our success is in our ability to attract incredibly talented people locally and from around the country to join our team,” said Mullen. “When we’re wooing someone to join us and they’re excited about our business and work, they still want to be excited about the office setting where they’ll come to work every day, too. We believe the top two floors of Bailey South and the space we’ll co-create there with Front Street and STITCH will blow them away.”

Construction of Bailey South is projected to be complete in January of 2020.


Wexford Science & Technology, LLC today announced a new minority- and women owned business initiative to be located in the Innovation Quarter and run by an independent local non-profit or government agency. The aim of the initiative will be to encourage, support and accelerate local small businesses and start-ups founded by women and minorities.

Under the initiative, Wexford will provide $200,000 in funding support to the chosen organization over a two-year term, in addition to 1,400 to 1,600 square feet of office space inside the Bailey Power Plant. Non-profits and government agencies whose missions align with the goal of supporting minority- and women-owned businesses can apply to lead the initiative.
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Wake Forest Innovation Quarter today announced the projected sale of Building 23-1 (Bailey South) and the Morris Building on the Bailey Power Plant block to Front Street Capital, which will redevelop the buildings into nearly 100,000 square feet of office and retail space.

The new redevelopment project has commitments from over 25,000 square feet of office users who will occupy the building upon completion.

The $25+ million Front Street Capital project is the second stage in the redevelopment of the entire Bailey Power Plant property. Wexford Science & Technology recently completed its $40 million redevelopment of 23-2, the main 110,000+ square foot facility on the Bailey Power Plant block, which opened in February. Multiple office and retail tenants have already moved in and begun operations, with more announced over the last several weeks.

“This is exciting news for the continued evolvement of  Bailey Power Plant and  Innovation Quarter,” said Graydon Pleasants, head of real estate development for the Innovation Quarter. “The Front Street team has shown a unique vision for redeveloping these buildings that compliments the existing Bailey Power Plant and expands the vision for Innovation Quarter.”
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Wake Forest Innovation Quarter and Wexford Science & Technology announced today the addition of Cugino Forno, a family-owned Neapolitan pizzeria and Italian eatery, as the newest tenant in Bailey Power Plant.

Cugino Forno will occupy 5,800 square feet on the first floor of Bailey Power Plant and will feature family-style seating for 150 to 200 people, including outside seating in the former coal pit. The new restaurant will employ approximately 16 full- and part-time employees and is expected to open around the beginning of October.
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Wake Forest Innovation Quarter and Wexford Science & Technology announced today the addition of Incendiary Brewing Co., a new locally owned brewery and taproom as the newest tenant in Bailey Power Plant.

Incendiary will occupy approximately 6,200 square feet on the first floor of Bailey Power Plant, including a 2,000-sq. ft. taproom to showcase an impressive line of IPAs, barrel-aged beers and adjunct/spiced beers to go along with several classic styles. The brewery will occupy another 2,000 square feet of connected outdoor space in of the former power plant coal pit, providing additional seating and an open-air downtown vibe.
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Wexford Science & Technology, LLC today announced the opening of the Bailey Power Plant, a 111,479 square foot historic building redeveloped into innovation, office, entertainment, retail, and congregation space, located in downtown Winston-Salem.

The Bailey Power Plant is the last of the historic buildings to be redeveloped by Wexford within the Wake Forest Innovation Quarter and culminates the largest historic redevelopment project in the history of North Carolina, now totaling over 1.1 million square feet.

The 19-month project cost approximately $40 million and encompassed the adaptive reuse of the five-story main power plant structure as well as additional outdoor communal space to complement the active and popular Bailey Park.
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Join Wake Forest Innovation Quarter for the second annual Bailey Blues and Bluegrass music festival. Presented in partnership with the Blue Ridge Music Center, the event will feature weekly lunchtime performances throughout the month of September and a Friday Night Festival on Friday, September 29th from 6 pm – 10 pm at Bailey Park.

      

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Wake Forest Innovation Quarter, Wexford Science & Technology and local restaurateur Claire Calvin today announced a new restaurant to be opened in the redeveloped Bailey Power Plant in January 2018.

Alma Mexicana will be an urban, modern iteration of Winston-Salem’s laid-back Tex-Mex spot The Porch, which opened in West End Mill Works in 2014. With a lunch menu featuring favorites such as rice bowls, tacos and salads, plus many new items, Alma Mexicana will provide fresh, fast counter service to the busy downtown lunch crowd.

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Global tech company Sunrise Technologies announced today it is moving to 525@vine in Wake Forest Innovation Quarter. Currently occupying more than 6,000 sq. ft. in Victoria Hall, Sunrise Technologies will expand to 11,600 sq. ft., in the space formerly occupied by Flywheel Coworking, which moved to the Center for Design Innovation in the south district of the Innovation Quarter in February 2017.

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