Wake Forest Baptist Medical Center and Wexford Science + Technology, a BioMed Realty company, have received one of five national “Preservation’s Best of 2014” awards from the National Trust for Historic Preservation, the National Trust Community Investment Corporation and Preservation Action.
Wake Forest Baptist and Wexford received the award earlier this week for the redevelopment of Building 90 in Wake Forest Innovation Quarter. The recognition singles out exemplary rehabilitation of historically significant buildings that utilized the federal historic tax credit to revitalize cities and small towns across the country.
“We are honored to receive this national award and see it as recognition of our commitment to public-private partnerships that advance the economic development of the region,” said John D. McConnell, M.D., CEO, Wake Forest Baptist Medical Center. “Wexford Science + Technology continues to be a wonderful partner in our next redevelopment project, the new medical education building already underway in Wake Forest Innovation Quarter.”
Building 90, a former R.J. Reynolds Tobacco manufacturing facility, now houses the headquarters for Inmar, Inc., and 525@vine which is home to the Medical Center’s Division of Public Health Sciences and Department of Physician Assistant Studies as well as the Innovation Quarter YMCA of Northwest North Carolina; Flywheel, a co-working space; Clinical Ink, a provider of electronic data-capturing technology; and Forsyth Tech at Innovation Quarter.
“Wexford is honored that this award recognizes the investment that we and our partner Wake Forest Baptist Medical Center have made and continue to make in redeveloping the community, enhancing the economic base of downtown Winston-Salem and creating a strong future of medicine and innovation in biomedical science and information technology here,” said Daniel Cramer, Wexford’s senior vice president of development.
The three national preservation organizations praised Wake Forest Baptist and Wexford for the positive impact the redevelopment project has had on the economy of the Winston-Salem community.
“Building 90, and the other restored R.J. Reynolds buildings in the Wake Forest Innovation Quarter, are not only transforming biomedical science but also expanding the possibilities for reusing historic buildings,” said Michael Phillips, public policy manager, National Trust Community Investment Corporation. “These projects show how historic preservation triggers additional development while at the same time preserving important local heritage.”
The $150 million project combined state historic tax credits, federal historic tax credits, and new markets tax credits to finance the development.
To read the full list of winning projects including Building 90 visit: National Trust for Historic Preservation.