Complex will comprise 340+ residential units, 850+ parking spaces and 5,000 square feet of retail space
Wake Forest Innovation Quarter—part of Wake Forest Baptist Medical Center—and Grubb Properties today announced an agreement for Grubb Properties to develop a new property in the Innovation Quarter in Winston-Salem comprised of 340+ apartment units, approximately 5,000 square feet of retail space and a parking deck with 850+ spaces.
Grubb Properties will develop residential housing and a variety of retail spaces wrapped around a shared parking deck, adding to the laboratories, offices, entertainment and common spaces already making Wake Forest Innovation Quarter an exciting destination for people to work, live, learn and play.
The shared parking deck will provide expanded parking for residents, employees and visitors to the Innovation Quarter. The apartments and retail space will wrap around the parking deck, optimizing parking capacity, presenting a visually pleasant streetscape and enhancing the vibrant mixed-use neighborhood.
The project will be developed by Grubb Properties on the land that is now the Innovation Quarter P1 parking lot, between N. Patterson Avenue and Chestnut Street adjacent to Wake Forest Biotech Place. Residents and visitors will be able to enjoy easy access to entertainment and outdoor communal areas at Bailey Park, as well as to an expanded greenway.
Construction is planned to start in early 2017, with the parking deck to be completed first. The City of Winston-Salem and Forsyth County each agreed to provide economic assistance in support of the parking deck in the form of property tax reimbursements.
“The continued rapid growth of Wake Forest Innovation Quarter has created demand for more housing, more retail and more parking,” said Eric Tomlinson, president of Wake Forest Innovation Quarter. “This project is one of many steps in our efforts to meet that demand. We are happy to have found a wonderful partner in Grubb Properties to help realize that vision, and for the assistance of the city and county who continue to be vital to this public-private partnership.”
The new residential units will be part of Grubb Properties’ Link Apartments® brand, which strives to provide a superior living experience to people in the workforce who want to live near transit, employment and entertainment options. Amenities will include a street-level secured cycle center; a dog park and dog wash; an entertainment space overlooking Bailey Park; a courtyard with a saltwater pool, fire pits and grilling stations; and a state-of-the-art fitness center.
By using an efficient design that maximizes storage space with smaller square footage, Link Apartments® offers studio, one- and two-bedroom apartments at competitive rents in vibrant neighborhoods. The majority of apartments at Grubb Properties’ Link Apartments® Brookstown, located in Winston-Salem near the BB&T Ballpark, offer rents affordable to those with incomes between 80% and 120% of the area’s average median income
“Grubb Properties is proud to contribute to the exciting growth already happening in, and the long-term vision of, Wake Forest Innovation Quarter,” said Dan Schumacher, executive vice president of project management and construction at Grubb Properties. “Adding residential and retail opportunities will enhance the existing neighborhood and provide needed amenities to help create a vibrant Winston-Salem neighborhood with attractions throughout the day.”
Wake Forest Innovation Quarter
About Wake Forest Innovation Quarter
Wake Forest Innovation Quarter (www.innovationquarter.com) in Winston-Salem, North Carolina, is a place for research, business and education in biomedical science, information technology, digital media, clinical services and advanced materials. The Innovation Quarter is a fast growing urban-based district for innovation with approximately 3,100 people working in over 60 companies and five academic institutions and with more than 7,500 students undertaking advanced education and workforce training annually. The Innovation Quarter currently comprises 1.8 million square feet of office, laboratory and educational space on its 145 developable acres. In addition, there are approximately 800 lofts and condominiums within or close by the Innovation Quarter.
About Grubb Properties
Grubb Properties, founded in 1963, creates exceptional real estate environments and provides premier customer service for our residents and tenants through the repositioning of apartment communities and office buildings and the development of multi-family communities, including our nationally trademarked Link Apartments® brand. Our fully integrated management team identifies strategies that create long-term value for our clients. Grubb Properties’ growth is primarily funded through real estate investment funds with long-term horizons. People who care. Places that matter. For more information, visit www.grubbproperties.com.